Manage Accounts 5 Efficient Ways to Streamline a Fleet Management System With a Robust ERP Solution

The workflow of the entire transportation industry depends on several aspects such as fluctuating cost of fuel, government regulatory rules, increasing insurance cost, mounting workload etc. Sometimes, due to the lack of proper maintenance of the vehicles, the transportation industry faces productivity issues. With the efficient help of a potent ERP solution, getting rid of such obstacles becomes easier. Moreover, it makes sure to maximise the profit margin, increase the visibility into all the core working areas, diminish the overall operation cost by deploying a dedicated ERP system for the fleet management. This article is all about how a robust ERP solution can benefit the fleet management system along with enhancing the overall business prospects. Here are some modules that usually a typical fleet management ERP solution comprises.
Rental and Lease agreement
Fleet operations
Rate management
Inventory, sales and procurement
Vehicle acquisition and sales
Fuel and chauffeur management
Accident management
Reservation management

Here are some of the benefits that one can avail by deploying an efficient ERP system in the fleet management system.#1 Automated SchedulingWhen it comes to the point of long-term and advance scheduling of resources, nothing can really beat the outcome that becomes possible to carry out using a potent and robust ERP solution in the fleet management industry. Putting the drivers on the roster, controlling the break times, diminishing the cycle times and boosting the overall efficiency becomes remarkably smoother. The advanced and improved ERP tools can effortlessly perform automated scheduling.#2 Cost ManagementA compelling ERP solution is capable of deciphering the cost patterns for the complete fleet or for the vehicles. Thus, the management can easily take decisions on the resource allocation along with the cost control. For the transporters and the fleet operators, such fleet management ERP solution is a blessing! Such solutions are not mere tools for scheduling but effective management modules as well that can offer the businesses a sheer competitive edge.#3 Improved Customer RelationshipAn efficient ERP solution enables quick responses to the customers resulting in enhanced customer-relationships offering better services. Using the multi-dimensional tracking feature, monitoring movement of the asset becomes easier. Moreover, such solutions enable speedy reporting, facilitates clear communication, gives a 360-degree view of the customer behaviour along with the customer issues and preferences. Thus, taking care of all these customer-related issues and providing the end-customers top-notch experience becomes easier making sure retention of customer-loyalty.

#4 Efficient Management of Life CycleManaging the entire life cycle of Fleet system becomes smoother through proper procurement, planning, usage. The direct integration of a potent ERP system with the Account Payables, General Ledger and Receivables wipes out the human error along with redundant work. This definitely improves the efficiency of the entire fleet management system.#5 Enhanced Asset PerformanceWhen you can properly monitor the different vehicle performances, optimising the asset usage becomes effortless. Sometimes, due to the lack of proper maintenance of the vehicles, the transportation industry faces productivity issues. However, using an efficient ERP system in the fleet management, diminishing such overheads and repair expenses, reducing labour costs of mechanics, technicians, drivers become possible.Thus, a powerful and dynamic ERP solution can enhance the business productivity.

A Latin Impact on the Finance Industry

Financial Institutions are a fantastic business model to learn from when considering ever changing market conditions. Their traditional target markets are stable, but, the needs of an emerging market, the Latino market is extremely underserved. It is certainly not for lack of money. Many Latinos have zero debt and healthy saving habits. The question arises, are financial institutions doing enough to serve this population? Are they adapting to the Latino needs? The answer is complicated.

There are two types of Latinos in the USA. One is the immigrant seeking a better life and wanting the American dream, whether they came through the proper channels or not it is irrelevant. The second, are the Latinos that are born here. These are two very different groups of people with different needs and goals. Most immigrants bring their culture, traditions, and customs with them to the US. Those born here develop a blended culture that is both Latino and American.

Financial Institutions are taking notice and making strides to accommodate this very economically influential population. The main reason is that there is a lot of investment in education and developing trust. An untold detail is that in Latino countries, people do not trust banks and financial institution because of corruption. Everything is paid in cash and there are no debt or traditional credit scores. This means that the Latino community have cash, probably stored under their mattress or in a shoe box. This is very dangerous considering that a house fire could burn an entire life savings. Another scenario is they could become a target for robbery. This is a foreign concept for Americans. What is happening is a huge learning curve, educating them on the process of building credit, saving their money in a financial institution, getting loans (mortgage, car, etc.), and most important having trust in the financial institutions.

The younger generations that are born here learn from their parents and surroundings. There is still a disconnect from the importance of financial products, building credit, and how that process works. Many of these young people are just translating for their parents, explaining financial products, and become an intermediary for conducting business. You will notice an increase in bilingual support at many financial institutions for this reason. There is still a lot of work to do in this regard, and this process will take time.

However, more and more financial institutions are offering products specific to Latinos. Information is becoming available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It will be interesting to see how we as a country adapt to this important demographic. It is truly an untapped market that has an important function in our economy for growth and stability.