The global fleet management market has grown significantly over the past decade. Statista reports that, in 2022, the market was worth $30 billion. Why do we see such substantial growth?

The answer is simple: fleet asset management is critical to the success and cost-effectiveness of fleet-reliant businesses worldwide. It has also seen a tech boom, with software solutions like Trackunit streamlining telematics-based fleet management. 

That’s why we’ve put together ”Mastering Fleet Asset Management: A Guide” to help managers step up their fleet management game. Keep reading to learn how to excel in fleet asset management and take your business to the next level. 

What is fleet asset management?

Fleet asset management refers to the process of managing and maintaining all assets in a fleet, including vehicles and equipment. On a construction site, for example, the assets would involve bulldozers, excavators, drills, and other heavy machinery.

”Managing” these assets means keeping track of their usage, performing engine diagnostics, ensuring drivers or handlers adhere to safety protocols, optimizing fuel consumption, and scheduling maintenance and repairs. It also means taking steps to prevent theft and damage and ensuring compliance with regulations.

How to master fleet asset management: Tips and best practices

Excelling at fleet asset management means staying on top of your assets’ whereabouts, condition, and performance. Here are some tips you can follow: 

Use telematics and IoT technology

Telematics and IoT (Internet of Things) go hand in hand today. The former refers to using telecommunications and informatics systems to track and monitor your assets, whereas the latter ties in with sensor technology. Together, these tools allow you to gather real-time data on your assets. 

With telematics, you can: 

• Monitor the job site where the fleet’s assets are deployed 
• Track engine performance and detect potential issues 
• Monitor fuel consumption and identify savings opportunities 
• Promote safe driver operation 
• Receive notifications when assets need maintenance or repairs 
• Get alerts when the assets leave the job site premises without authorization 

When you combine telematics with IoT sensors installed on your assets, you can also track:

• Inventory levels, payload weight, and distribution for optimized load balancing 
• Temperature and humidity levels in temperature-controlled assets 
• Tire pressure and fuel levels 
• GPS location

Have a scheduled maintenance plan

Predictive maintenance is a part of asset management. You can either wait for the assets to break down or maintain them regularly to prevent breakdowns. The latter is a more favorable option. It saves time and cost. 

Your maintenance plan should include:

• Regular inspections to identify potential issues 
• Scheduled oil changes and tire rotations  
• Cleaning and replacing air filters 
• Checking for wear and tear in critical components 
• Calibrating sensors and electronics 

Train fleet operators 

The asset operators on a job site are either drivers or equipment handlers. Both need proper training to ensure they’re not misusing the assets. Set up training programs that teach operators about handling assets safely and identifying performance issues before they become major problems.

Leverage data analytics

All the data you collect through telematics and IoT sensors is valuable. It can give you insight into how well (or not) your fleet’s assets are performing. 

Let’s say your construction equipment is breaking down frequently at a particular job site. You might need to look at data analytics to find out why that is so. Maybe the operators are not using the equipment correctly, or the terrain is too rough for that particular machine.

Once you find the issue, you can take appropriate steps to deal with it. 

Takeaway 

No one said fleet asset management is a piece of cake. But it doesn’t have to be the bane of your existence, either. 

A combination of the right technology and strategy can streamline the process and make it less stressful. When you crack the code for efficient management, you’ll quickly see improvement in all key metrics.