Businesses Managing Finances During Uncertain Times: The Role Of Telematics

It’s important for every business to do what they can to stay profitable, however, now with uncertain times upon us, this is more important than ever before. In fact, many are looking to telematics for solutions when it comes to managing finances during uncertain times. Choosing to ignore this need to adjust could have detrimental effects on businesses as without proper reviews or audits, money could be wasted.

Don’t Forget About Telematics When Managing Finances During Uncertain Times 

To save money and remain profitable, businesses must stay innovative. Meaning, they must implement new resources and tools to push them further than their competitors. This is even true for fleets of varying sizes. In fact, implementing new strategies and telematics solutions can be the secret to doing well, even while others are struggling. When speaking to telematics and remaining profitable in tough times, businesses must look at solutions that optimize efforts, maintain communication, enhance data reliability and monitor the usage of assets. If done correctly, telematics can allow for organizations to see impressive results. 

Below we discuss how fleet-based businesses can take steps towards better managing finances during uncertain times using varying telematics solutions. 

Telematics Solutions To Optimize Efforts 

One common way that many organizations go about saving money, is by optimizing their efforts. This can be accomplished in a number of ways. The first way of optimizing efforts is without the help of technology. This way focuses on simplifying someone’s workload and tasks to reduce any unnecessary roadblocks that may arise. While this may seem like the most cost-effective way, it is not a guaranteed method of working and often falls short of optimization expectations. In comparison, the second way of optimizing efforts that we are focusing on, requires technology. More specifically, telematics technology that focuses on improving efficiency and productivity. Typically these types of technology have features that automate workflows and tasks to allow for work to be completed quicker and with more accuracy. 

When discussing fleet-based businesses, an example of a telematics solution that optimizes efforts is ZenduWork. ZenduWork is a dispatching solution that allows fleets to drastically improve the task and speed of dispatching drivers. The solution focuses on picking the closest driver who is available to complete the route, in addition to assigning the fastest route possible. Essentially, performing various tasks that a dispatcher would have to be responsible for, but on a faster, more optimized level to save time. 

As a result, drivers can be dispatched more efficiently and dispatchers can refocus their efforts onto more pressing matters. When this is done correctly over a period of time, it can save a business money as more is completed with less resources.

Telematics Solutions That Maintain Communication 

Communication is key. While this may sound like a cliche, it’s true for every business. Without communication, businesses risk things falling through the cracks and when things fall through cracks, money can be wasted. When speaking about vehicle-based businesses, overlooking communication can lead to the following issues:

• Incomplete routes resulting in wasted trip-resources (like gas or driver wages) and insufficient deliveries that require additional shipments
• Errors in documents and reports resulting in incorrect invoices or company paperwork   
• Lack of training resulting in poor driving behaviour that can lead to an increased amount of fuel use or vehicle wear and tear

Choosing to not implement new communication tools and protocol can leave your team disconnected from each other and at risk for unknowingly making mistakes, as mentioned above. With two-way communication, employees can easily contact other team members or management for any and all of their questions or concerns. In addition, managers and dispatchers can immediately contact drivers if they notice unsafe driving behaviours on camera solutions or gps tracking tools. Ultimately reducing the likelihood of the above issues rising and costing companies. 

To reduce issues relating to communication, many fleet-based businesses are looking towards solutions like ZenduMessenger to encourage communication. ZenduMessenger is a messaging tool that allows dispatchers and drivers to interact. Not only does it allow for drivers to contact managers if there is a concern about a route or shipment, but it allows for dispatchers to update drivers about their route. One example of how this is used that is worth highlighting is the messaging feature which allows for messages and documents to be exchanged. The reason why this is important to highlight is because it directly ties into the issue above of not only incomplete documentation, but possible incomplete routes. If a driver has left an important document or part of a shipment behind at the office or warehouse, dispatchers can immediately inform the driver of the forgotten item(s). Ensuring that minimal resources are wasted. In fact, if paperwork is left behind, the dispatcher can have the option to send it via the messenger tool so the driver can have it without needing to come back for it! 

Going Paperless With Telematics Solutions

For many businesses, paper and physical documentation of work can add up over time – not only in the price of the physical paper itself, but the costs related to storage. That’s why many are looking towards implementing paperless workplaces where documents are created, edited and stored electronically. This is major for fleet-based businesses who are moving forward with new strategies for managing finances during uncertain times as industry leaders are finding that much of the paperwork can be done electronically. In fact, once paperless protocols are in place and telematics solutions are used to complete and send documents, fleets are finding that overall costs related to paperwork are lowered and productivity is boosted. This stems upon the fact that as employees are required to use electronic documents and forms through custom telematics solutions, they are able to do more and reduce human error! 

One example, ZenduForms, a digital form solution, that is able to create custom digital forms for vehicle-based businesses. When integrated properly, workers can build, send, and complete the forms through varying devices while submitting the information instantly. Allowing for up-to-date information to be recorded electronically rather than in-person when a worker drops off the completed paperwork. With this example, it’s clear to see how in addition to reducing the chance of human error, going paperless with electronic form solutions can also boost productivity. 

Telematics Solutions To Improve Visibility Of Company Assets

As one can imagine, while managing finances during uncertain times, proper visibility is always required. This is even true when it comes to the visibility of company assets, or when discussing fleet-based organizations, their vehicles. Specifically the use of company assets on a daily basis, taking into account whether any employees have access to assets during off-work hours. Making sure that your team is always using tools and equipment properly can ensure that they are not accidentally wasting resources. One example which speaks to improving the visibility of vehicle use, is the use of GPS tracking solutions that automatically turn on and record GPS location once the vehicle is in movement. Typically, such devices are used to monitor where drivers are located, but if the vehicle is solely for company use, it can also be telling for whether it is being used during personal time. Visibility of company assets can’t be overlooked when looking at cost-saving initiatives as non-business related use of vehicles may void some insurance policies in addition to increasing company fuel expenses and wear and tear maintenance on vehicles.

Telematics Solutions To Improve Training 

As briefly mentioned above, sometimes improved training initiatives can help businesses save money. When speaking about fleet-based businesses, the focus is on how a lack of proper training can result in poor driving performance and thus, wasted resources. Specifically, how poor driving behaviour such as speeding, sudden acceleration and idling can all add up in wasted fuel and vehicle wear and tear. To combat this, fleets must implement the right solutions to boost training initiatives and improve driver habits. Tools like ZenduLearn, an online training platform, can be leveraged to not only monitor how drivers are on the road (by using engine data), but rate their performance and assign training modules to better their skills. As a result, ZenduLearn has been highlighted in saving businesses thousands of dollars as drivers are able to learn how to effectively and efficiently drive. 

Take Advantage of Apps And Comprehensive Marketplaces

Technology continues to change the way businesses operate and it’s critical for managers to remember how advancing technology can truly help their organization grow. A final tip for managing finances during uncertain times with telematics solutions is to utilize appropriate applications and marketplaces when they are available. Doing so will ensure that your business is always taking advantage of everything they can to save money (and boost efforts)! While there are numerous app’s and marketplaces available, it’s important to invest in one that will truly make a difference in your business. Marketplaces like ZenduONE embody numerous applications in a single location that allows users to personally install the solutions that fit their unique needs. To learn more about ZenduONE or how the applications we mentioned above are available on it, contact us today!