How dash cams can increase ROI for your business

How dash cams can increase ROI for your business

One of the hardest tasks for a business owner today is to increase profitability without disrupting the established methods that led to your success. Growth comes from making choices that lead to steady gains, and dash cams have become a major advantage to companies today.

Whether it’s through the exoneration of company drivers who experience a collision or the training opportunities presented when you see what the driver sees, dash cams can deliver value to your fleet.

Let’s look at how some companies are cutting costs and strengthening their ROI through dash cam innovations.

Real story: Dash cam leads to driver exoneration

Any company with vehicles on the road faces challenges, as Keven Thibeault, owner of a corporate meal delivery company called Nybll, understands well. Thibeault wanted to make his food delivery service a safer enterprise for employees and surrounding drivers. He installed KeepTruckin Smart Dashcams in his 15 vehicles. Right away, the GPS tracking service helped him improve delivery efficiency.

Just a few weeks after the Smart Dashcams were installed, one of his delivery vehicles was involved in a collision. Law enforcement reviewed the dash cam footage and Nybll’s driver was ultimately found to be 100 percent not at fault. A motorcycle had been riding between lanes at an unsafe speed when it struck the Nybll vehicle.

Tangible and intangible benefits of dash cams

While average personal injury lawsuits can vary in size and severity, Thibeault estimates that his company saved upwards of $500K in legal and settlement fees from just the one incident. Beyond monetary savings is the peace of mind the best dash cams may provide. The Nybll driver could rest assured he would be proven innocent in the situation because the “incident had been captured properly,” said Thibeault.

Advancements like dash cams can lead to higher team morale, a condition within any business that is impossible to force. Meanwhile, businesses are utilizing dash cams not just to prevent loss, but to increase efficiency in their day-to-day work. If time is money, then the time they’ve saved in optimizing workflow is directly reflected in their bottom line.

Real story: Drivers offer support for dash cams

Woodford Oil provides petroleum fuel and lubricant products in West Virginia, Kentucky, Ohio, Virginia, Maryland, and Pennsylvania.

Woodford prioritizes efficiency and transparency and knows how to deliver those qualities to its customers. The company helps local petroleum product companies cut operating costs, minimize downtime, extend equipment life, and keep the overall organization running smoothly.

One of Woodford’s core values is safety. This is a company that believes that:

  • Most accidents and injuries are preventable
  • Training employees is essential
  • Recognizing safe behaviors cultivates a better understanding of Woodford’s policies, philosophy, and practices

Woodford wanted to implement dash cam technology in its 50 trucks and gain the ability to see what drivers see. But management didn’t want to alienate drivers or convey the message that they were in some way untrustworthy and in need of closer supervision.

The solution for Woolford was to involve drivers in every step of the implementation process.

Employee buy-in creates a culture of safety

Woolford management reviews dash cam footage and trigger events and engages in driver coaching and training weekly. Ultimately, the training opportunities mean that it’s the drivers who benefit the most from the use of dash cams. More coaching can lead to fewer incidents, and fewer incidents can lead to better drivers and more time on the road. Everybody wins.

4 financial benefits of dash cams

Company testimonials about dash cams increasing profits are inspiring. Dash cams can offer real benefits to companies in every industry. Here’s a handful of features that could help deliver a healthy ROI on dash cams for your fleet.

1. Driver coaching

Dual-view dash cams, like the KeepTruckin Smart Dashcam, can record both the exterior and interior views from the dashboard. This added layer of accountability creates end-to-end transparency. Drivers know they are supported, and fleet managers gain deeper insight for training methods and improvement. Better drivers mean more efficient operations.

2. Insurance savings

Keeping overhead low is important for any business. Insurance companies don’t offer premium discounts for dash cams yet, but dash cams can help you and your drivers in ways that may result in lower insurance costs. For example, if dash cam footage proves that your driver is found not to be at fault, your insurer won’t have to pay a claim. Claims history is a significant cost driver, so avoiding claims can help you avoid paying more.

3. Fewer violations

Traffic violations are also a cost driver that dash cams can help mitigate. With dash cams, you get coaching opportunities that help you train drivers to be even better behind the wheel. Fewer citations mean lower out-of-pocket costs for your drivers as well as fewer points against their licenses, and we all know that points on a license can result in license suspension and/or higher insurance premiums.

4. Track your assets

When used in combination with a good GPS truck tracking system, a dash cam can help you monitor your assets. Know where your vehicles are and where they’re going.

Dash cams are today’s tool for staying profitable

Equipping your business with dash cam technology can be a winning strategy for boosting ROI on all of your assets. A dash cam gives you a driver’s seat view. You’ll be able to teach your drivers how to avoid risky situations behind the wheel while promoting a culture of safety company-wide. Incident-free commercial driving is the most efficient kind. Safe drivers can avoid violations and the associated risk of job loss. Fleets can avoid costly insurance claims when video evidence is on your driver’s side.

Check out some actual KeepTruckin Smart Dashcam footage and learn what tips for the driver were offered by a safety manager in response.

Learn more by reading our ultimate guide to dash cams.

Author


Michael Garza

Michael Garza is a transportation industry veteran, with expertise in compliance and insurance risks. He's also an arts & education journalist, and a published poet. He lives, works, and pursues higher education in Chicago.


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