Importance Of Fleet Asset Management For Managers

Asset Management


What Is Fleet Asset Management?

Every company aims to maximise earnings while also reducing losses. When a company operates with a fleet of vehicles, achieving those objectives presents additional obstacles. This is where MyTrucking, with resources like our fleet management guide, can offer some assistance to your fleet asset management.

Fleet asset management involves the regular assessment of your company’s vehicles. Using fleet management tracking helps keep an eye on a vehicle’s performance, from its first time on the road until it needs to be replaced.

In this article, we’ll discuss both the benefits of fleet management and how the MyTrucking software can help fleet managers maintain lower costs, with fewer risks.


Role Of An Asset Manager In Fleet Management

A fleet asset manager oversees the care of a company’s vehicles. This could be a dedicated position within a large company, or fall on the shoulders of the owner in a smaller haulage firm. They are responsible for keeping the vehicles on the road at all times by regularly assessing and maintaining the assets. Preventing accidents from occurring and keeping budgets under check.

Due to the nature of these responsibilities, an asset manager needs to understand the bigger picture and the more minor details of how the company operates daily. An easy and effective way to achieve this is to have an up-to-date fleet and asset management system.

For this to work, an asset manager needs access to all essential fleet data and a thorough understanding of the company’s administrative and financial processes. This is made more accessible by tracking fleet management effectively and communication within your team. With this information, they will know when and how vehicles should be maintained, added or removed from use.

If supplied with the right tools and vehicle information, a good fleet manager will be able to ensure that the company’s fleet is reliable, safe and ready for every job.


Benefits Of Asset Management For Fleet Managers

By dedicating time and resources to asset management, you not only reduce unexpected expenses, but also prolong the life of your fleet. Here are just a few of the benefits of proper fleet asset management.

Lower overhead expenses

With a reliable fleet and asset management system, vehicles, equipment and maintenance procedures are viewed and managed from one central ‘hub’. Combining all these aspects helps a business lower fleet expenses and reduce overall company expenditure, not to mention saving the fleet manager a lot of valuable time! Find out more tips to reduce fleet costs here.

Lower risk

Asset management can help you make low-risk decisions by collecting and analysing data efficiently. Information can change so quickly in this industry, potentially making decision-making a less informed process.  Using a reliable fleet and asset management system like MyTrucking, you have all the up-to-date information at your fingertips to make an informed and correct decision.

Enhanced company revenue

Maintaining the reliability of your fleet assets is essential in continuing to provide a first-class service to your customers. Ensuring that you can always make good on your commitments will enhance not only the company’s reputation but also the company’s revenue.

Legal compliance

Operating a legally compliant business is critical for any company; it is the law to guarantee your fleet assets and equipment are safe. Having well-maintained vehicles helps avoid unplanned downtime, which can be costly and disruptive to operations. An auditable trail ensures you are operating in line with fleet compliance laws.

Reduced admin hassles

In the past, updating information on your fleet assets was a time-consuming process. Reduce your paper trail by seamlessly adding and storing the latest data in one place with an easier-to-maintain management system. With everything accessible at the click of a button, you’ll never spend another Friday afternoon rifling through office drawers.

Complete transparency 

If you have a comprehensive and transparent asset management system, you can establish a more efficient operation. Analysing past decisions is key to ensuring the positive outcomes of future choices. The effect of each decision can be tracked so that the cost-benefit analysis is also easier to do.


Guide On Developing An Asset Management Plan For Asset Managers

So, you understand the importance of asset management, but how do put it into action? Developing an asset management plan may seem like a big task at first, but it can be distilled into a handful of straightforward steps.

Define your objective

Your business objectives need to align with your company’s corporate goals. Consideration must be given to the current asset management issues, future plans, priorities, and the operation while setting them. Consider what the company is attempting to accomplish and how the asset management system can assist in achieving that goal.

Build a strategy

Organising a strategy will make completing your objectives possible. This would also be the right time to consider an audit of your fleet assets and equipment. Creating an up-to-date inventory that includes your assets’ location, condition, lifespan, and value. Once this has been completed and you have an action plan in place, the next stage is to identify and plan against potential risks to the business.

Analyse risks

Fleet assets can fail in a number of ways, but generally in levels of service or a failure to meet demand. Taking uncalculated risks with machinery can have a damaging effect on the safety of employees and the reputation of a company. The asset management system can highlight the assets that are a bigger problem, allowing them to be addressed first.

Constant monitoring and review

Monitoring the efficiency and cost-effectiveness of your assets is the final phase in the process, but only after an asset management plan has been implemented. When it comes to your assets, you can make accurate judgements like updating maintenance procedures, putting funds into upgrades, maintaining fleet driver management or investing in new assets.


In summary…

Because data is at the heart of any fleet asset management system, having up-to-date information on all aspects of your business in one place, makes your day much less complicated.

Using MyTrucking software, you will see the benefits of fleet management combined with transport management. Accessing all the information you need at the touch of a button, our software enables you to make smarter decisions to boost your company’s bottom line.


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