Soaring fuel costs, rising labor costs, and tighter profit margins are just a few of the challenges companies face when estimating and bidding jobs. Not to mention, bids are often based on out-of-date information since material costs fluctuate so rapidly. Telematics systems can help to estimate costs more precisely and efficiently. Analyzing fuel usage and machine hours from telematics data, combined with labor costs, can provide an advantage when it comes to submitting more competitive bids.
Telematics systems allow fleet managers to better understand how one single truck is performing and whether it is being utilized to its full extent or if it need preventative maintenance. Ensuring jobs have optimal utilization helps to more accurately bid similar jobs in the future.
Fuel and materials costs are constantly changing, oftentimes bleeding money from businesses at the end of a job because they’re unable to accurately estimate costs during bidding. Errors in calculations result in those companies having to make up the difference in cost, shrinking or even completely forfeiting their profits. Telematics solutions deliver a clear view into cost management to control pricing and make sure profits aren’t lost.
Being able to track expenses in real time enables managers to understand the amount of cost utilized daily or weekly – including the amount of fuel and materials that were used and what they cost – for future profit projections and bid estimating.
Accurate, real-time insights with telematics helps to deliver up-to-the-minute information into changing costs. Tracking this information in real time also eliminates paperwork and saves managers from relying on inaccurate quotes based on outdated information.
Analyzing data from previous construction projects with telematics systems improves the bidding process with more accurate estimates, leading to more competitive bids, and more dough in your pocket after the job is complete. The more telematics systems are used to track the data from previous and current projects, the more refined your bids will become as they improve quoting, and the more profitable you will be.
This is just one of the ways TrackIt can improve your business. Keep up with our Track It with TrackIt series, or visit https://commandalkon.com/gettrackit/ for more information!