With the introduction of electronic logging devices or ELDs in the trucking industry, carriers and fleet managers will finally have access to important data and insights that they can use for growing their businesses.
Fleets that have implemented ELDs are already seeing numerous benefits. They can analyze information that they couldn’t before. Knowledge is power, and ELD connectivity gives managers the information they seek to make data-driven business decisions, minimize the cost of operations, and maximize profits.
In this blog post, we discuss the importance of big data for fleet managers and motor carriers, and how they can utilize the information and analytics to improve their business operations.
Here are just a few things that ELD data can help you achieve:
- Predicting useful trends for your business
- Monitoring driver behavior
- Improving driver retention rate
- Data-driven business strategies
- Gaining Insights into expense patterns
To give you a better perspective, following are three potential ideas that fleet managers and motor carriers can use ELD data for:
1. Reducing Fuel Wastage with Idle-Time Tracking
Fuel wastage is a growing concern for most fleets. It is estimated that for a truck that consumes $70,000 worth of fuel on an annual basis, nearly $5,600 is spent on idling. If you have a fleet with hundreds of trucks, that cost can quickly jump up to thousands of dollars every month.
On the other hand, depending on the size of your fleet, it is estimated that a simple reduction of 30% in idle time can save up to $78,000 fuel.
But all of that is only possible if you know how much fuel you are wasting with idling. Moreover, you also need to identify the drivers who constantly engage in this practice.
ELDs give you access to all this information and more.
With the data gathered by KeepTruckin ELDs and the idle-time tracking feature, you can quickly identify the drivers who are involved in idling. Once you have identified who regularly wastes fuel with idling, you can conduct training sessions to educate them about the disadvantages of idling.
2. Improving Driver Behaviors & Fleet Safety
KeepTruckin ELDs also provide in-depth information on driver behavior. With the data that ELDs gather, you can easily identify drivers in your fleets that have bad driving practices and require coaching.
For instance, you can monitor bad driving practices, such as hard braking, hard acceleration, hard cornering, and speeding. These dangerous driving behaviors have multiple adverse effects on your fleet; they increase the probability of accidents, violations, and liabilities.
Additionally, by monitoring bad driver behavior, you can also save more fuel and reduce the cost of operations. For example, when drivers drive at 65 mph, instead of 55 mph, they consume 20% extra fuel. By identifying drivers with bad driving behaviors and educating them, you can save thousands of dollars for your fleet in terms of operational expenditures.
3. Vehicle Diagnostic Reports
KeepTruckin ELDs also actively monitor for fault codes and has the ability to alert fleet managers whenever a fault is detected.
With access to such valuable, fleet managers can do a lot of things.
For instance, they can automatically monitor vehicle performance and level of maintenance without the need of constant physical inspections. They get real-time notifications whenever a fault is detected, which means maintenance doesn’t take a lot of time.
More importantly, by analyzing all the data and patterns by diving into historical fault code reports, fleet managers can even identify recurring issues and anticipate problems before they even happen.
This gives managers a great control over vehicle management and maintenance. Potential issues can be identified beforehand, which can improve the flow and efficiency of business operations and help the organization make more money without getting interrupted by vehicle maintenance problems.
These are just a few ways fleet managers can leverage the immense power of ELD data. Of course, there are multiple ways you can use this information. It all depends on your specific needs and how creative you can get with this data and set of insights.
The ELD mandate deadline is just a few months away now. Make sure you are up and ready before December 18, 2017.
Request a free demo of the KeepTruckin ELD solution and unlock the power of big data. If you have any questions regarding KeepTruckin products, give us a call at 855-434-ELOG.