In the highly complex CIMA curriculum, the Management Level is yet another challenge: one that must be overcome. In order to assist you in surpassing this challenge, Wisdom, the pioneer CIMA institute in Sri Lanka, offers you the best possible lecture panel. Consisting of a group of diverse individuals with the most relevant and exciting corporate experience under their belts, they will ensure that coursing through the Management Level to the Strategic Level is no difficult task.
Performance Management
Performance Management, the performance pillar subject of the Management Level, is an area where both your theoretical skills and numerical skills get tested. Hasitha Premaratne, Wisdoms' highly popular lecturer for Performance Management will make sure that you are not at a loss when it comes to either of these skills.
Heading the finance function at Brandix Lanka (Pvt) Ltd, Hasitha's diverse and colourful corporate experience in areas such as capital markets, economics, finance and management adds flavour to his classes. He has produced over 12 Sri Lankan prize winners during his lecturing career of 10 years, while also having received the prestigious CIMA 'Tutor of the Year' Award for 2009. His academic and professional qualifications include an MBA in International Finance and a BSc in Computer Science, along with associate membership of the Chartered Institute of Management Accountants and the Society of Certified Management Accountants and also fellow membership of the Association of Chartered Certified Accountants.
Enterprise Management
Enterprise Management, with a greater focus on the business and its competitive environment, requires students to gain a thorough understanding of the theoretical aspects and also to apply them in typical company related scenarios. Lectures for Enterprise Management are carried out by Tharindu Amaresekere, a young and vibrant lecturer who has received much praise and acclaim from his students over the past 6 years.
Tharindu bears many academic and professional qualifications, which include a Bachelor's Degree in computing. He is also the only EM lecturer in Sri Lanka to hold a Master's Degree in Project Management, a vital component of the EM syllabus. He is currently memorizing for his MBA specialising in Marketing from the University of Colombo and CIM Diploma in Marketing.
Currently employed as a brand consultant for an international web solutions organisation, Tharindu's combined local and international experience renders him the perfect lecturer for a theory related subject in the likes of EM, where building the link between theory and practicality will never lose importance. His keenness on practising Corporate Stimulus Teaching, where theory is aligned with real world companies, has won him a large fan club among CIMA students. He also provides individual focus for improvement of writing skills, which will assist in presenting your arguments in a succinct and comprehensive manner.
Financial Management
For Financial Management, Wisdom presents two individuals with well respected financial and teaching skills. Mallik de Silva, who has found much favour among his students as a friendly and approachable person, has over 15 years lecturing experience. Currently serving as the Group Finance Manager at Richard Pieris and Company PLC, he counts diverse and versatile exposure in many multinational organisations. An associate member of the Institute of Chartered Accountants of Sri Lanka and a fellow member of the Chartered Institute of Management Accountants UK, he also possesses an MSc in Financial Management.
Akalanka Saparamadu, who joins Mallik at Financial Management, is a CIMA passed finalist who has also completed his Bachelor of Business Administration (Finance Special) degree with a First Class from the University of Colombo. At present, he is a Chartered Financial Analyst (CFA) - Level 3 candidate. Akalanka is presently employed at HSBC Sri Lanka as an Account Relationship Manager.
Together the duo has produced many prize winners and consistently maintained above average pass rates. Their combined efforts in teaching will expose you to a novel experience in finance.
In addition to the stimulating back up received from the lecture panel, Wisdom also provides you with a balanced environment where extra-curricular activities are promoted without disturbing academic activities. Thus, your CIMA studies are bound to be a combination of fun and success. When you are being presented with such a great opportunity to be coached under the best quality lecture panel for CIMA, would you want to say 'no'? Join Wisdom and experience a refreshing CIMA journey. Classes for Management Level began on June 4 2011.
Change is inevitable, but it is important to keep an eye out for the constants. You as students are gearing towards CIMA's syllabus change, thinking which subjects to do next and maybe of the best combination of subjects to take up this session. Whilst you are preparing for this change, we at Imperial College, armed with vast experience, an exceptional faculty and outstanding facilities are ready to guide you through this new hurdle. Whilst change is inevitable, Imperial College remains constant with providing students the best defence.
