Return on investment in fleet management technology 'achieved in a year'

Research has highlighted the link between the use of fleet management technology in achieving return on investment (ROI) and improving customer service.

The survey, conducted by ABI Research and sponsored by Verizon Connect, revealed that 64% of respondents found using fleet management technology ‘very’ and ‘extremely’ beneficial to their business; with 86% witnessing ROI within a year or less, and just under half (44%) experiencing this within six months or less.

More than half (56%) of respondents reported improved customer service after implementing fleet management technology solutions.

Peter Mitchell, senior vice president and general manager at Verizon Connect, said: “These results demonstrate in hard numbers, the transformational effect using fleet management solutions can have - especially for small businesses.

“Many companies have been financially stretched during the pandemic. Fleet management technologies allow a dramatic reduction in costs while also enabling companies to get more work done.

"Equally as important, these technologies can also help prioritise safety, increase customer satisfaction and promote sustainability through reduced fuel usage.”

The research also found that investment in fleet technology and driver safety continued during the pandemic with 59% of respondents establishing processes to check the safety and security of employees and vehicles during this period; 47% invested in new systems that helped them to track vehicle data.

Fuel costs were also lowered in 52% of respondents, the number of accidents was reduced in 43% and 57% of video solution adopters saw a reduction in accident costs and 47% obtaining a reduction in vehicle insurance costs.

The survey was completed by more than 1,350 European fleet managers, executives and other mobile business professionals in 10 countries.

Read the full findings of the Fleet Technology Trends Report Europe 2022.