Strategic goal setting for electric vehicle programs
January 08, 2024
As we steer towards a more sustainable future, electric vehicles (EVs) are catalyzing a monumental shift in the fleet management industry. As companies increasingly champion Environmental, Social, Governance (ESG) principles, EV fleet programs have emerged as pivotal tools in the pursuit of sustainability goals. These programs not only pave the way for decarbonization but also contribute to enhanced air quality, underscoring their eco-friendly potential.
However, the path to a successful EV program is not without its complexities. It calls for a blend of operational expertise, strategic infrastructure planning, change management, comprehensive driver training, and astute financial management. In this blog post, we delve into how setting clear objectives and devising strategic plans can lay a solid foundation for an effective EV program.
Best practices for setting goals
The process of setting EV transition goals is crucial to the success of an EV program. Here are some best practices that you should consider:
- Establish Specific, Measurable, Achievable, Relevant, and Timebound (SMART) goals that give direction to EV programs.
- Determine a baseline by examining carbon emissions, yearly mileage, fuel and vehicle maintenance costs, fleet composition, size, and duty cycle.
- Set clear timelines and key performance indicators (KPIs) to monitor performance.
- Communicate EV program goals and strategies clearly among stakeholders, including employees, suppliers, and clients.
- To strengthen your efforts, empower champions of the EV transition to take leadership roles in your organization. Their passion will help drive your journey towards change.
- Continuously review and revisit goals throughout your EV program.
Four critical components of EV fleet program planning
Embarking on your EV journey requires careful planning and action aligned with your organization's goals. Clear goals serve as your roadmap, guiding your organization’s understanding of how EVs can drive your business plan forward. With executive sponsorship, you have the support and resources to make your vision a reality. Your EV deployment timeline ensures you stay on track and progress at a suitable pace. Lastly, assembling a working group of key stakeholders brings together the right mix of talents to steer your EV initiative towards success.
- Organizational Goals
When planning for electric vehicle adoption, it’s important to understand your organization's motivations. Do you prioritize reducing the company’s carbon footprint? Are you interested in achieving cost savings and operational efficiency? It’s important to ensure that your EV transition goals are directly linked to your business strategy. If sustainability is a priority, align your EV objectives with your ESG targets. If cost-efficiency is the focus, prioritize specific metrics and timelines. Consider existing EV initiatives as a foundation for future planning. This personalized approach ensures your electrification journey meets your unique needs and aspirations. - Executive Sponsorship
Identifying organizational senior leadership support and investment appetite are critical components of EV program planning and the goal setting process. Without clear sponsorship and investment support from executives, implementing an EV fleet program will be challenging. To secure this support, focus on demonstrating potential business benefits such as energy independence, operating cost savings, significant reduction to carbon emissions as well as overall alignment to ESG ambitions. Key areas for leadership support include operational executives, human resources, sustainability, and procurement. - EV Deployment Timeline
Once you have a clear understanding of your organizational goals and have secured executive sponsorship, the next step is to establish a well-defined time frame for deploying your fleet of electric vehicles. By setting key milestones along the way, you can effectively track progress and ensure that targets are being met. Starting with a pilot program is a proven and efficient method for large-scale fleet electrification. Take bold steps at a pace that aligns with your organization's needs. - Identify Working Team
Building a team for EV program planning and implementation is crucial. This team should include key stakeholders from various departments within your organization, such as fleet management, procurement, operations, finance, and your Element support team. Our role is to help you create a roadmap, analyze total cost of ownership and savings, identify drivers for EV adoption, and develop a charging strategy that meets your organization's needs. Before ordering vehicles and chargers, conduct a comprehensive analysis. Establish a meeting schedule to keep everyone informed and engaged. By incorporating feedback and ideas from individuals within the organization, you can ensure the success of your EV program.
Lessons learned from fleet electrification
To navigate the complexities of EV program planning, it's invaluable to gain insights from those who have already embarked on this journey. Check out a captivating fireside chat with Zingha Lucien, Director of Strategic Advisiory Services at Element Fleet Management. Drawing from her global expertise, she shares lessons learned from deploying thousands of electric fleet vehicles. This is a great opportunity to learn from the best and apply these insights to our own electrification journey.
Fireside Chat: Lessons learned from Fleet Electrification
Take the next step in your EV planning process
Electric vehicles are key to a cleaner, more sustainable future in fleet management. Setting goals for EV programs relating to your broader ESG strategy requires careful planning and execution. Arc by Element™ has proven end-to-end electric vehicle offering to help you navigate the complex transition. Ready to take the next step? Get in touch with us to learn how we can support your EV transition.
Never miss an update
Subscribe for more news and thought leadership from Element.