Five Ways Carriers Can Save Time and Cash in with ELD Data

ELD data is beneficial to the trucking industry with many possible use cases that can be leveraged for many applications and users.

Carriers are one group of users that benefit from ELD data. By integrating ELD data with their technology providers, carriers can create efficiencies in their work and gain discounts on programs they care about. 

Here are five main areas carriers can save time and and cash in with their ELD data.

‍Fleet Management: As the demand for trucks increases, the shortage of carriers continues to decrease, which is why efficiency is crucial for both fleet managers and carriers alike. By utilizing ELD data from fleet management softwares, such as FleetComplete, Omnitracs, and Fleetmatics, carriers are able to achieve efficiency without sacrificing safe driving practices and complete and take on more deliveries. 

‍IFTA: International Fuel Tax Agreement (IFTA) reporting is a necessary but a time consuming task. Both fleet managers and carriers are required to partake in tracking mileages and auditing fuel purchases. However, carriers can save time and eliminate errors in their records and audits by connecting with fleet management service providers, such as AtoB, FuelBI, and Samsara, that utilize ELD data to streamline their IFTA reporting. According to Samsara, ELDs simplify the reporting process in three ways:

• Automatically tracking mileage by jurisdiction and vehicle.
• Integrating fuel purchase data with mileage data.
• Providing digital, downloadable IFTA fuel tax reports.

‍Insurance: Insurance can be one of the highest expenses for trucking companies. According to Progressive Casualty Insurance Company, their national average monthly cost for commercial truck insurance ranges from $640 for specialty truckers to $982 for transport truckers.

Newer and more modern insurance companies are beginning to utilize ELD data to support their insurance products. Companies like High Definition Vehicle Insurance and Progressive have already started using data to develop and support proprietary risk models. Insurers generally offer a discount for carriers who opt in to sharing ELD data, which can include location, speed and speeding events, harsh braking and acceleration, and more. 

Additionally, some insurers are now offering daily insurance rates. These types of insurers may use ELD data to understand when a truck or a driver is on the move and needs to be covered with these daily policies.

‍Fuel Cards: There are a handful of new and innovative ways that fuel cards and fuel programs take advantage of ELD data. Some companies, such as WEX, may utilize ELD data to provide a higher level of security on fleet fuel cards. Fuel programs may also utilize telematics data to support IFTA calculations for their carriers.

Additionally, fuel programs can utilize ELD data to support carrier fuel planning. Using integrated ELD data, fuel programs can understand where a truck is traveling. This data can be compared to a fuel program network map, enabling a fuel program to suggest upcoming fuel stops where a carrier may receive special discounts and decrease overall fuel costs. 

‍Maintenance: Fleet maintenance software may utilize ELD data to support predictive maintenance programs. First, because ELDs generally plug into the diagnostic port of the vehicle, they can read and transmit data to a fleet maintenance software solution that can alert carriers and help plan required maintenance. 

Furthermore, because telematics devices read odometer data, fleet maintenance solutions, such as Fleetio Manage, can utilize ELD data to help carriers track vehicle mileage.