Imperial College is the longest established Business School in Sri Lanka and a premier CIMA tuition provider. Imperial College's history exceeds 20 years, dating back to 1985 when it was founded as CBS, which was a pioneer in CIMA education in Sri Lanka. Through our long standing history we have witnessed 5 syllabus changes and continual growth. Year on year we have been commended for producing students who are 'employable', and we have a reputation for instilling in our students, the right tools, knowledge, competencies and skill set needed to significantly contribute to the management of organizations.
Imperial college provides you with an ideal stepping stone to tackle this syllabus change successfully with the immense support of a prominent panel of lecturers who believe in a holistic approach to learning. To put it simply, they believe in going beyond the principles and theory to giving you a wider view of the subject, by bringing in the immense corporate experience they possess into the classroom. Hence you get first-hand information on applying the principles you learn in the real business world. The team at imperial College for the Operational and Management Levels include 3 outstanding lecturers, who head each pillar. More importantly these are lecturers who have coached many students to be high -flyers not only in Sri Lanka but also in South East Asia and India.
Students are assured of a comprehensive syllabus coverage one month ahead of examinations. It is essential that students are thorough with key principles of the syllabus and our lecturers are committed to patiently guiding you through them. Further, Students are provided with examination type mock papers that are marked and one to one feedback provided. In addition to receiving quality tuition, revision also plays an essential role for exam success. Students at Imperial College benefit from a comprehensive revision plan which comprises of approximately 20 hours per subject.
During this revision lecturers lead students through significant areas of the syllabus that examiners find important in addition to practicing several past examination questions and past papers. Imperial College also fosters an open student faculty relationship enabling students to approach every lecturer for additional support. Students also stand to gain with the provision of extra question practice classes to ensure thorough knowledge of the subject and exam preparedness.
Receiving the best support during your studies is of paramount importance; In addition to getting just that, we also advise students on the best combination of subjects to take enabling them to maximise their potential and capabilities. The ultimate result lies on one's ability to secure employment. We train, guide and mold students not only to be ready for employment, but we also take the extra step towards assisting our students with finding the right job that best suits their capabilities. Isn't this an ideal situation for you?
As a student of Imperial College, you stand the best chance of gaining from an advantage of studying with the most established Business School in Sri Lanka, having the most experience with successfully managing syllabus changes. Wouldn't it be great for you to feel at ease whilst embarking on change?
We've seen though 5 syllabus changes successfully and are ready to tackle number 6! Are you ready to write your success story with us?
For more information on CIMA at Imperial College , visit us at No. 3, St. Kilda's Lane, Colombo 3, or call us on 0773 918 777 or 011 4 51 52 53.
- Inventory management software grants visibility into your stock, helping you maintain optimal amounts to continue fulfilling orders without holding too much of a given item.
- Inventory management software automates critical tasks and reduces the chance of human errors, especially through integrations with key systems like accounting software and point-of-sale solutions.
- Your industry and business operations will dictate the inventory management software features you’ll need.
- This article is for business owners who want improved methods for tracking, maintaining and ordering stock while automating crucial tasks.
Effective inventory management is vital for any business that stocks goods or raw materials. While inventory management was historically a manual process, modern technology has eliminated the need for a labor-intensive and error-prone manual inventory management system. Today, inventory management software is available to streamline the process, reduce errors and help businesses optimize how they maintain and order the products they sell.
We’ll examine inventory management software and share how to choose the right solution to streamline your business operations.
What is inventory management software?
Inventory management software automates inventory management, streamlining the tasks required to track inventory effectively, manage reordering and update accounting data.
“Fundamentally, [inventory management] software should let you know at any point in time what is happening with your stock,” said Mohammed Ali, head of products for Delhivery. “This software is what we call ‘mission-critical.’ If it doesn’t work for a few hours, you’re really in trouble.”
Since inventory management software is critical to a business’s daily operations, selecting a reliable, effective solution with the features you need is essential.
How does inventory management software work?
Today, most inventory management software is cloud-based, offering numerous advantages. “You need to have a system in the cloud,” Ali advised. “[Software] should be cloud-based or on a web browser, so you can check it on mobile devices.”
Here’s what you should know about inventory management software:
- Choosing a high-quality inventory management software vendor is critical: A third-party cloud provider manages the software, so choosing a vendor with high service standards is crucial. An excellent vendor partner will significantly reduce the burden of software management.
