In the age of the Internet of Things (IoT), fleet has an opportunity to gain unprecedented visibility into the operations and actions of drivers and their vehicles, thanks to mobile devices and connected vehicles. But fleet managers are missing a critical component of connectivity, and it’s limiting their ability to deliver cost savings and strategic insights for their organizations.

Researchers at Fleet Advantage published the results of a survey earlier this month, highlighting the disconnect between fleet managers and finance departments under the same corporate roof.

More than a third of fleet management professionals surveyed said they lack the ability to adequately communicate with members of their organizations’ finance departments, preventing them from delivering metrics on fleet spend. With most fleet professionals acknowledging that cost reduction is a top concern for their firms’ finance professionals, a lack of communication on how much fleet departments are spending and saving reveals a fracture in their ability to deliver on those priorities.

The report pointed to a lack of understanding by finance professionals with regards to how fleet may support their cost reduction and cash flow goals. For instance, Fleet Advantage found that finance professionals are unclear about lease-versus-purchase decisions or fleet acquisition strategies, and their impact on the company’s bottom lines. Only a quarter of survey respondents said their finance departments are concerned about these fleet-related spend metrics.

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