Is investing in technology for your truck business worth it?

Published on November 20th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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1. The cost of making your fleet technologically advance

There are many technological devices that truck owners can invest in such as trackers and security ware that can help give them the added edge over their competitors. However, equipping every truck with the right technology can be costly and might also take a considerable amount of time to equip each truck with. This factor is also influenced by how many trucks that you own. If you are still starting out with one or two trucks you could consider taking out a loan such as a $50,000 business finance deal (or less) to help cover the costs of installing your trucks with the right technology.

2. Purchasing a truck that comes with the technology

Installing each truck with various technologies could be a far stretch for some truck owners. Business that are just starting out could consider leasing out a truck that already comes with the technology they need already installed in them. It pays to weigh whether renting the truck or renting to own it will give you the best return.

3. Know what technology is out there

There are various types of technology which are available for trucks on the market, but knowing what you would like the technology to do for your business such as increase productivity, track trucks, or act as a security system can refine your search and help you compare your options. Some technology that can help truck businesses are:

  • Dynamic routing technology. This type of technology that can help truck owners track paths taken to move goods. You can track deliveries and find shorter routes that can ensure that deliveries are made in real time. Furthermore, it comes with the benefits of saving you on fuel costs.
  • Forward looking cameras. These are dashcams that can be installed within the driver's compartment to capture video. The main reason why truck owners choose to install dash cams is to protect the fleet and driver when they are involved in a case of collision and potential phony insurance claims.
  • Driver scorecard technology. This type of technology which is also known as gamification which helps to track driving behaviours which are deemed reckless. It can also help you track driving that could lead to greater wear and tear on a truck. and could lead to accidents. Drive scorecard technology can help truck owners cut down on expenses that are caused by bad driving behaviours that burn through more fuel.
  • Collision mitigation technology. Trucks manufacturers are also evolving in terms of releasing trucks that have collision preventative technology that is sensing technology that can detect if a crash is about to happen and will react quicker to reduce this from happening. Most new models have this set as a standard feature, which means you don’t have to purchase this separately.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

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