Vehicle tracking terminology explained – part 2
by Fiona Taylor
Do you find that while you are looking for vehicle tracking there has been some weird terminology used? Well, we are here to help.
In our second post of our series of vehicle tracking terminology explained we are going to explain some more of the terms used in the vehicle tracking, telematics and fleet management industry.
Today we are looking at commercial vehicle tracking terminology used.
COMMERCIAL TERMINOLOGY
BIK Tax – Benefit in Kind Tax is a tax on employees who receive benefits or perks on top of their salary as part of their remuneration package. These can include a company car that is made available for private use. See our other blog post here for more information.
COF – Cost of Funds is the rate of interest that a borrower will pay in order to obtain money through a loan.
CSR – Corporate Social Responsibility is a form of corporate self-regulation integrated into a business model. It is the commitment an organisation makes to behave ethically and contribute to economic development while improving the quality of life of employees, the local community and society.
DOC – Duty of Care is an obligation for fleets to operate responsibly in order to protect drivers, other road users and pedestrians.
Fuel Card Integration – enables fuel card data to be upload to other fleet and back-office systems to allow customers to link their fuel card transactions with their vehicles movements. Monitoring usage and potential theft.
Hardware – the mechanical equipment necessary for conducting an activity, in this case the tracking unit fitted in the vehicle.
Insurance Telematics – some insurance companies offer a tailored policy based on when and how you drive using vehicle tracking to measure techniques and habits.
KPI – Key Performance Indicators are a performance measure that helps organisations to define and measure progress towards its goals and objectives.
Leasing / Rental – alternative methods of paying for vehicles or vehicle tracking without the need for outright purchase.
ORP – Outright Purchase, to buy something for the business with full upfront payment.
ROI – Return on Investment is the benefit to an investor resulting from an investment that they have made in a resource.
Software – the part of the computer system that consists of encoded information or computer instructions, in this case the vehicle tracking site that you can log onto to view your vehicles that are tracked.
If you are confused about vehicle tracking or have any questions about how the Satmo vehicle tracking solution can work for you, please call one of the team on 01274 587748 and they will be more than happy to help.
Fiona Taylor
Fiona Taylor is the Sales Manager at award winning Satmo Vehicle Tracking. If you feel you need help with your fleet, want to gain back control, save some money and time then please get in touch.
