Every day thousands of fleet vehicles, from heavy-duty trucks to vans, and commercial vehicles – travel the streets transporting the goods that drive the global economy. Businesses can profit when they plan to manage their fleet using modern fleet management technologies that streamline the process.
Effective fleet management requires the coordination of a variety of elements, such as vehicle specifications as well as acquisition and maintenance hiring experienced technicians and drivers; creating efficient delivery routes and schedules; dealing with unpredictable economic conditions, and rising prices for fuel; and working with a limited amount of capital while keeping up to date on the latest techniques for managing fleets as well as government regulations.
Today’s leading fleet suppliers have developed their custom solutions for managing fleets to meet their business’s short- and long-term objectives. The range of solutions starts from simple truck rentals to turnkey solutions that take care of everything from enlisting an outside company to manage the technical aspects, financing and buying the vehicle, regular maintenance, and hiring or supervising professionals to drive, technological advances in fleet management are valued by every manager.
In addition to an increase of 12% in the utilization rate of fleet management systems in the period between 2020 and 2019, the industry for the management of fleets was $25.5 billion by 2022. It is expected to increase to $52.4 billion in 2027. It continues to grow at a rate of 15.5 percent.
In this article, iTechnolabs will discuss six technologies that are changing the nature of fleet management, as well as some of the trends in the industry. Before we get started let’s explore the reason why we require technology for fleet management.
Why Do We Need Technology for Fleet Management?
Technological advancements in fleet management have made the process of optimizing operations fluid which can allow businesses to reduce time and costs.
Fleet managers can be more responsive to market conditions that change through the use of fleet management systems. Learn what it will cost to create an effective system for managing fleets.
Once the technology for fleet management is integrated into a firm’s operations, all problems in the field can be resolved such as the issue of fuelling, retention of drivers, and the new standards for compliance.
Fleet owners can utilize these tools from their office to monitor the various features of their cars, including fueling, beginning and ending of their journeys, and battery degradation as well as engine issues, among other issues.
Fleet management technology is easily integrated with other third-party systems to provide better functionality. Future innovations like mobility-as-a-service, 5G networks, telematics, and autonomous vehicles are ready to elevate fleet management to a whole new level.
Here are some of the ways technology has transformed fleet management and improved the whole process for drivers and managers.
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Advanced Fleet Management Technologies for Drivers and Managers
The technology of fleet maintenance is a great tool to use in a variety of ways to help the company overcome a myriad of issues. Take a look at a few of these.
1. Catch Distracted Driving
Unsafe driving within company automobiles, specifically wrapped ones, could affect the reputation of the company. Fortunately, the latest technology for managing fleets allows fleet managers to look for distracted and risky behavior in drivers.
2. Get Better Insights
In contrast to traditional methods, modern methods of managing fleets have made it possible for fleet managers to collect large amounts of information regarding the operations of their fleet. However, the availability of huge amounts of data creates an issue with data processing that only big data can solve.
Fleet management companies can conduct financial analyses and collect information on the performance of their vehicles and equipment using big data. In addition, they can discern patterns in their production, suppliers, and workers that could guide the business decision-making process.
3. Alert Drivers
Fleet managers could utilize GPS trackers to calculate the precise locations, speeds, employee hours, miles, stops, and other stops of their vehicles which will help them ensure the safety of drivers. For example, the GPS tracking system will inform drivers when they are approaching an appropriate curve.
Geofencing permits the restriction of trucks’ movements to a specified delivery zone. Managers will receive timely notifications to alert drivers who wander off from their route and take shorter routes to cut down on the number of miles traveled in addition to the volume of gas consumed.
4. Predict Maintenance Requirements
Fleet managers can anticipate the performance of vehicles and their conditions by monitoring vehicle performance. With the capability of scheduling maintenance and repairs for their vehicles ahead of time, they can eliminate the possibility of future repair costs which could disrupt the operation of the fleet.
5. Plan Routes
Fleet managers need plans for their routes. Automated route planning not only assists in reducing the use of fuel by determining the shortest route but also assists fleet managers to stay clear of obstacles that could delay their journey. It is possible to achieve this through the use of advanced navigation systems.
7 Advanced Fleet Management Technologies to Implement in Business
Recent technological advancements in fleet management have proven that their use in an organization is highly beneficial and has demonstrated an improvement in the companies that are already employing it. For example, as per a study done by Verizon, investing in technology for fleet management helped reduce fuel expenses and the number of accidents for 52% and 43% of businesses, respectively.
The following technologies are used frequently to improve the efficiency of the fleet management system. Check them out.
1. AI Dash Cams and Machine Learning
AI/ML is constantly working to offer effective solutions to commonly encountered issues that arise in the Supply Chain and the management of fleets. Your fleet should have AI dash cams that provide real-time incident detection as well as proactive instruction in the cab to protect drivers and lower expenses. Alongside providing the possibility of delivering instruction in real-life situations monitoring your drivers allows you to quickly identify any behavior that is not safe and could result in accidents.
