Challenges and Benefits of Using Fleet Asset Management Software for Hire and Leasing Companies

Hire and leasing companies face several challenges related to asset management, including maintaining accurate records, ensuring compliance, and managing costs. Common processes found in the sector, include the use of traditional paper- based systems and excessive spreadsheets to manage their documentation and assets.

Managing the records of multiple customers can lead to issues that impact operational efficiency. Findings show that implementation of an effective asset management system can save companies upwards of 20% in maintenance costs.

Using a software to manage assets digitally, on a consolidated platform, like Tranzaura, can aid this process.

This blog will outline various challenges contract hire companies face in relation to asset management and the benefits of using a fleet asset management software such as Tranzaura’s Asset Management software to overcome these obstacles.

Challenges in Managing Assets:

  1. Data Silos: Take the following example:If a hire company manages over 50 clients and each client has over 100 vehicles, with multiple assets attached, that becomes a mountain of data, which can be unmanageable without an efficient system designed to streamline workflow. Information scattered across different systems, like spreadsheets and emails, can lead to difficulty in getting a holistic view of the fleet and assets.
  2. Data Accuracy: As a result of data silos, data accuracy may be difficult to obtain using traditional methods of asset management. Incorrect data taken from paper chasing etc. can lead to poor decision making, inefficient systems, compliance issues and customer dissatisfaction (discussed in more detail below). For instance, inaccurate maintenance data might lead to missed services or unnecessary repairs, impacting both costs and vehicle uptime. This leads to a chain reaction throughout the fleet.
  3. Managing Compliance: Being on top of compliance and safety checks can be challenging using a paper-based system. With the fast-paced nature of regulation updates and changes, it is imperative to a business that staff and customers are notified quickly, which can be difficult using paper or other manual based systems. Inaccurate data on mileage or service records can also make it difficult to demonstrate compliance and could lead to fines or penalties.
  4. Customer Relationship Management: It can be difficult to communicate with customers in a timely manner when using manual paper- based processes. It can also be a challenge with regards to onboarding, as managing records can be time consuming. This can impact getting to know customers, as exchanging information and communication can take days or weeks, making it a longer process. This can become frustrating, damage customer relationships and lead to churn.

Benefits of Having Asset Management Software:

  1. Document Management System: Using a digital platform allows you to keep all documents and records securely in one place, if it is a consolidated system (which Tranzaura is..) meaning that you save time and resources paper chasing and manually inputting information against assets. For example, CVRT, insurance, tax and defects. It also has a secondary benefit, in that, using the Tranzaura platform, hire companies can provide a document management portal for their end user customers. This means that information and communication can be much more efficient within the business.
  2. Asset Visibility: Keeping accurate records of asset locations and statuses can be challenging, especially when assets are frequently moved or used by various clients. Using a platform, like Tranzaura’s Asset Management software, gives you access to looking into the lifecycle of an asset, highlighting the history associated with it, and track the assets condition on return from hire. This gives you a better insight into the health of assets and how to manage them in the future.
  3. Efficient Workflow: A digital approach in asset management allows you to have real time data-driven insights. Automated processes like mileage tracking and service reminders reduce manual tasks. Software can identify underutilized vehicles, allowing them to be redeployed to new customers or potentially removed from the fleet, optimizing overall asset use.
  4. Profitability Gains: As mentioned above, investing in an efficient asset management system, can save upwards of 20% in maintenance costs. Some aspects where costs can be saved are fuel consumption, software can identify inefficient driving habits, allowing for driver coaching and potentially leading to fuel cost savings. Another area is in maintenance, it can determine optimal service intervals, reducing unnecessary maintenance and associated costs.

Tranzaura’s Asset Management Software

Tranzaura’s Asset Management solution empowers you to achieve operational excellence. Our centralised platform allows you to build a history of your assets using a consolidated system. It also allows you to give customers insight into their portal with a flexible, customisable software. Tranzaura’s data-driven approach ensures peak performance & optimized resource allocation, predictive maintenance & minimized downtime and extended asset lifespans & maximized ROI.

If you are a hire and leasing company facing these challenges and want to reap the benefits of Tranzaura’s asset management software, contact a member of our team today.