Maximize ROI From Your ELD
Technology can help modernize the way carriers achieve compliance and operate their business more profitably. As you consider, and possibly reconsider, various options for satisfying the ELD mandate, are you thinking about opportunities to maximize your investment by ensuring the technology platform provides other essential functions?
Selecting an ELD solution and provider presents a unique opportunity to evaluate the overall capabilities of the technology. An integrated solution that delivers improved tax, compliance and commercial outcomes can, and should, provide a high return on your investment. The challenge is understanding how the technology has been designed from the ground up to meet various regulatory – and hopefully commercial - requirements and whether it can withstand changes in the ever-evolving landscape of operational demands.
5 ways to maximize the ROI of your ELD
- Go electronic with IFTA to dramatically reduce paperwork and administrative time. If you’ve chosen a solution that offers electronic IFTA recordkeeping you can eliminate unnecessary paperwork and time spent chasing down drivers. Your technology solution should provide a robust system that’s accurate enough to capture the data needed, including distance, location and state line crossing information to support IFTA distance record requirements. The data should be easy to access in a secure web-based platform so you can retain and store the information and easily refer to it for audit purposes.
- Automate off highway travel to maximize fuel tax refunds. If you’re using a system that’s designed to accurately and intelligently report electronic tax, you should also be able to report on exempt miles. Make sure you’re avoiding overpayment with automated exempt mileage reports. These automated reports can save you money as well as support the recordkeeping and audit requirements, reducing messy paperwork.
- Compliance doesn’t have to be hard, but depending on which technology provider you choose you can spend time and money with a solution that isn’t dependable when it really counts. Does your ELD provider offer training for drivers? Is the device intuitive and easy to use you? Does your ELD depend on a paired device to work? Easier roadside inspections mean your drivers can get back on the road faster. Make sure you are staying compliant and on the road by ensuring your ELD is FMCSA registered, third-party verified, and that you have programs in place for onboarding and training staff.
- Your drivers are the most important asset to your operation. With a robust, data-driven system, you can easily build a driver incentive program using the insights from your technology. With features such as speed alerts, harsh braking, and sharp acceleration you’ll be able to set benchmarks and reward good driving. When you can see driver behavior in one place with trends over time you’ll be able to encourage better, safer driving and maintain or improve your CSA score, which will result in more and better business.
- Reduce repair costs – Stay on top of vehicle maintenance with automated service scheduling. You’re already using your ELD to measure distance traveled, engine hours, and time lapsed. You can use the same data to better identify optimal periodic vehicle inspections to keep on top of the health of your fleet. Many solutions, including EROAD’s ELD, offer automated service notifications so that you keep your vehicles on the road and avoid the need for unforeseen repairs.
As you can see there is much more your ELD can do for you besides capture HOS. Make sure you know the right questions to ask to guarantee the technology provider you choose gives you the best ROI.
Founded in 2000, EROAD is a global technology provider of operational, road use and fuel tax management and compliance solutions for the transportation industry. Headquartered in New Zealand with North American offices in Portland, Oregon, EROAD’s advanced technology set the standard as the first GPS-based service provider to offer a government-approved electronic tax reporting solution in North America. This highly accurate and trusted technology is used to meet the compliance needs of fleets worldwide, including the 2017 FMCSA electronic logging device (ELD) mandate in the U.S. For more information, please visit www.EROAD.com.
