3 Ways it Pays Off to Invest in Telematics for Equipment DealersFor decades, software management tools have been helping us manage everything from our time to our money, and even our fitness. Integrating technology into our lives to solve problems and make processes easier is something we just do now. We see a problem in our life or in our business and our first instinct is to research a solution to which we can confidently outsource that challenge.
Initially, asset-tracking technology had a slow-burn into industries like agriculture and construction. But with the advent of standardized telematics protocols in 2013—expanded in 2016 to include mixed-fleet implementation—the integration of telematics solutions began to take off.
Since then, the integration of telematics in the field service industry has exploded. Driving this adoption is the need for reliable asset tracking, driver log functionality, and visibility into equipment usage. Cutting through the business processes that a telematics solution helps facilitate, the real value that comes from the technology is its impact on an equipment dealership’s bottom line.
How Can a Telematics Solution Boost Your Profits?
Accurately tracking equipment operating hours continues to be one of the most powerful tools at an equipment dealer’s disposal. The more visibility that is available into the actual usage of equipment and an entire fleet, the better decisions and processes can be made around the preventive maintenance plan of that operation. Visibility and control are key in the power of a telematics solution. Here are 3 ways telematics can boost your profits:
- Maximize the Resale - Having easy-to-access usage data to more accurately plan maintenance activities means that your rental equipment will be maintained better over time. This can translate to a higher resale value and increased profit for your business.
- Increase Efficiency - When real-time utilization monitoring is at your fingertips, you’ll be able to ensure that the right equipment is at the right location, maximizing its rental profit potential. Plus, with the information in front of you, you’ll no longer have to reach out to your customer for usage information—saving your operation time and money.
- Sell More After the Sale - With a state-of-the-art telematics system to track and manage operation hours, it’s possible (and easy) to track usage even after the equipment is sold. This enables you to more easily capture the aftermarket maintenance business with your existing customers.
Is the Investment Worth it?
Implementing telematics across your operation is an investment and the anticipated cost is one thing that holds some equipment dealers back. However, once implemented most dealers find that their investment more than pays for itself through the impact the solution has to maximize their resale potential, improved efficiency with real-time utilization monitoring, and the opportunity to increase sales of aftermarket maintenance service and parts.
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