How to Reduce Operational Expenses with My20 Fleet Management
Running an efficient and profitable company means you are always evaluating your expenses to make the best and smartest business decisions possible. My20 is dedicated to providing you with the tools and resources you need to run an operationally profitable business.
Here are some of the ways My20 can help reduce overall operational costs for your fleet:
Implement Integrated Fleet Technologies
With the increasing amount of technology available for fleets, implementing integrated technologies is a great way to reduce operational expenses and increase the speed of decision making. My20’s Live Supply Chain™ dashboards combine HOS compliance, driver and asset tracking, fleet management reporting, driver behavior and scorecards, dashcam video telemetry and more for the most robust integrated fleet management system all in ONE dashboard.
A fully integrated dashboard not only saves on operational expenses by bundling fleet technologies but it is a major time saver and time = money.
Utilize vehicle diagnostics and DVIR to prevent downtime
The purpose of preventive maintenance is to help keep equipment up and running, preventing any unplanned downtime and expensive costs from unanticipated equipment failure. A wise budgeting plan should allocate 7% of revenue towards preventive maintenance. Keeping your vehicles in good working condition will allow more miles to be driven and more money to be made.
Not only will preventive maintenance help to increase the life of your trucks or equipment, but it will also ensure your drivers are prepared for CSVA (commercial vehicle safety alliance) and other roadside inspections. Being well prepared for roadside inspections will allow your drivers to stay on the road and avoid being placed out of service or fined.
One way to ensure that your drivers are properly maintaining their truck is by enforcing pre and post-trip DVIR inspections.
Improve Fleet Safety
The average accident costs $91,000, and that number rises to $200,000 if there’s an injury. Along with the expenses of an accident, fleet operational expenses can increase in regards to insurance, delayed shipping and supply chains, and more.
By integrating My20 LogiCam Ai-powered dash cams along with driver scorecards, fleet managers have the ability to identify, educate, and coach drivers on potentially dangerous driving behaviors. Implementing dashcams can also have an impact on reducing your insurance premiums.
Integrate IFTA Management and Reporting
IFTA can be a grueling process for fleets that try to manage and run their quarterly reports manually, and again… time = money. Some fleets outsource their IFTA process and end up with an unnecessary operational expense on the books.
My20 Fleet Management solution automates the entire IFTA reporting and filing process which saves you time and money.
My20 ELD tracks miles per jurisdiction through the Live Supply Chain™ GPS tracking system built into the ELD hardware. Here is a video on how to file IFTA with My20 ELD in detail.
Maximize Fuel Savings
Fuel is one of the largest operating expenses for a fleet. The average truck driver uses 20,500 gallons of fuel per year. The ability to save on fuel is a major cost savings to many fleet owners. Implementing a fuel savings program into your fleet and ensuring your drivers are optimizing their stops based on participating fuel stops can save fleets $4,000-$5,000 per truck per year.
Konexial’s GoFuel program provides fuel savings on pump prices at over 460 fueling stations across the country averaging $.20-$.40 per gallon. With the ability to see real-time fuel savings built directly into the My20 ELD app, fleets can reduce fuel costs on a daily basis.
Get My20 ELD and Fleet Management System Today
Rated number one for customer support, the My20 team is ready to transition your fleet and reduce your overall operational expenses. For more information on how My20 will support your fleet’s needs, please contact our sales team at (865) 888-6920 ext 1 or complete the form below.