Why Top Businesses are Adopting GPS Vehicle Tracking

Why Top Businesses are Adopting GPS Vehicle Tracking

It’s 2018 and GPS vehicle tracking is no longer just a science fiction fantasy. It’s a reality that many businesses are using in innovative and disruptive ways. This begs the question: why are top businesses adopting GPS vehicle tracking? From riding sharing companies using GPS to monitor and manage large fleets to the Subprime automotive finance industry mitigating the risk and improving their portfolio performances – GPS tracking is here to stay.

If you need more proof of the ubiquity of vehicle tracking, consider that the global navigation satellite system market in North America is expected to grow to an astounding $62 billion in annual revenue by 2025.

Keep reading to learn how and why top businesses are adopting GPS vehicle tracking. Don’t hesitate to contact Ituran USA today to find out how we can take your GPS program to new heights of success.

You Can Save Money

The number one reason companies large and small are adopting GPS vehicle tracking is because it offers a significant decrease in cost across a variety of operational areas. Installing GPS on any fleet is a smart move but installing GPS on a large fleet is nothing short of necessary in today’s ultra-competitive business environment.

So, what type of cost reduction are we talking about? Well, GPS can impact your business’s spending on any number of areas, including:

  •         Insurance costs – many insurance providers offer discounts to businesses that use GPS tracking. While these discounts vary depending on a number of factors – the number of vehicles you have insured with them, your drivers’ ticket and accident histories, etc. – you can expect to save around 15%.

 

  •         Fuel costs – you’ll have a macro view of your fleet’s fuel consumption at your fingertips. You can tell when drivers are speeding (burning excessive fuel), idling (using unnecessary fuel), taking longer routes (wasting fuel), executing private jobs while on the clock, and more. You’ll also be able to dispatch drivers who are closer to any given location, which helps optimize both your workflow and your fuel budget.

Other financial reasons for why top businesses are adopting GPS vehicle tracking include a more accurate billing system, an increase in productivity, a real-time view of your fleet’s logistics, the ability to identify overutilized and underutilized vehicles, and more.

You Can Make Sure Your Employees are Safe Drivers

Another major reason businesses are flocking to GPS vehicle tracking is for the safety of their drivers. This is true for businesses that use hundreds of vehicles and can’t afford to have scores of drivers getting tickets and for smaller businesses that use only a handful of vehicles. In the latter instance, a serious accident has the potential to lead to a crippling lawsuit.

With vehicle tracking that comes equipped with a driver behavior module, you’re able to see how your drivers are behaving on the road in real time and get scorecards for each driver. The scorecard will be based on many different maneuvers, including harsh acceleration, aggressive braking, sharp turns, speeding, and more. The scorecard will rank each driver base on their driver safety scores, as well as by their fuel consumption score (leading to additional money saving).

 

You’re also able to see the historical performance of driver behavior. These two views all enable you to see with pinpoint accuracy what is working and what needs to improve and will allow the fleet manager to have an educated conversation with each driver to influence a change in their driver behavior habits. The result is a fleet with safe and secure drivers, which leads to executives’ peace of mind. What more could a busy C-Suite exec ask for?

You Can Recover Stolen Vehicles Quickly

A major reason that top businesses are adopting GPS vehicle tracking is that it lets them recover stolen assets quickly. The ability to quickly locate and recover vehicles is a powerful tool in any company’s toolbox. The cost of a stolen vehicle doesn’t just include how much the vehicle itself was worth. It also includes the worth of the tools and equipment that were stored in the vehicle, which is often more than the car itself. That cost can even include the loss of jobs because you won’t have the vehicle to deliver goods and services. This can cause late deliveries and an insufficient number of vehicles to meet demand, which can lead to poor customer service reviews that hurt business further.

Now that you know why top businesses are adopting GPS vehicle tracking, the questions become how can you join in? How can you use powerful tech to help your company grow and flourish? You might think this involves a lengthy vendor search and vehicle outfitting process. Not when you choose Ituran USA.

Part of the global Ituran brand, Ituran USA is here to take the stress of fleet management off your shoulders. We’re here to make sure you are covered every step of the way. Find out how our ManageIt platform can help you improve profits simply and effectively today.