The importance of accurate data for effective asset management

The importance of accurate data for effective asset management 

Identify inefficiencies, set performance standards and measure success

On a regular basis, fleet managers need to address a range of responsibilities such as vehicles and equipment, maintenance operations, drivers, fuel, and safety.

The ability to collate and analyze quality, relevant data can lead to better asset and operations management. Such data can also help drive an informed approach to identifying inefficiencies and create opportunities to set performance standards and accurately measure success.

What data do I need?

The key to efficiently and effectively utilizing data begins with two key steps:

Step 1: Have a clear understanding of the data available 

Data can be received from numerous sources including management information, financial software, external services, parts and fuel suppliers, and increasingly from vehicle telematics systems. There is a danger of having too much data which means it’s important to determine what you actually need.

Step 2: Determining how data can help improve an operation

To identify what data should be driving your business is very important. Having data readily available such as vehicle costs, fuel costs and asset utilization is critical in decision making to shape the future of your fleet.

This process begins with determining what data is most useful and how it needs to be collated for reporting and fleet analysis purposes such as tracking the key performance indicators (KPIs).

Pre-configured fleet management software such as FleetWave CORE contains the key modules and fleet reporting tools in place to effectively manage a fleet. This means that only the data that is relevant to influencing fleet operations is collated, saving time trawling through irrelevant results. And data becomes most useful for asset management when it helps supports the achievement of meeting goals and objectives.

Which areas of asset management should data be applied?

Every fleet is unique so determining where data can be effective for asset management in your operation is critical.

These can include:

• Acquisition, procurement, allocation and disposal of vehicles including purchased, leaded or rented assets.
• Maintenance and repairs at in-house shops and outside service provider locations which includes service, parts and warranty coverage records.
• Workshop and technician scheduling.
• Fuel purchase, usage and costs.
• Safety data relating to accidents and information on damage, repairs and insurance claims.
• Budgeting by comparing performance against projections or industry benchmarks.

Ease of data integration is essential

Enabling a means of both accessing and interpreting data may mean a need to disconnect systems that hold information in silos. Instead of using several systems to pool the relevant data, a single solution can be used to easily access all your data and boost your understanding of what is happening in your fleet and what needs to be improved.

Almost everything you do as a fleet manager relies on data. Treating it as a valuable asset and taking the time upfront to set up sophisticated data management processes will be worth the investment in a short time.

Utilizing asset management software to manage data 

The right fleet and asset management software systems can provide the ability to utilize a wide range of data in your operations effectively to an operational advantage.

Such systems let you work smarter, not just harder. All the information you need is contained in one central repository, enabling you to manage data selectively so that it becomes actionable.

The importance of asset management software for managing data cannot and should not be underestimated. Its value lies in its use to improve your asset management practices to boost the cost effectiveness, efficiency and productivity of your fleet.