Businessing Magazine Logo Businessing Magazine Logo

Is Vehicle Technology a Good Investment?

Is Vehicle Technology a Good Investment?

Today’s business leaders are under a lot of pressure. They need to ensure they’re running the most efficient and productive teams. However, they’re also dealing with low budgets and excessive strain on their existing financial assets. If you use vehicles regularly in your business, you might have noticed that today’s cars are becoming increasingly intelligent.

In general, you can use technology to put your business on the map, but what happens then? There are countless tools out there designed to make fleets more efficient, drivers safer, and cars more eco-friendly. The question is, are these technological investments worth the extra costs for your company? Here’s what you need to consider when you’re trying to decide whether it’s a good idea to buy a tech-savvy vehicle or not.

What Can Vehicle Technology Do?

The right technology for automobiles can accomplish a range of different tasks. In fact, many of the most modern cars on the market already come with a variety of tech tools built in because those tools are considered to be essential to modern driving life. For instance, if you buy a reasonably new car today, you’ll usually find features like lane keeping assist and cruise control built-in to help protect drivers on long journeys should they feel fatigue getting to them after so many miles of driving. There’s also technology built into vehicles to help with tracking things like fuel efficiency levels, so your drivers know if they could be a little eco-friendlier with how they use their car’s energy.

Accessing these simple technology tools can make a huge difference in making your company more efficient, but there are other added extras which can be extremely beneficial too. For instance, dash cameras can help to protect your business from big expenses if you’re involved in an accident. Fleet telematics can also help significantly with tracking your team thanks to GPS tracking and geo-fencing. These extra tools boost employee safety, and give you the tools you need to make your teams more efficient by improving route performance, and speeding up the average journey.

Is it Worth the Investment?

The easiest way to decide whether an upgrade to your car’s technology is a good purchase for you, is to figure out the potential return on investment when paying for the solution. For instance, if installing dash cameras in your vehicles is going to cost you an extra $100 per car, but you could save about $20,000 a year on overall costs, it’s definitely worth the money. If you’re not sure whether you want to spend a fortune on technology straight away, you could always consider starting with something small and increasing your investment over time.

For instance, you might start off with fleet tracking technology to make sure you’re getting the most out of your vehicles, then gradually introduce things like dash cams and real-time driving suggestions for your employees. Once you’ve installed one new piece of technology, it should be relatively easy to determine how beneficial that solution has been to your team, by tracking things like performance levels, speed of task completion, and changes in fuel costs.

short url:

by Dirk DeBie // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.