- You’ll typically subscribe to inventory management software: You can expect to pay a monthly subscription rate for cloud-based inventory management software access. According to Ali, these rates range from $100 per month for straightforward systems to $3,000 per month for advanced platforms. Numerous factors will affect your pricing, including your business’s size, number of locations, number of orders you receive and the size of inventory you maintain at any given time.
- Inventory management software has various features: Inventory management software includes features that support tracking items as they come into and leave your storefronts and storage facilities — a process known as inventory control. Inventory control features help you maintain the right amount of stock. Additionally, they include integrations that can track orders in real time and update your accounting software automatically.
First in, first out (FIFO) and last in, first out (LIFO) are inventory valuation methods. FIFO values inventory so the business is less likely to lose money when products expire or become obsolete. LIFO is better for nonperishable goods and uses current prices to calculate the cost of goods sold.
What are the benefits of inventory management software?
Inventory management software can streamline inventory control, tracking your incoming and outgoing goods whether you’re a retailer, manufacturer or warehouser. Good inventory software, supported by comprehensive inventory management processes, is updated in real time to deliver you a complete view of your existing inventory, even if it’s scattered across multiple locations.
Here are the top benefits of inventory management software:
- Inventory tracking: Inventory management software integrates with other crucial systems to Improve inventory control by tracking your inventory in real time, showing you where it’s located and how it moves throughout your ecosystem. This eliminates human error, something for which a manual spreadsheet system is notorious.
- Reordering: The best inventory management software offers you a clear record of your complete inventory and streamlines reordering to ensure you never run out of critical items. You can also configure it to help you order enough items to continue fulfilling orders without holding “dead stock” — excess inventory that may expire or sit dormant on your shelves for an extended period.
- Accounting integration: The best accounting software integrates with inventory management systems, preventing double-entry of data and eliminating another opportunity for human error and confusion. Additionally, some inventory management software has stand-alone accounting features.
Zoho Books is an example of accounting software that integrates with inventory management software. In this case, Zoho Books and Zoho Inventory are integrated by default. Read our Zoho Books review to learn more.
What are the top inventory management software features?
When choosing inventory management software, consider your industry and the unique circumstances of your business operations. For example, some inventory management software is designed specifically for retailers and lacks key features manufacturing businesses would need. You must understand your needs before you buy.
What should retailers look for in inventory management software?
According to Bryce Bowman, an independent business consultant and founder of People First Planning, retailers should look for the following features in inventory management software:
- Point-of-sale (POS) system integration: The best POS systems integrate with inventory management software (or have their own inventory management features) to help retailers automatically track when a product sells, whether in a physical storefront, on an e-commerce platform or through another sales channel. When a product is scanned or checked out in an online cart, the POS system updates the inventory management system automatically, accounting for the sale in real time. Coupled with automated reordering, this feature allows retailers to ensure they always have a suitable amount of stock to fulfill orders quickly.
- Inventory catalog: Retailers must be able to catalog inventory by unit type and distinguishing characteristics like size, color and more. For example, if you sell shoes, you should be able to narrow them down to a specific type. Your system should identify if you have a quantity of 10 size 11 Nike Air Jordan 1s in black, five size 10 Nike Air Jordan 1s in red and so on.
- Automated reordering: When your inventory level is low, it’s essential to order more with enough lead time to avoid running out — especially for your best-selling items. Many inventory management systems offer automated reordering. Set your minimum quantities for each item. When that number is reached, the system automatically generates a purchase order to send to your supplier to refresh your stock level. Smart inventory management systems can also automatically optimize your reordering points and reordering quantities per item based on historical sales data to keep your inventory level at ideal quantities.
- E-commerce integrations: Most retailers now sell across every sales channel — physical storefronts, e-commerce websites, online marketplaces like Amazon Marketplace and more. Your inventory software must track sales on all channels so you don’t accidentally try to fulfill more orders than you have in stock. Integrations with your e-commerce channels will help ensure you don’t run into this problem.
Choose a POS system with inventory management features to Improve your inventory management, earn more money and Improve customer satisfaction.
What should manufacturers look for in inventory management software?