The use of examples of both beneficial and bad practices in training could be an effective idea. If there are any incidents, you’ll be able to prove them, thus avoiding costly legal processes.
Machine learning and AI in fleet management allow you to handle the plethora of paperwork that comes with dealing with suppliers, OEMs as well as customers, insurance providers, and many more. The process of preparing delicate legal documents and screening for specific terms and phrases that may be harmful to the business could also be handled with ML as well as AI.
The ability to understand the habits of the driver and the assets of the vehicle the driver’s habits and assets using different tools and technologies such as GPS Dash Cams, GPS sensors, and sensors. Telematics, in other words, is tracking the driver’s habits. Through the use of advanced analytics and telematics, fleets can be controlled more effectively and safely at the same time.
The fleet managers can effectively keep track of their equipment, which can aid in improving the safety of the fleet, by monitoring updates in real-time and better insurance rates, quick and efficient maintenance, and reducing overall expenses.
Real-time and current updates on the status of the vehicle help in better operation management. The ability to provide a precise delivery status that is based on weather forecasts and real-time updates helps in providing better and faster customer service.
A detailed report on the consumption of fuel aids in maintenance and reduces costs by making sure that the vehicle is operating at its peak every day. More well-maintained vehicles will receive higher insurance premiums when renewing insurance for the vehicle.
IoT has brought sensors to notify owners and managers of the possibility of damage to the package. There is nothing that can escape the sensors and they are not able to detect sudden shocks, fluctuations in temperature or humidity, or even the lights around the packaging. Companies can identify and reduce the cause of damage to products by using IoT. Damaged products can be repaired or removed by using this data before they are shipped to the customer.
This IoT technology for fleet management extends far beyond the realm of automobiles. It is a part of ground personnel in the fleet hubs and the sensors that are used in automobiles. Tablets and portable electronic devices have replaced notepads. The maintenance staff can immediately scan any component of an automobile and then quickly update the diagnostic report to the hub centrally. The fleet managers can assign vehicles to meet growing demands without sacrificing in terms of quality with rapid ground operations.
Another technology that is emerging and has significant implications for fleet management is Augmented Virtual Reality (AR). The majority of fleet management employs AR starting from the moment that the car is loaded until safely operating it in the roadway.
With AR, technicians can quickly pinpoint the issue within a particular part. Wearable AR glasses aid in identifying the issue by taking a look at the part of the vehicle. Through regular inspection of the vehicle, it is possible to maintain the vehicle in good condition which can result in overall cost savings.
Another advantage associated with AR is the fact that it provides drivers with a better knowledge of what’s happening in the roadway, which improves the safety of the operation and its efficiency.
Blockchain is a method for keeping records so that everyone can view the transactions recorded which makes tampering nearly impossible.
Blockchain technology can be utilized to build automated, secure payment systems. This makes the transactional part of the business a breeze. Since fleet management generally utilizes a variety of record-keeping, you can incorporate blockchain in a variety of various ways.
Smart contracts which automatically begin transactions once a delivery has been completed can be achieved by using blockchain. Blockchain can manage all of the details in the safest, most comprehensive, and most transparent way that’s feasible. It could be keeping track of maintenance and servicing of vehicles and obtaining data on delivery routes, keeping track of every cargo your fleet has shipped, or managing your entire supply chain Blockchain can do everything.
6. Autonomous Vehicles
Fleet managers and regular people alike are enthralled with autonomous cars. The benefits of automated driving are obvious, especially for fleets that are used by companies. Autonomous vehicles require fewer breaks, are safer on the road, and can contribute to savings in costs. Since these vehicles don’t need breaks, and they aren’t permitted to travel on routes that aren’t approved by the government They can also make schedules more efficient.
7. Fuel Management Systems
Each logistics company has its unique problems, such as the waste of fuel, and the ability to effectively manage it is essential. One of the most effective ways to reduce your operating expenses is through fuel management systems. The software can be used to track the amount of fuel used by your fleet, as well as the way your drivers are using their vehicles. It is possible to take immediate action if they’re traveling inefficiently.
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Create Your fleet Management System with iTechnolabs
If you take a look back at iTechnolabs’ past, you’ll find that we’ve been able to provide exceptional digital solutions to a variety of world-renowned brands. iTechnolabs’ process is simple and understandable regardless of how complicated the problem is.
We try to understand the marketplace in which your app operates; once we have a thorough understanding of the issue in question. We design, conceptualize and create an approach specifically designed for your company based on our findings. We’ll stay by you until you can see positive results.
iTechnolabs has come up with an approved solution that combines Data Analytics as well as Artificial Intelligence-driven Robotic Process Automation (RPA) to automate the processes of the company, cut costs, and increase the size of operations. The solution gave 60% more transparency in your supply chain. It also decreased the cost of transportation by up to 40 percent, as well as improved efficiency in operations by 30 percent.
iTechnolabs is the best choice for a Logistics software creation firm to create customized technology for fleet management that can tackle every challenge and achieves your goals as an organization. Contact our specialists now.