84% of fleets see technology ROI within year – survey
A survey by Verizon Connect reveals 84% of European fleets achieve a Return on Investment (ROI) on fleet management technology within a year or less – and notice a marked improvement in customer service.
Overall, 74% of fleet managers found using fleet management technology was “very” or “extremely” beneficial to their business. Not only did 84% report a ROI within a year, 44% reported reaching that point within six months or less. Also important for customer retention and satisfaction: 56% reported that fleet management technology led to improved customer service.
Lower fuel costs
The 2022 Fleet Technology Trends Report Europe, conducted for Verizon Connect by ABI Research, was completed by more than 1,350 European fleet managers, fleet executives and mobility business professionals in 10 countries. Some other key results:
- 68% of fleets across the 10 countries surveyed used GPS tracking.
- It is most used in the transportation industry (82%) and is
- generally more popular in medium than large or small enterprises.
- Among fleets using GPS tracking,
- 56% reported improved customer service,
- 45% improved productivity,
- 52% lower fuel consumption, and
- 43% reduced accidents.
- Among fleets that had adopted video solutions,
- 67% reported improved driver safety,
- 57% reported a drop in accident costs,
- 54% saw a reduction in false claims, while
- 47% reported a drop in vehicle insurance costs as well.
- 61% of fleets using asset tracking reported improved utilisation rates.
- Investment and fleet tech and driver safety continued, despite the pandemic:
- 59% of respondents had established processed to check the safety and security of their drivers and vehicles, while
- 47% had invested new systems to track vehicle data.
- Achieving ROI within one year was especially prevalent in:
- Transportation (97%),
- Freight (94%), and
- Construction (93%).
“These results show the transformational effect fleet management solutions can have, especially for small businesses”, says Peter Mitchell, Senior VP and General Manager of Verizon Connect.
“Many companies have been financially stretched during the pandemic. Tech allows a dramatic reduction in costs and enables companies to get more done. Equally important, tech also helps prioritise safety, increase customer satisfaction and promote sustainability.”
With more than 3,000 employees in 15 countries, Verizon Connect is a leading provider of mobile technology platforms and solutions.