Manufacturers tend to have more advanced needs because they must track raw materials and finished goods. According to Bowman, key features that support manufacturing inventory management include:
- Product cost analysis: Product cost analysis tools track your raw materials and finished goods, reordering the necessary components when they hit minimum levels. They also help predict labor and operating costs, including machinery acquisition and maintenance expenses. Look for an inventory management system that can generate a bill of materials with descriptions of these costs.
- Forecasting: Demand forecasting is an inventory management technique where you analyze historical production and sales data to predict your future order management needs. A forecasting tool can help Improve the accuracy of this process. Software with a forecasting feature will analyze your data to determine optimal reordering points, hiring recommendations and even shift schedules required to meet your targets and continue growing.
- E-commerce integrations: E-commerce tools aren’t just for retailers. Today, more manufacturers sell directly to consumers. Finding inventory software with e-commerce integration is essential for manufacturers — even if they don’t currently sell directly to consumers online — because they can use it to streamline sales to retail clients. Additionally, they allow you to expand sales channels in the future.
What about warehouse inventory management software features?
Warehouse inventory management is a specific subset of inventory management software that comes with important considerations. Bowman suggests looking for the following features in a warehouse inventory management system:
- Barcoding: Warehouse management systems often use barcoding to track product inflow and outflow in storage facilities. Workers can scan items as they’re received, when they’re moved to a specific aisle and bin and then scan them again when they’re out for shipment — tracking all movements automatically. Barcoding capabilities include serial tracking for high-ticket items and batch barcoding for high-volume, low-cost items. Some barcoding features require only a simple quick response reader on a smartphone, reducing the overhead associated with scanner hardware.
- Radio-frequency identification (RFID) capabilities: If you affix RFID tags to the items in your warehouse, you can track movement without scanner hardware. RFID tags and readers placed throughout the warehouse automatically track products when they come in proximity to a reader, eliminating the need for a worker to scan items in and out manually. This further streamlines the order management process and eliminates the risk of workers forgetting to scan items or misplacing them.
- Inventory management integrations: While warehouse management is a subset of a broader inventory management strategy, the two are closely related and should be integrated. Look for a warehouse inventory management system seamlessly integrated with your more extensive inventory management software (most vendors offer this option).
Barcodes and RFID technology are standard asset-tracking methods for businesses. Others include GPS tags and geofencing.
What are the top inventory management software solutions?
Inventory management is a field rife with competition. From big-time companies to upstarts, your business has hundreds of options. Researching your options and understanding your needs is crucial.
When in doubt, consulting other like-minded business owners is always a good practice. A general rule some small and medium-sized business (SMB) owners follow is to trust reputable, well-known companies.
“I would avoid new companies I’m not familiar with,” Bowman advised. “Look for other businesses around in your area. What are they using? Talk to them and ask how it’s working for them.”
To get started, consider the following options, which are considered to be among the best inventory management software solutions.
- Lightspeed: Lightspeed is a lightweight yet effective POS system with built-in inventory management software well-suited to small businesses, especially those in the retail industry. It offers integrations and application programming interfaces (APIs) with many leading accounting software programs. Read our in-depth Lightspeed review to learn more.
- Oracle NetSuite: Oracle NetSuite inventory management software is best for large businesses, although it offers a basic pricing package. It also includes a unified accounting platform useful for tracking financials. Read our complete review of Oracle NetSuite for more information.
- QuickBooks Online: QuickBooks accounting software offers relatively limited inventory management features with its Plus and Advanced plans. For SMBs that already use QuickBooks for their accounting, it’s a sensible solution. Read our full review of QuickBooks online to find out more.
- Acumatica: Acumatica is a complete enterprise resource planning (ERP) platform that includes inventory management and accounting features. Visit the Acumatica website to learn more.
- Cin7: Cin7 inventory management software is suitable for midsize businesses and larger companies that need a user-friendly system to support inventory tracking, reordering and accounting. Visit the Cin7 website to learn more.
- SAP: SAP is the go-to inventory management software and ERP platform for large businesses and enterprise-level corporations. It’s complex but extremely comprehensive. Visit the SAP website to learn more.
