How to Maximize ROI with Fleet Dash Cams
Did you know that 79% of businesses that add
video telematics to their fleet management technology stack improve driver safety, enhance fleet performance and generate positive returns on their investment (ROI)? Learn about key fleet dash cam features, the benefits of implementing the technology, how to choose the right dash cam for your business needs, and how to measure and track the impact on your operations.
What Are Dash Cams?
Dash cams are video recording devices that capture footage from the front, interior and/or rear of a vehicle. They are widely used in commercial fleets to improve safety, efficiency, and compliance. In recent years, they have become increasingly popular in North America, with more fleet managers recognizing their benefits and investing in the technology.
How Fleet Dash Cams Can Impact ROI
There are several ways that dash cams can help increase the ROI of a business. The top ways include:
- Improve Fleet Safety
One of the primary benefits and reasons fleets add cameras is for improved safety. Recent reports by the U.S. National Institutes of Health report dash cams prevent accidents by up to 86% as they motivate safer driving habits. The footage obtained from the camera can be used to defend against false claims and help to identify and address driver behavior that contributes to accidents.
- Lower Insurance Costs
Another major benefit of using dash cams in fleet vehicles is the potential to lower insurance costs. Insurance providers are more likely to give you lower rates (discounts of between 10-20% in some cases) when you have a driver safety solution in place as a preventative measure.
Additionally, by providing video footage of what happened in the event of an accident to an insurance company, dash cams can help to reduce the number of fraudulent insurance claims and mitigate the cost of settlements.
- Improve Driver Behavior
Dash cams play a vital role in improving driver behavior. By providing fleet managers with a visual record of driver behavior on the road, the information can be used to give drivers feedback and coaching, leading to safer and more efficient driving. Regular monitoring of driver behavior can also help to identify any issues early on and provide the necessary support.
- Prevent Inaccurate Accident Claims
False accident claims are a major concern for fleets. However, upwards of $400,000 can be saved in settlement and legal fees with the help of dash cams. The footage captured can be used as evidence in the event of an accident, helping to prevent inaccurate claims and protect drivers from false accusations. When two drivers claim no fault, providing unbiased video footage from your dash cam will also help to ensure fair judgement or exoneration.
- Cut Down on Labor Costs
Easily cut down on labor costs by reducing the amount of time and resources needed to resolve accidents. With the footage captured by the cameras, fleet managers can more quickly and effectively resolve disputes, reducing the need for time-consuming investigations and negotiations. Additionally, the footage can be used to train drivers on best practices and safe driving techniques, minimizing the need for costly retraining and reducing the risk of future collisions.
- Motivate Drivers and Reward Good Performance
By providing drivers with real-time feedback on their driving and highlighting areas for improvement with the help of dash cams, managers can encourage them to maintain high driving standards and stay focused on safety. Recognizing and rewarding drivers for safe driving practices and good performance helps to foster a positive culture which in turn will help your business's bottom line.
- Measuring the Impact
To measure and track the impact of fleet dash cams, it is important to analyze key metrics, such as the frequency and nature of accidents and the associated costs with each one such as deductibles and fines.
Driver behavior, fuel consumption, and driver productivity are also important KPIs to keep a close watch on. These metrics can provide insights into the impact of the cameras on driving behavior patterns and identify areas for improvement including:>
- Adjusting the camera placement
- Upgrading to dual-facing cameras
- Running camera health checks
- Customizing the configuration for AI-captured events
- Upgrading the camera’s data storage media
Look for a video telematics solution that enables drivers to proactively record an event such as attempted theft.
Choosing the Right Fleet Dash Cam
When choosing a fleet dash cam, there are several key features to consider. The goal is to choose cameras that provide the best balance of features and cost, and that meet the specific needs of the fleet.
Five main considerations include:
- Artificial Intelligence (AI) and Computer Vision Functionality
Standard dash cameras are handy for personal use. However, AI-powered cameras have:
- Ability to identify stop or speed limit signs
- Ability to identify fatigued or distracted driving
- Crash detection>Driving history
- Live streaming capabilities
Advanced driving assistance system (ADAS) functionality can help your fleet operate safely, more efficiently, and give your drivers peace of mind.
- Camera Configurability
Choose a camera that offers a broad range of motion when mounted. A driver may need to pivot the camera left or right, depending on points of activity or interest. Look for all-in-one cameras that offer functionality like GPS and vehicle health monitoring, and can record events on-demand.
Cost is an extremely important factor to consider when choosing the right fleet dash cam. Create a list of video fleet management vendors you are interested in to compare them against one another based on the payment structure plus the benefits that each provides. In addition to the cost of the cameras themselves, it is also important to consider how much you will pay for installation, data storage, management, system maintenance, and application licensing. Ask your carrier or the vendor if they offer tiered plans based on your needs.
- Video Quality
Video quality is a key factor when choosing the right camera for your company. Find a dash cam that provides clear, high-definition footage. This is important not only for safety and compliance purposes but also for driver training and development.
- Storage Capacity
Storage capacity is another critical factor when choosing fleet dash cams as it is important to choose cameras that provide sufficient storage for the fleet's needs. This may vary depending on the number of cameras in the fleet, the length of time footage will be stored, and the storage capacity of the cameras themselves.
The Next Step
Along with maximizing your company’s ROI, fleet dash cams can also help to protect a fleet's brand and maintain customer trust, ultimately contributing to long-term business success. The reasons to consider adding a reliable dash cam to your fleet are endless.
FC Vision by Fleet Complete raises the bar on driver and fleet safety. It is an all-around safety video solution that will give your fleet managers visibility beyond just eyes on the road. Learn more here.
Feb 24, 2023 | Author: Marketing FC