January 2008, Work Truck - Feature

Best Practices for Asset Management Functions

By Michael Lewis

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4. Information Technology: Telematics provide proactive tools

Private truck fleets are increasingly employing telematics to help drive down the cost of doing business and assist in implementing environmentally sound practices. As one of the newest assets in the fight to curtail soaring prices that impact fleet profit margins, telematics data helps fleets better understand fuel consumption, the effects of new engine emissions standards, and driver behavior.

The prevalence of GPS, telematics, and ECM data-capturing devices have afforded us a rich set of metrics and much more intelligent information to consider when making qualified decisions. By taking a holistic approach to acquisition and leasing, data-centric solutions such as managed maintenance and driver risk reduction programs, as well as industry consulting services, fleet owners and managers can proactively take action and make educated decisions that positively impact their businesses.

Armed with such data-rich information, the entire industry can begin to realize the ability to lessen the impact that adverse economic conditions, rising OEM pricing, and fuel and other operating costs have on our businesses.

Preparing for the Future

So, what did we learn from 2007 to help us best prepare for the next phase of the trucking industry’s evolution? Some cost increases we experienced in 2007 were by necessity, such as fuel and equipment purchasing. Others, including improved driver recruitment or boosting vehicle productivity, were voluntary, but no less important in maximizing our investment. As green initiatives continue to move forward, savvy fleets will have a choice: embrace change and continue to invest in green technologies, or resist the up-front costs with retrofitting and suffer long-term operational and financial headaches.

Moving forward, we must implement cost-cutting strategies by placing a greater focus on utilization and shifting our capacity to make more informed and forward-thinking decisions in response to the ever-changing environment.

Embracing emerging best practices in asset management — including acquisition and leasing, maintenance, and fuel, as well as risk and information management services — will allow us to more effectively manage assets, increase fleet productivity, lower operating costs, and better prepare for 2010. WT

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