- Syspro: Syspro offers a flexible inventory management software and ERP platform suitable for businesses of all sizes. It includes a powerful reporting tool that can be used to keep tabs on your inventory and accounting. Visit the Syspro website for more information.
- Zoho Inventory: Zoho Inventory is inventory management software that seamlessly integrates with other Zoho products. It is best for businesses that already use Zoho’s suite of software solutions. Visit the Zoho Inventory website to learn more.
Why inventory management matters
Inventory management is an area where technology has revolutionized the way businesses operate. From gaining visibility of your entire stock or inventory to reducing human error by automating critical tasks, inventory management can take the legwork out of operating your business.
Finding the right platform for your business can be challenging, especially with countless options that all claim to be your best solution. By zeroing in on your business’ needs and matching them with research and reviews of prospective vendor partners, you can make the best inventory management decision for your business.
Matt D’Angelo contributed to the reporting and writing of this article. Some source interviews were conducted for a previous version of this article.
Tuesday, July 25, 2023
Law firms, like any other business, need to effectively manage their spending to ensure financial stability and operational efficiency.
By implementing proper spend management strategies, law firms can benefit from accurate expense tracking, informed decision-making about budgets, and minimizing errors that could impact the firm’s bottom line.
In this guide, we’ll explore the importance of business spend management for law firms, effective spending tracking methods, the components of the spend management process, and the benefits of automated spend management with law practice management software.
Whether you’re a solo practitioner or part of a larger firm, this guide offers valuable insights and practical tips to optimize your firm’s billing and spending for financial success.
What Is Business Spend Management?
Thomson Reuters defines business spend management for law firms as the process of reviewing, tracking, analyzing, and reporting on the costs incurred by the firm and its clients.
Benefits of tracking your firm’s spending include:
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Increasing your firm’s efficiency
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Knowing where your firm can cut spending
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Saving money, allowing you to operate sustainably
How Do Law Firms Track Spending?
Your law firm could track spending using traditional methods like written logs, spreadsheets, and paper receipts. These expense tracking methods are inconvenient and prevent your firm from staying competitive.
That’s why many modern law firms choose practice management software that allows them to stay organized while avoiding the perils of traditional expense tracking.
Importance of Proper Business Spend Management
Knowing how to track and manage your firm’s spending is essential to its financial stability. Without a business spend management strategy, you may not be aware that your firm is losing money or spending too much on the wrong things.
When you implement proper business spend management, your firm will benefit from:
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Accurate expense tracking: Whether you’re implementing a new marketing strategy or paying for any of the dozens of business tools your firm needs to operate, knowing where your money is going is essential.
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Informed decisions about spend/budget: You need to know whether your spending is paying the return on investment you were expecting. For example, if your firm is dedicating thousands of dollars to a marketing strategy that isn’t generating a positive return on investment, you’ll know it’s time to try something new. Spend management will alert you if you’re throwing good money after bad.
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Fewer errors: When you don’t have a plan for your firm’s expense tracking, mistakes will happen. For example, you could forget to consider certain expenses or fail to pay vendors and suppliers on time. Proper business and spend management allow you to avoid errors that could significantly impact your firm’s bottom line.
Components of the Business Spend Management Process
With any spend management strategy, you must have a process to collect data and analyze your firm’s current expenses. The spend management process usually involves:
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Collecting spend data: You should determine where your company is spending money. Consider all expenses, including purchase orders, invoices, payment data, receipts, and any other information about money your firm spends. You’ll also want to consider the costs associated with suppliers, expenses within each department, and your firm’s spend categories. Make sure you consider all aspects of your firm’s spending to gain a clear picture of your current financial situation.
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Use the proper categorization: After you’ve collected your firm’s spend data and removed any duplicate or inaccurate information, you can create spend categories. They’ll enable you to organize your data and develop strategies for saving money or reducing spending. You can also determine if your firm should adjust the budget in a particular category. Many firms categorize their spending based on supplier, business unit, or geographic location.
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Analyze spending patterns: You should analyze your firm’s spending history, patterns, procurement processes, and risk exposure. You can find areas where your firm can Improve your spending habits and save money.
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Forecast spend: Now that you know where your company is spending and where you have opportunities to save, you can implement spend management techniques. By forecasting, you can estimate ROI and prepare for upcoming expenses. Knowing what’s ahead for your firm’s finances, you can respond to changes and allocate accordingly.
