As the global economy continues to grapple with inflation, fleet companies are feeling the impact on their bottom line. Many fleet managers are asking how to reduce fleet costs in today’s environment. Inflation affects fleet companies in a variety of ways, from increasing fuel and maintenance costs to raising insurance premiums. It is crucial for fleet companies to implement effective cost management strategies to maintain profitability and remain competitive in today's market.
Minimizing costs and maximizing uptime is every fleet manager's goal. An effective way to achieve this is preventive maintenance and proactive driver training.
Utilizing tools beyond the ones on the truck shop wall can help you keep truck maintenance costs in check and reduce costly downtime.
It may not be possible to identify every hidden cost or reduce every soft cost, but being aware of the sources of these costs can help fleets make measurable progress.
Everything fleet does revolves around money: asset acquisition, fuel to operate assets, maintenance to keep assets operational, and myriad other miscellaneous, incidental expenses ranging from tolls, parking tickets, and waste disposal fees to taxes.
Until the emergence of strategic sourcing in the 1990s, procurement did not hold the same prominence within corporations as it does today. Nowadays, procurement plays a pivotal strategic role. Procurement is now the new engine of change in fleet management, which has resulted in dramatic changes in the fleet purchasing and supplier selection process.
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