The transit industry has many unique obstacles that most businesses would never face. It's these challenges that make it imperative for those in this niche to seek out very industry-specific solutions.
Some industries have to focus more on cost savings than others. Government funding is often limited for transit agencies, so it is especially important for them to focus on lowering their operational costs. Because of this, focusing and optimizing your ROI (Return on Investment) is necessary to ensure no money is being lost or thrown away.
In addition to maximizing ROI, forecasting future costs and savings is extremely important when planning for the future. Oftentimes it can be hard to try and make future plans based solely on the potential revenue, including funding, for upcoming fiscal periods. While it is important to forecast future revenues, it should not be the only variable in your organization’s financial future. Forecasting revenue alone only allows you to plan for certain scenarios (i.e. "If we meet our revenue goal of $XX by the third quarter, we will be able to upgrade our fleet."). Forecasting for a higher ROI and cost-saving measures enables you to plan for additional scenarios (i.e. "If we save $XX in the first year, we will be able to upgrade AND expand our fleet.").
ROI Calculator for the transit industry
Companies can explore potential cost savings by utilizing an ROI calculator. Ecolane helps transit, paratransit, and other transportation companies run a more efficient operation. Because of our experience in the industry, we have developed an ROI calculator that will help companies see potential savings.
Ecolane's ROI calculator is specific to the transit industry and it takes three main factors into consideration.
- The number of trips your agency takes per week
- Your agency's RPH (Rides Per Hour)
- The average cost of a trip for your agency
How can Ecolane improve my agency's ROI?
Transit agencies often expend a lot of resources simply by trying to schedule same-day trips. These resources come in the forms of labor hours, fuel costs, mileage on vehicles, rider cancellations (with no replacements, and other unforeseen expenses). Ecolane's scheduling and dispatching software is unlike any other on the market. Our customers increase their operational efficiency by an average of 44%.
When agencies turn to Ecolane for the often complex side of their business, they are left with more time to focus on actually running the business and providing a service to their community. Additionally, rider satisfaction will improve as well when your agency operates efficiently. You cannot manage what you are not properly measuring and continuous real-time optimization helps agencies realize cost savings and boosts revenue.
Additionally, Ecolane offers services that help make things easier on riders. For example, if your riders can schedule a trip through Alexa and you have the ability to deliver a very accurate ETA through real-time GPS reporting, that will increase customer satisfaction and therefore, increase customer retention.
Common solutions provided by Ecolane
The core mission of Ecolane is to help transit providers run an operation as efficiently as possible. Doing so increases cost savings and helps them to better serve their communities. With a myriad of services offered, any forward-thinking transit agency can benefit by taking advantage of what Ecolane offers.
Reporting can be too time-consuming:Ecolane's mobile data terminals (MDTs) communicate with the DRT software, which enables agencies to access data points in real time. Arrival time of drivers, cancellations, peak hours, productivity, and many other data points are all available instantly.
Manual trip request entries are a nightmareBecause Ecolane's DRT software operates in real-time, adjustments are made seamlessly to account for unexpected or last-minute trips and requests.
I do not have enough data to properly optimize my agencyEcolane offers advanced reporting capabilities that capture data and deliver analytics that transit managers need in order to accurately measure, forecast, and control many factors relative to the operations.
Ecolane works with and has helped improve large and municipal-wide transit systems. Whether you're in charge of a large municipal operation or a smaller local agency, we can help you meet your agency’s revenue goals. Check out our ROI calculator to find out your cost savings.
Ready to learn more about Ecolane DRT? Schedule a hassle-free demo today.
About the Author
Read Ecolane's blog articles for perspective, opinion and information on transit and paratransit issues.