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Implement: Once you’ve researched, categorized your spending, and anticipated future costs, you can implement your business spend management plan.
How to Implement a Business Spend Management Strategy at Your Firm
Implementing a business spend management strategy doesn’t need to be complicated. The three steps you should take when implementing your strategy include:
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Documenting the process: You will want to keep track of all your firm’s expenses and each step of the spend management process. Consider using a practice management system with document management capabilities. Keep your important files in one place, and access them anytime, anywhere.
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Communicating to staff: Communicate your expectations to your team clearly during the business spend management process. If they need to keep any documents or share any information with you, let them know.
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Using technology: Turning to a practice management software allows your firm to centralize information and automate spend management. You can simplify the legal billing process, view accounting reports, and track time and expenses in one system.
Using a well-planned business spend management strategy at your firm keeps everyone on your team up to date.
What Is Business Spend Management Software for Law Firms?
Business spend management software for law firms allows you to access all your firm’s needs in one place. Bill4Time’s reporting feature helps you understand how your firm is doing financially to support your continuous business expansion.
You should choose a practice management software that offers features like:
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Expense tracking: Efficiently organize receipts, record expenses, and customize expense types for accurate financial management.
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Spend reports: Simplify tracking and reporting of expenditures, allowing you to gain a clear overview of your spending patterns.
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Budgeting and forecasting: Evaluate your firm’s spending habits, plan for future costs, and make informed financial decisions
Benefits of Automated Business Spend Management
There are several benefits of using automated business spend management. Some of these include:
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Centralized data: When using an automated system, you can access all the information you need about your firm’s spending. Your finance department can analyze, budget, and plan based on this data.
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Robust reporting: You can stay in the know about payment history, collections, expenses, and productivity.
Final Notes on Spend Management for Law Firms
Using automated methods to track and measure spending allows you to optimize your law firm’s budget. You don’t need to worry about organizing and analyzing paper receipts and documents.
©2006-2023, BILL4TIME. ALL RIGHTS RESERVED.National Law Review, Volume XIII, Number 206
Pan African Bank Ecobank Kenya has partnered with Amref Flying Doctors to offer Maisha membership; an air- and ground ambulance scheme to the bank's clientele.
Source: Supplied.
Under this partnership, Maisha membership will provide the Bank’s customers with convenient access to fast, affordable, and quality air and ground evacuation services in the event of a medical emergency in East Africa.
Members of Maisha will have access to unlimited evacuation flights per year for medical emergencies, unlimited ground ambulance transfers within Kenya, access to Amref Flying Doctors' 24-hour control centre staffed by medical practitioners.
Maisha membership eliminates the need for third-party intermediaries, allowing the Bank’s clientele to access the services directly when in need.
At premium level of membership, clients will have access to air medical evacuations and an up to $200,000’s worth post-evacuation hospitalisation benefit in Nairobi or South Africa, and return flights back home.
Speaking during the signing of the partnership at Amref Flying Doctors’ hangar, Wilson Airport, Ecobank Kenya’s managing director, and regional executive of Consulting Engineers South Africa (Cesa), Josephine Anan-Ankomah said, “Access to medical emergency evacuations here in Kenya and across Africa remains a big challenge partly due to prohibitive costs, infrastructural challenges, and lack of skilled resources.
“We are greatly pleased to partner with Amref Flying Doctors to help our customers and other Kenyans to easily access emergency ground- and air-evacuation services for proper medical treatment in Nairobi and elsewhere in the region.”
- GPS fleet management allows you to manage your company’s vehicles and Improve driver safety.
- GPS fleet management requires tracking hardware to be installed in each vehicle, which sends data to cloud-hosted software.
- The fleet management solution you choose should be able to track driver routes and patterns, manage fuel consumption and provide reports on key metrics.
- This guide is for business owners who are interested in learning about GPS fleet management.
If you run a business that utilizes a fleet of vehicles, it’s helpful to use telematics hardware and software, known as GPS fleet management systems, to track each vehicle, Improve driver safety and issue status reports. These solutions prioritize efficiency, help you save money and can keep your fleet compliant with important state and federal regulations.
