Monitor Gas Price Trends and Forecasts
One way to stay on top of the changes in the fuel market is to monitor the patterns and predictions made by industry experts. It is important to over budget because of the simple fact that fuel is a precious substance whose market is completely unpredictable. Due to foreign relations and climate changes, there is no end all way to predict what will happen to the fuel market, however by keeping an eye on things you are much more likely to be aware of how much you should be spending on fuel and when you can expect to need to strap down as well as when you’ll have some room to breath.
ALWAYS Monitor and Collect Your Fleet’s Data
Data is key to the success of any business. This rings true for your fuel saving potential! If you want to be in the same league as the pros, you need access to the same info that they have! With so many advances in technology, the game of fleet management has completely transformed. It is now vital to integrate Telematics or a Fleet Management System with your existing operations if you expect to keep up with the competition. So how do these investments help you save fuel? Well many of them monitor your drivers’ behavior and fuel wastage. Some systems like FieldLogix even produce whole reports about how much fuel each individual driver uses, how much they waste idling or speeding and how much money their habits are costing you. In addition to that it helps you with number 1 by forecasting how much money you will save or lose if your driver’s behavior continues. This info makes budgeting a breeze and gives you an accurate view of how much money your business should be spending on fuel.
Replace Vehicles Strategically
This tip is rather counter intuitive. The whole point of monitoring fuel usage and industry trends is to help you save money. That might make our next suggestion seem counterproductive however, it is totally true. You should be making the switch to newer, more fuel efficient vehicles when you notice that gas prices are low and they are predicted to stay low for a while. By strategically timing the replacement of vehicles that waste your fuel and money, you will cut the costs of having to quickly find and purchase something out of your price range and out of your budget. This saves fuel, money and your peace of mind knowing that this decision was planned and incorporated into the budget, unlike most fleet managers who suddenly have a need for a new vehicle and due to a lack of vigilance or maintenance, are stuck spending top dollar on the most convenient vehicle they can get their hands on.
Don’t believe us? Check out what two fleet management experts had to say about it.
“Route optimization and mobile app technologies are becoming more and more commonplace. Mobile apps can direct drivers not only to the closes gasoline station, but to the lowest cost providers as well,” said Mark Donahue, business analyst at Emkay.
“In addition to the basics, we see the more successful fleets employing telematics and moving to alternative fuels,” said Tony Blezien, VP, operations at LeasePlan USA.“In the end, use this time of low fuel prices to prepare for the future.”
So there you have it. You now know the three things that will help save your money, fuel and time. Now go get started and let the fuel savings begin!