Fleet Insight provides you with real-time data-driven insights to help you monitor every vehicle, move your fleet more efficiently, stay ahead of maintenance, customize reporting and make proactive decisions to keep your fleet and your business moving forward. You can:
The rise of digital technologies is changing the way businesses operate, and advances in everything from artificial intelligence to blockchain has the potential to redefine companies while creating new opportunities. These advances are changing not only what is expected of businesses, but also what is expected of the leaders within the organizations.
Tata Consultancy Services calls the transformation Business 4.0. In a survey of 689 responses from senior finance executives in the United States and Europe conducted by CFO Research in collaboration with Tata Consultancy Services, about one-third of respondents ranked their finance functions’ digital capabilities in six categories as "moderate."
The six areas included analytics and measurement; agility and efficiency; business architecture; governance, risk management and compliance; shared services/business process outsourcing; and organizational alignment.
Penske Truck Leasing has focused on the digital capabilities that can benefit its customers, and it has several solutions to help CFOs capture, manage and utilize information so fleets can access data quickly and easily. The easy access is particularly useful during planning, quarterly reviews and an audit.
Visibility and Data: Through Fleet Insight™, Penske's proprietary online tool designed to give customers greater visibility and control of their fleet, CFOs can access their data, including invoices, fuel planning information, and safety and compliance records, at any time. In addition, Fleet Insight allows customers to view and download information about any truck at any time.
Financial Reporting: Penske's billing and record keeping provides easy-to-understand information that is accessible online. This information is readily available for annual planning, quarterly reporting or in the event of an audit.
Fixed Costs: As CFOs plan for the future, leasing can increase the reliable financial information they use for forecasting because expenses associated with a full-service lease are established in advance. Leasing can also free up capital that businesses can use to invest in new technology or growing the business.
Truck Technology: Equipment is advancing rapidly with manufacturers adding new safety features each year. By utilizing leases, fleets can keep the average age of their fleet low and take advantage of the latest technological advances, such as collision mitigation technology. This can also reduce insurance costs by reducing the risk of a crash, enhancing driver safety and improving driver retention, which can save on driver recruitment costs.
Increased freight demand and tight capacity are leading to higher prices, with major carriers reporting increased revenue per mile in their third-quarter financial reports. While increased rates can be good for carriers, they can be challenging to manage for shippers. Full-service leases can enable shippers to guarantee capacity and regain control over their transportation costs without the capital outlay and oversight that come with fleet ownership.
Knight-Swift Transportation Holdings reported that revenue per loaded mile increased about 20% in the third quarter from the same period last year. At Covenant Transportation Group, revenue per mile increased by roughly 16%.
FedEx Corp. told customers that it is increasing rates on Jan. 7. FedEx Ground and FedEx Home Delivery shipping rates will increase by an average of 4.9%d, and FedEx Express shipping rates will raise the same amount for domestic, U.S. export and U.S. import services.
What’s more, shippers may have difficulty securing capacity, which could cause delivery delays and increase the risk of a missed shipment.
A private fleet provides a company with greater control of its transportation network as well as guaranteed capacity and greater visibility, but the capital and expertise needed to establish a private fleet can be daunting. Penske Truck Leasing’s full-service leases have been designed to give fleets the benefits of a private fleet while reducing the risks that come with ownership.
Guaranteed Capacity: When shippers control their transportation network, they can ensure they have the necessary capacity. They also have greater control over how they prioritize shipments and can make changes if conditions change.
The Ability to Flex: In the current operating environment, it can be useful for private fleets to be able to flex up or down based on current demand, without the long-term commitment that comes with equipment ownership. Whether it is to address a busy season, the addition of a customer or rapid growth, Penske Truck Leasing works with its customers to add capacity as needed or right-size a fleet.
Improved Reliability: Leasing allows private companies to experience greater reliability over shipments and delivery times, and ensures capacity.
Controlled Costs: With Penske Truck Leasing, shippers receive predetermined transportation and maintenance expenses, making it easier to forecast and control budgets.
Detailed Insight: Penske Truck Leasing has created its Fleet Insight™ proprietary online tool that provides 24/7 online access to all of a fleet’s information, such as preventive maintenance appointments, invoices and fuel locations. The tool has been designed to help private fleets manage their assets and view detailed information about their trucks, such as the unit, VIN and license, with a few easy clicks.
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