We’ve put together this buying guide to help you know what to look for when selecting a GPS fleet management provider. This guide answers common questions associated with fleet tracking services, highlights key features and costs and recommends high-quality vendors to consider.
>> Read next: Don’t Get Left Behind — Embracing Technology for Competitive Advantage
Editor’s note: Looking for information on GPS fleet management systems? Fill out the below questionnaire to be connected with vendors that can help.
What is GPS fleet management?
Think of GPS fleet management as virtual ride-along technology. Instead of hiring a manager to sit in the passenger seat and monitor your company’s vehicles and drivers on the road, GPS fleet management lets you keep an eye on everything from wherever you are. This type of solution helps ensure vehicles are operating efficiently and that drivers are being safe and responsible.
GPS fleet management includes both hardware and software. The hardware is used to track your vehicle and how it is being operated. The type of hardware your vehicle will need will vary based on what you want to be monitored. Some services offer easy, plug-and-play trackers that are about the size of a deck of cards. Other setups require more advanced installation, which usually involves hooking up various sensors to the information centers of your vehicle.
The vehicle is then tracked using a GPS. The hardware sends real-time updates and data to the software, which serves as a central hub for all of the information about your fleet. You can monitor your fleet remotely on any internet-connected device that has the software platform installed.
The importance of fleet management
Technology has revolutionized the way small businesses operate and running a fleet of vehicles is no exception. If you don’t take advantage of modern-day fleet management solutions in your day-to-day operations, you’re missing out on opportunities to increase your company’s efficiency and save money.
Fleet management software not only allows you to keep tabs on your vehicles and other assets but also helps you with fuel management, delivery route optimization, vehicle and driver communication and long-term logistic planning.
In today’s economy, information is power. By using telematics software, you’re opening up a new door to data and other information about your business and how you manage your fleet of vehicles or other assets. With that knowledge, you can Improve operations.
GPS fleet management hardware and software help you manage your company’s fleet of vehicles by monitoring vehicle locations and driver behavior.
What does GPS fleet management software do?
GPS fleet management software can locate vehicles, set up routes and deliver directions to assigned destinations. These programs also provide information on vehicle diagnostics, maintenance tracking and safe driving behaviors. For example, a lot of GPS fleet management hardware devices are outfitted with accelerometers and other sensors, so if your driver suddenly brakes or accelerates, it will be documented in the software logs. Some services even offer reporting on harsh turning and cornering. This technology also allows you to track idling time, which is vital for improving fuel efficiency.
All of these software features combine to provide you with a platform to monitor your fleet, manage vehicle health, understand your drivers’ habits and track fuel efficiency. Most systems also come with dispatching tools and scheduling capabilities to Improve workflow. These features can boost customer satisfaction by, for instance, providing delivery recipients with more accurate ETAs. Other popular functions include accident tracking, roadside assistance, anti-theft service, time clocks and attendance tracking.
GPS fleet management software can pinpoint a vehicle’s location, monitor fuel usage and track driver habits to ensure vehicles are being operated safely.
How much does GPS fleet management cost?
Pricing for GPS fleet management services can vary greatly based on what you want managed and tracked and how many vehicles you have in your fleet. On average, prices range from $25 per month, per vehicle, to $35 per month, per vehicle.
In addition to the monthly costs, there is often a one-time fee for the hardware that goes in each vehicle, though some providers allow you to rent the equipment for an added monthly fee. Many GPS fleet management vendors require you to sign a one- to three-year contract. However, some services come with free trials and money-back guarantees, giving you an opportunity to test the solution before committing to a long-term agreement.
Choosing fleet management software
To choose the GPS fleet management system that’s right for your business, first make sure it has the features your company needs. Most fleet management providers offer a variety of functions that come in a standard offering. At the very least, your package should include the following:
- Communication and navigation options
- Driver safety tracking
- Dashboards that show trends for critical metrics
- Integration with fuel cards
- Customer support during business hours
Some vendors provide additional features that are either included in their standard plan or cost extra.
Other key capabilities to look for
The ideal GPS fleet management solution will also offer the following:
- Alert systems: This means notifications are sent via text and email when something isn’t right with your vehicles or drivers. Choose a provider that lets you set alerts for specific occurrences, such as if a driver has gone off-route or is engaging in unsafe driving habits.
