5 Ways GPS Tracking Can Save Your Business Money

I know we are all familiar with GPS navigation.  We use it in our personal vehicles and on our cellphones on a daily basis.  But what about GPS tracking?  This is a related technology that can save businesses up to $52,000 a year in fuel costs alone. In this article, I will prove how GPS tracking can be used to lower fuel, insurance, and maintenance costs.  In fact, many businesses may be losing money by not having a GPS tracking system in place. Read this post to see where money is being lost and how it can be recovered quickly with a GPS tracking system!

GPS Tracking

First, I would like to give a quick introduction to GPS tracking technology.  GPS stands for Global Positioning System.  These are the satellites that receive the signal from the vehicle’s tracking device to know where it is located. Information from the vehicle’s tracking device is then transmitted over a wireless network to a GPS server.  Information such as speed, idle time, and diagnostics can then be accessed from the server.  This is how a GPS tracking system works. Here are the ways these technologies save businesses money:

1. Increase Productivity

GPS tracking improves the accuracy of delivery times and streamlines operations.  This enhances productivity and results in a better customer experience.  It also reduces idle time by keeping drivers motivated to reach their destinations efficiently. Dispatchers can see where vehicles are located in real-time and assign the closest driver to the required location.  The number of miles traveled and gas mileage can be recorded automatically.

2. Improve Driver Safety

According to Forbes, drivers who utilize GPS tracking experience up to 20% fewer accidents.  This is because drivers are more accountable when they know they are being monitored.  Information on speed, acceleration, and braking can all be tracked and transmitted from the GPS tracking system.

3. Minimize Fuel Consumption

Fuel is a significant cost to businesses.  Fluctuating prices make it a difficult cost to contain.  Using GPS tracking, fleet managers can check a driver’s route history to ensure the most efficient routes are being used. Vehicle speed can also be monitored to ensure that fuel is conserved.  Excessive speeds are not only a safety hazard, they result in excessive fuel consumption. GPS tracking discourages the misuse of vehicles.  This could include side-trips or personal use of company vehicles.  Misuse of vehicles increases fuel and maintenance costs.  Fleet managers can receive notifications when vehicles are not where they belong.

4. Lower Insurance Premiums

In the event of vehicle theft, real-time GPS allows the stolen vehicle to be tracked and more easily recovered.  Because of this, insurance companies are able to offer lower rates to companies using GPS tracking. Insurance companies have also recognized that companies using GPS tracking and dash cameras experience lower accident rates.  I always recommend speaking to your insurance agent to see the discounts they offer for saving money in your business.

5. Exonerate Drivers

By including a dash camera in the GPS tracking solution a company can prove who was at fault when an accident does occur.  At-fault accidents can significantly increase insurance premiums.  The ability to prove who was at fault can protect the company from liability.  It also protects the driver’s record and may prevent disciplinary action.

Finding a Solution

I’ve demonstrated how GPS tracking and dash cameras can save your business money. Imagine getting the benefits of both technologies in one single installation.  TrackNet Online is uniquely positioned to address the challenging fleet technology needs of modern businesses. TrackNet features rear, side, driver-facing, and roadside dashboard cameras for full visibility.  All media is stored securely on our servers and can be searched anytime.  Contact Us for a free demo and start saving today!