The Growing Role of Data and Technology for the CFO
The rise of digital technologies is changing the way businesses operate, and advances in everything from artificial intelligence to blockchain have 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.
Digital solutions can enable proactive forecasting, increase efficiency, and improve risk management and compliance. Penske Truck Leasing has focused on the digital capabilities that can benefit its customers, and it has several solutions to help chief financial officers (CFOs) capture, manage and utilize information so fleets can access data quickly and easily. This easy access is particularly useful during planning, quarterly reviews and audits.
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. In addition, Fleet Insight allows customers to view and download information about any truck.
Financial Reporting: Penske's billing and record keeping provides easy-to-understand information 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 grow the business. If there is a surge in demand, rentals can help supplement the fleet without a long-term commitment.
Benchmarking: Benchmarking can give CFOs a structured approach to compare their fleets’ performance against similar fleets to identify operational strengths and opportunities for improvement. Penske’s free, easy-to-use fleet benchmarking tool powered by Catalyst AI™ gives CFOs customized benchmarks and real-time results across key metrics such as fuel efficiency and fleet utilization.
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 lower insurance costs by reducing the risk of a crash, enhancing driver safety and improving driver retention, which can save on driver recruitment costs.