- High ease of use: There are some very complicated software applications out there, so choose one with a simple, intuitive dashboard. Many vendors provide in-person or virtual demos, so try to test the system before making a commitment.
- Mobile access: Not all GPS fleet management applications support mobile device usage. If you need access to the software anytime, anywhere, make sure it’s cloud-based or check if there’s an app for your preferred device.
- Extended customer support: Find a vendor that lets you contact a representative anytime you need help, whether via phone or live chat. Other types of customer service to look for include help-desk ticket systems, email support, documentation and how-to videos.
While the fleet management system you choose should fit your budget, don’t pick one solely on price. Rather, select the solution that best helps your business track your fleet and reduce operational costs. If you choose the cheapest service, it may not perform as well as slightly more expensive offerings.
Check out our roundup of highly rated GPS fleet management systems to find the best service for your business.
Questions to answer before buying GPS fleet management services
As you look for a GPS fleet management service, keep these details in mind.
- What type of vehicle and driver information do you want to track?
- How many vehicles do you need to track?
- How much do you want to spend on monthly fees and upfront costs?
- Are there any processes you could automate regarding payroll, driving logs, routing or call scheduling?
- Is your fleet operating in the greenest way possible? Will this system help you continue to do so or make improvements?
- Can you rely on your employees to log hours worked and service calls met consistently and accurately?
- Have you experienced or are you panic about theft of equipment or vehicles?
- Are you overspending on your mobile workforce?
- Do your fuel costs put a strain on the bottom line?
- Can this system address the problems you’re trying to solve?
- Will this system Improve your client service?
- What features do you need now and what might you need in the future?
- What type of return on investment will you get with this system?
What are the advantages of fleet management software?
Here are some of the benefits of using GPS fleet management software:
- Vehicle management: By keeping tabs on your vehicles and assets, you can plan better routes and optimize driver performance.
- Fuel management: By tracking routes and vehicle locations, you can get more detailed information about fuel consumption and make adjustments accordingly. Telematics software typically includes a feature for fuel management and consumption tracking that allows you to save money and plan how your vehicles use fuel.
- Driver safety: GPS fleet management software lets you track and rate driver performance, thus increasing the safety of your overall fleet.
- Customized alerts: You can set up specific and customized alerts so you can prioritize vehicle locations, driver safety and fuel usage constantly. In addition, such software usually includes a wide range of other alerts you can set up to optimize your fleet’s management.
- Regulatory compliance: GPS fleet management companies deliver you the guidance and tools to comply with state and federal vehicle fleet regulations, like rules for electronic logging devices, the International Fuel Tax Agreement, hours of service regulations and driver vehicle inspection reports. By working with these vendors, you can ensure you’re staying compliant with relevant rules and regulations.
What are the disadvantages of using GPS fleet management software?
Despite all of the above benefits, there are a few downsides of GPS fleet management software:
- Potential impact on employee morale: Implementing this software may result in employee pushback. Drivers may not want to be monitored and could view the decision to use GPS fleet management systems as a sign their employer doesn’t trust them and a violation of employee privacy. If you decide to use a tracking solution, consider how you plan to inform your employees. The best thing you can do as a business owner is explain the rationale and logic behind the decision. Also, be transparent about what the software does, so they’re clear on exactly what’s being monitored and how — and how they can benefit, such as with rewards for safe driving.
- Additional cost. Depending on your business’s financial situation, it may be difficult to take on the additional expense of telematics software. It’s crucial to weigh the costs and benefits before making any decisions. Implementing a fleet management system may require a significant upfront investment, but you’ll likely save in the long run by cutting fuel costs and optimizing routes.
The best GPS fleet management providers
Of the many GPS fleet management providers on the market, below are some of the best ones to consider for your business.
Using tools to get the most out of your fleet
Getting your fleet on the road is a key step in running your business. After that comes managing your fleet. GPS fleet management software makes tracking all the key information related to your drivers and vehicles relatively easy. You’ll find these details stored in a central online location so you can see the ins and outs of your fleet’s activity and make operations adjustments as needed. With software that’s as powerful as it is simple, you can reap all the benefits of a safe and efficient fleet.
Shayna Waltower contributed to this article.
