SRM Helps Fleets Achieve TCO Goals

Posted in Fleet TCO on October 21, 2015

The increased focus on total cost of ownership (TCO) is driving demand for more data analytics.

An article in Fleet Owner cites a survey by Frost & Sullivan that shows 26 percent of fleets were using some type of prognostic capability by the end of 2014. It's expected that number will continue to grow to 29 percent by the end of this year.

In addition, 52 percent of fleets surveyed consider engine-related diagnostic information to be the most valuable, and 55 percent are interested in integrating remote/prognostic data with maintenance management systems. When used correctly, information from telematics devices and the truck itself can also help fleets reduce equipment downtime, lower maintenance costs and improve fuel economy.

Decisiv customers has proven that when you provide the entire ecosystem access to the key telematics data above you reduce downtime by more than 22 percent and reduce triage time by more than 70 percent.

Capture Quality Data with SRM

The key to successfully reducing TCO is to capture quality and reliable data during both internal and external service events. A closed-loop Service Relationship Management (SRM) system does this, allowing fleets to improve real-time decision-making while being proactive with service campaigns and preventive maintenance (PM) schedules based on trending after the fact. Capturing quality data is a key foundation for any future predictive analytics or prognostics — as the saying goes, garbage in, garbage out.

An SRM system provides a system, process and approach to capture the right data at the point of service from multiple business systems and applications, fault code and meter data from telematics devices, the asset's service history, pending operations, campaigns and service bulletins, as well as PM service schedules. The system then makes the information accessible to everyone in the service supply chain ecosystem to ensure the most effective and efficient service event possible.

Reducing TCO

The end result is improved decision-making not only during the service event but after the fact as well. This reduces downtime, improves asset utilization, enhances warranty dollar recapture, eliminates overhead and fundamentally helps reduce TCO.

Having the right data, even without the promise of prognostics and predictive analytics, can have an immediate impact on your maintenance performance and costs. Since all the information about the asset is in one place, the fleet manager can more easily bundle required services like PMs, service campaigns and recalls to eliminate taking the asset out of service multiple times.

Ultimately, the asset is kept on the road longer, which improves uptime and helps reduce the total cost of ownership.

Take the Next Step

Let us show you how you can put the Decisiv SRM platform to work for your fleet. Schedule a demo today!

Topics: Fleet TCO