KPIs are without doubt the finest technique available for holistically measuring performance. Regarding the Car Renting Business, one can proceed with indicators on Financial Perspective, Customer Perspective, Internal Processes Perspective and Growth Perspective. Financial indicators have lost the place they held in previous days, however these can not neglected altogether. So, to start with, some of the measures can be % increase in car rental rates, percentage increase in revenues, weekly car rental rates and daily car rental rates. The perceptions that a customer may develop towards the organization and their views can be looked after by following KPIs such as number of booking channels, driver availability, vehicle availability index and number of instances of accidents. Internal Processes can be improved with KPIs like average time of booking, percentage reductions in breakdowns of vehicles, frequency of servicing and number of cars.Growth can be paced by tracking growth index, percentage increase in fleet, customer base expansion index and number of reference partners. However, one needs to understand that only a tailored solution is helpful in this sense. So, a thorough analysis of internal and external environment is a must.
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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Car Renting is a business that is typically charecterised by a number of terms and conditions involved in it. Therefore, the success of such a process relies on how efficiently the managers carry out 'monitoring' of the vehicle hiring processes. Information has to be made available on real-time basis both to the insiders (employees and managers) and outsiders (customers) of the organization.
Another issue that comes into picture of companies running the 'rent-a-car' services relates to the extent of customization that is provided to the clients. An absolute coordination needs to be brought among the operations to make concerted and more useful attempts.
Also, the car leasing organizations are required to maintain alliances and agreements with Tourism and travel firms to ease out their decisions. This also fetches them some additional revenue, thereby creating a compelling enough cause not to be undermined.
The list does not end here as the set of 'soft skill's owned by chauffeurs who drive the vehicles is also an area that is worth considering.
In other words, there is much more to a car lending business that what is visible to the hirers.
Consequently, one has to have an effective tool to keep the 'car hiring' operations in place and make them work at fast pace. One of the options is to employ a 'car renting scorecard' for putting an end to the 'tracking anxieties'.
This is the actual scorecard with Car Renting Performance Indicators and performance indicators. The performance indicators include: car renting, financial perspective, % increase in car rental rates, percentage increase in revenues, weekly car rental rates, daily car rental rates, customer perspective, number of booking channels, driver availability, vehicle availability index, number of instances of accidents, internal processes perspective, average time for booking, % reductions in breakdowns, frequency of servicing, number of cars, growth perspective, growth index, percentage increase in fleet, customer base expansion index, number of reference partners.
Download a trial version of Car Renting Evaluation Balanced Scorecard or purchase a full version online.
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