While things appear to be steadily improving in the transport industry in terms of growth and revenue, we are not out of the woods yet. This year has thrown challenge after challenge at the industry, from hauliers, to courier companies.
Considering the hit to the worldwide economy, the transport industry is not in bad shape. However, during the height of the pandemic the transport industry’s GDP (Gross Domestic Product) was at an all-time low; 13,197 million, compared with 18,777 million the previous quarter. In recent months, this has started to bounce back, increasing to 16,360 million in Q3 of 2020.
Haulage over the next 12-months
This is promising, and indeed a relief. However, Trading Economics forecast in 12-months the GDP from Transport in the United Kingdom will stand at 14,187 million. Furthermore, there is still a great deal of uncertainty regarding how haulage will work with Europe in the new year. Depending on whether we have a deal come January 1st, 2021, the projections could change again.
While things could improve in the long-term, over the next year many haulage companies will look to reduce their outgoings and protect their annual revenue. Having a solution in place that requires little effort to implement, and potentially save thousands per month could make all the difference.
GDP from Transport in the United Kingdom forecast:
Save money every quarter
A huge cost for any company with commercial vehicles is fuel. Tens of thousands of pounds every month just to ensure your vehicles are on the road and making money. How your fleet drives can have a huge impact on how much fuel you get through. Thus, one way to protect your bottom line and reduce your outgoings is to elevate the driving efficiency of your fleet.
Implementing a Driver Performance Monitoring solution across your fleet not only improves driver safety, but also sees your team drive in an efficient manner. It is simple to install and get up and running. Also, on the part of your drivers, it only requires small adjustments to their driving style for you to begin to see results.
This is how it works:
- A tracking device record how you fleet drives by taking data directly from the engine management system.
- This data is collated on the Verilocation platform for you to view.
- The CANbus system ensures you can easily understand the data.
- Up to 20 key fuel-usage related parameters are recorded and reported on.
- Each of your drivers receives a driving efficiency score in a percentage format.
- Then, you can assess how efficiently your fleet are performing and using fuel.
- Following this, you can implement some driver training and create team or individual targets.
- This will result in a reduction in fuel usage, and therefore your monthly fuel spend.
The solution provides live feedback, so you can quickly begin to see results. This will help you to get a quick ROI and start to reduce your monthly fuel spend. The solution’s reporting capabilities allow you to assess the efficiency of individuals and your team as a whole.
Our driver performance guidebook has further advice on how to get the most out of your driver performance monitoring solution. Including how to set goals within your team, and proactively empower your drivers.
Prevent financial losses and protect opportunities
In the coming year it is important to cut down on unnecessary expenses. However, it will be as equally important to make sure you don’t miss out on key opportunities and business. To achieve this and maximise your revenue, you need to fully utilize your fleet and keep vehicle downtime or idleness to a minimum.
One struggle many haulage companies deal with is misplaced trailers. It can take weeks or even months to track them down, and all the while they are sat in a depot costing you money. Asset tracking is a solution that enables you to keep an eye of your valuable assets and ensure they never sit idle.
With asset tracking in place, you are can see all of your trailer’s current locations. This is a great deterrent for thieves, and should something unfortunately be stolen, can help with recovering the asset. Furthermore, the solution gathers data to show which lorry the trailer was last paired with. Collecting evidence of its usage and which driver was last responsible for it.
Asset tracking can save you from missing any current opportunities, while helping you to effectively monitor and adjust your resource allocation. With this technology in place, you can make the most of current opportunities and maximise your company profits.
2020 has certainly been a bumpy year for everyone in terms of growth and prosperity. However, one thing it has certainly highlighted is businesses need to be scalable, flexible, and have systems that protect their annual revenue.