Fleet management insights: Reporting and analytics using fleet card data

Fleet management is a dynamic undertaking. In today’s data-driven world, statistics and quantifiable information are essential to making smart business decisions and making sure your fleet runs as efficiently as possible. Leveraging fleet card data is key to getting a comprehensive overview of all your spending and identifying what works and what doesn’t within your fleet. This article explores the most impactful aspects of analyzing fleet card data and delivering comprehensive reports while providing insights on the benefits and challenges associated with the process.

Gathering fleet card data through smart data analysis techniques

Before your dive into reporting and analysis, you need to understand where your data is coming from. Data can be sourced from fuel transactions, maintenance expenses, and other fleet-related expenditures. Using robust data collection methods and tools ensures the accuracy and reliability of the information you’re gathering. This data will be the foundation of your analysis so it’s important to make sure your data collection methods are sound. 

The art of analyzing fleet card data involves several techniques:

• Descriptive analysis: Summarize spending patterns, transaction frequencies, and overall fleet card usage. 
• Problem detection: Identify irregularities and unusual patterns, potentially indicating fraud, errors, or misuse.
• Trend analysis: Predict fuel consumption and maintenance expenses, allowing you to be proactive and mindful in your spending. 
• Benchmarking: Compare fleet card data against industry standards to assess cost efficiency.
• Driver behavior analysis: Evaluate data related to driver spending, fuel efficiency, and road safety, highlighting areas for improvement or extra training.
• Cost allocation: Make sure that expenses from fleet cards are being allocated correctly to ensure accurate cost tracking.
• Predictive analysis: Use historical data to predict future trends, enabling thoughtful decision-making and anticipation of potential issues before they arise.

Compliance monitoring: Share with your drivers that fleet card data gets analyzed to encourage that they remain compliant with company policy, regulations, and industry standards, minimizing the risk of penalties or ethical violations.

Identify and monitor your key metrics to see how your fleet can improve

Fleet managers should focus on key metrics to gain a comprehensive understanding of their operations. Metrics such as fuel efficiency, maintenance cost per vehicle, and driver spending behavior provide actionable insights on what decisions need to be made moving forward. Monitoring these metrics empowers businesses to make informed decisions and optimize resource allocation.

Benefits of reporting and analyzing fleet card data

There are several advantages to reporting and analyzing fleet card data. Businesses can achieve cost savings through optimized fuel management, improved maintenance planning, and enhanced decision making capabilities. Realizing these benefits leads to increased operational efficiency and a positive impact on the bottom line. 

Potential challenges and what you can do to avoid them

While the information retrieved from fleet card data can bring significant advantages, challenges such as data quality and security should be addressed. Take action to ensure that your data is accurate and secure, and consider integrating your fleet card data with other systems your business uses. Equally as important is ensuring that your cybersecurity is up to recommended standards to protect your information. 

The Small Business Administration recommends several actions to ensure your business stays safe from cyberattacks:

1. Train your employees: Make sure your employees are aware of the latest scams, show them how to spot suspicious emails, and teach them best computer practices like avoiding downloads from external sources.
2. Secure your networks: Hide your Wi-Fi network by ensuring your Service Set Identifier (SSID) stays hidden. For remote employees, make sure to use a Virtual Private Network (VPN) to keep them safe while connecting to company accounts.
3. Use multi-factor authentications: This safety tool requires any user to securely verify their identity using several methods, supporting cybersecurity to avoid fleet card skimming and fraud.

Protect your data: Use the most trusted and validated banks, platforms, softwares, and services to ensure your data is safe from hackers and scammers. Control who has access to your data and regularly back up any critical information.

WEX ClearView is a powerful analytics tool for fleets of all sizes

Reporting can be made simple using the right tools for your business. From small fleets with basic data analysis needs to large fleets that oversee many vehicles, WEX ClearView can help provide important insights to help manage your fleet and make informed business decisions.

Explore which tools can best support your fleet:

• ClearView Snap – Keep it simple with quick and easy insights delivered directly to your inbox.
• ClearView Essentials – Access simple analytics to help you easily identify opportunities and inconsistencies.

ClearView Advanced – Including all the perks of Snap and Essentials, you can access powerful reporting and analytics tools to help turn insights into actions.

Looking ahead: How will fleet card data revolutionize fleet operations?

Data analysis is already integrated into many fleet card programs, with the benefits of technologically-advanced solutions outweighing the challenges. By offering a comprehensive view using real-time data and historical transaction information, fleet managers can make accurate predictions and avoid issues before they happen. Predictive analysis is especially important as it can foresee trends and support proactive decision-making. Technological advancements, especially machine learning, boost data processing capabilities, increase artificial intelligence capacity, and will continue to refine the way we report on business processes. These kinds of tool enhancements ensure faster and more precise insights leading to the most effective fleet management. 

WEX is a leading, global fintech solutions provider, simplifying payments and back-end business processes in the fleet management, benefits management, and corporate payments areas. To learn more, please visit the company’s About WEX page.

Apply for a fleet card today!