3 Ways to Amplify Your Telematics ROI with Car IQ

3 Ways to Amplify Your Telematics ROI with Car IQ

Car IQ Team

Car IQ Team

September 20, 2023

3 Ways to Amplify Your Telematics ROI with Car IQ

With the rapid advancements in technology and the ever-increasing need for efficient fleet management, telematics has emerged as a pivotal tool for businesses across the globe. You’ve already taken the bold step of investing in telematics, likely to protect your drivers, but are you making the most of this tool? When wielded properly, telematics can extend into other departments and make an impact, providing full transparency, accuracy, and accountability for your fleet spend.

Let’s delve into three powerful ways you can amplify your telematics ROI and ensure your fleet operates at its peak potential.

1. Increased Driver Accountability

The backbone of any fleet is its drivers. Ensuring their safety is not just an obligation, but it also makes business sense. Accidents can lead to significant financial burdens, from vehicle repairs and medical bills to potential legal fees and missed revenue opportunities. Telematics plays an instrumental role in enhancing driver safety by monitoring driving behaviors and identifying potentially hazardous ones such as harsh braking, over-speeding, and abrupt turns.

However, if a driver is engaging in behaviors they shouldn’t be, such as speeding, taking unscheduled breaks, or deviating from their route, they might unplug the device to avoid detection. Then, when they need connectivity to fuel up, they leave the device plugged in.

Car IQ takes your telematics further, adding an additional layer of accountability for drivers when it comes to spending company funds. By marrying transaction data to the vehicle data, Car IQ creates more context for more actionable data, such as identifying whether a certain driving behavior correlates with increased fuel consumption or more frequent maintenance requirements. This helps hold drivers accountable for their driving habits.

2. Fraud Prevention

A top priority for fleet managers is ensuring that fleet drivers follow company policies, which should define how employees should use and maintain company-owned or leased vehicles. Basic telematics can track a driver’s vehicle location, fuel levels, and driving behaviors, helping fleet managers identify potential misuses. However, it’s an unfortunate reality that some drivers may commit fraud and avoid detection by unplugging their telematics devices.

Car IQ goes beyond basic fraud monitoring and prevention by connecting real-time vehicle data with payment data to protect transactions at the pump and beyond. With a precise record of when, where, and how a vehicle was used, fleet managers can easily identify unauthorized usage or expenditure.

For tips on how to prevent fleet fraud, read our new blog: “5 Tips to Protect Fleets Against Fraud.”

3. Real-Time Visibility for Optimized Fleet Utilization

With telematics, gone are the days of guessing and approximations. By combining spending data with real-time vehicle data, including fuel levels and location from telematics and sensors, Car IQ provides a complete and accurate overview. This helps fleet managers enable, validate, and report on key metrics surrounding transactions while also optimizing routes, reducing downtime, and ensuring maximum fleet utilization.

In conclusion, telematics is not just about purchasing a tool and forgetting about it. It’s about using the data, understanding the insights, and making informed decisions that boost your ROI.

Fuel Your Fleet With Car IQ

With Car IQ, you can manage your fleet’s entire payment activity in ways you never dreamed of. Forget about  physical credit cards and random, unapproved charges—our cutting-edge digital vehicle payment system lets  you control driver payments, lets the drivers pay seamlessly, and consolidates both vehicle and transaction  data in one place. This not only provides you with an incredibly detailed view of your fleet’s operations but also an incredible level of efficiency and control.

Interested? Let’s start a conversion today.

Last updated on

January 18, 2024

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