(Credit: Geotab)
by | Apr 17, 2024
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As operating costs continue to climb for US fleet professionals, a new report by Geotab reveals a promising trend: sustainability initiatives are proving to be effective cost-cutting measures. Released on April 10, the report highlights how 87% of surveyed professionals across various industries, including automotive, government, and business fleets, anticipate increased business costs throughout 2024. Notably, 39% of respondents identified new vehicles as the most significant portion of their costs, followed by vehicle maintenance (28%) and fuel costs (15%).
Despite the challenges, sustainability stands out as a practical solution. Approximately 70% of respondents observed a significant decline in operating expenses from the previous year after implementing sustainability measures, such as transitioning to low and zero-emission vehicles. Additionally, 60% of participants emphasized the critical role of data intelligence in reducing operational costs.
Eric Mallia, Geotab’s Vice President of Sustainability Solutions, emphasizes the transformative power of sustainability initiatives, stating, “As fleet professionals execute ambitious sustainability goals, data intelligence, and AI are driving decision-making and reporting, which is driving business value.”
Backing for sustainability objectives is strong, with 84% of corporate leaders voicing their support. Geotab’s research explores how US fleets prioritize sustainability within their business frameworks, highlighting the critical role of data in managing costs. Fleet managers utilize data insights to drive informed choices, with 60% recognizing data intelligence as vital for cutting operational expenses through enhanced maintenance and scheduling practices.
The report reveals that 31% of respondents leverage data insights to measure and track sustainability progress, while 41% use data intelligence to determine driving behavior contributing to more sustainable practices. Charlotte Argue, Geotab’s Senior Manager of Sustainable Mobility, stresses the importance of data in sustainable fleet transformation, stating, “Data is core to unlocking those insights – including reducing idling and instituting better routing and driving practices.”
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