The Benefits of Benchmarking for Fleets
Trucking is a penny business, and staying ahead requires constant improvement and optimization. Benchmarking is a powerful tool that helps fleets compare their key performance indicators (KPIs) and practices against industry standards or like-sized carriers, identify performance gaps and implement strategies for improvement.
Benchmarking can help fleets:
Drive Operational Efficiency: Analyzing benchmarking data can help fleets improve fuel economy, optimize routes, minimize empty miles and reduce idle time. It can also help fleets streamline workflows and improve overall productivity.
Improve Decision Making: Benchmarking provides valuable insights into fleet performance metrics, enabling data-driven decision-making. Fleets can track key metrics such as vehicle utilization, maintenance expenses and downtime to identify opportunities to enhance overall fleet performance.
Remain Competitive: Benchmarking helps fleets stay current on industry trends, emerging technologies and best practices. By benchmarking against innovative competitors and industry leaders, fleets can identify opportunities for strategic investments, new solutions or technology that can help them future-proof against market disruptions.
Tools to Benchmark Effectively
One of the challenges with benchmarking within the trucking industry is the wide range of equipment, applications and other variables that can affect operating conditions. Fleets need to find an accurate, comparable source for benchmarking to ensure they're getting information that is useful.
Penske has created several tools to give fleets reliable performance insights they can trust. These tools include:
Catalyst AI™: Penske has tapped into AI technology to leverage advanced machine learning algorithms and the rich, diverse live collection of Penske data in its new fleet benchmarking tool Catalyst AI™. The tool allows users to compare their fleets against similar fleets, giving new insight into fleet utilization, performance, efficiency and areas for improvement. The technology not only streamlines the fleet benchmarking process but also delivers actionable data-driven insights tailored to each customer's unique needs. Users can receive an immediate diagnosis of areas where they can improve and enhance the fleet's performance and fuel efficiency.
MPG Comparative Analysis Tool: Historically, it has been a challenge for fleets to get apples-to-apples comparisons due to the multiple variables affecting fuel economy. Penske has developed a comparative analysis tool to help fleets get miles-per-gallon benchmarking figures they can use. The tool captures key data from fleets, including the model year of their equipment, the regions where they operate and other variables, then compares it with like operations to provide a reliable number that has meaning.
Learn More
Contact us at 1-844-426-4555 to take advantage of the latest tools to help you compare, analyze and optimize your fleet.