A data-driven approach and start-up like agility — A winning combination in a recovering economy!
In light of today’s market and competition, businesses need to reassess, adapt and reset everything.
Rather than falling back into old habits, this is an opportunity to effectively “start over”.
As we emerge from the pandemic, adapting a start-up mentality can be crucial for business survival. The start-up mentality allows you to move away from legacy practices and reassess outdated technology to minimise costs and increase ROI, giving your business a competitive advantage in a recovering market.
How is your business adapting to survive?
Technology — The business enabler
Technology that helps your business pivot quickly is a great business enabler both in terms of improving your team’s competency as well as your bottom line.
For businesses with fleets, introducing modern in-vehicle technology can reduce administrative costs and increase data accuracy. Modern technology choices such as in-vehicle telematics offer reliability — with real data rather than anecdotal information or paper-based processes. It operates 24/7 — without sick days and paid holidays and provides you with better information to base your strategic decisions. As a result, your staff can focus more on income generation rather than bureaucracy and reactive operations.
For example, one Intelematics customer was due to increase their fleet size during COVID-19. Using Intelematics CONNECT, they uncovered vehicles being underutilised. The insights delivered by this system allowed them to double shift vehicles to increase availability and freeze spend.
Conquering the growth phase with minimal disruption
With accurate data and actionable information readily available on telematics systems, you can monitor assets, their demand and usage closely, and understand the options available to save on expenses: capital cost, labour; fuel; wear and tear etc.
Having critical data to base your decisions gives you the ability to respond to the changing demands of your business and the market.
For example, COVID-19 saw an increase in demand for vehicle subscription services such as those provided by Carbar. Especially their “Tools of Trade” model which provide vans and utes to businesses requiring light commercial vehicles.
If your telematics data shows the current increase in demand and usage of your vehicles is temporary, employing a casual driver and renting vehicles through a subscription plan can help you grow your business overnight. You can respond to uncertain market demands and resize your “Flexi-fleet” at short notice, and with no long-term financial obligations.
Reflect and refine
Taking advantage of technology can help you get more out of your fleet. Smart fleet management systems can predict events before they happen.
Intelematics technology predicts battery failure weeks before it occurs, saving on vehicle downtime and expensive callouts. Intelematics also offers a competitive modular approach to telematics, where you only pay for the features required. Allowing companies to purchase what they can afford now, and transition when the business scales.
Know what your options are. Reflect. Nothing is as it was. It’s time to try something new.
If you aren’t a start-up — be a start-over.
Authored by Paul Sinclair, published first in October issue of Fleet Drive