On the one hand, with supply chain disruptions, volatile fuel costs, and increased job vacancies for drivers, challenges abound for the fleet industry. On the other hand, advances in fleet management technology have enabled the industry to become safer, more efficient, and more prepared to tackle unexpected challenges. Here are some of the technological trends you need to know about to stay competitive.
To be profitable and run smoothly, fleet managers must have a grasp of all the costs connected with operating their vehicles. In the past, managers, technicians, and drivers had to keep track of mileage, oil change dates, whenever the check engine light came, etc. in spreadsheets and physical logbooks. This was time-consuming and prone to error—a potentially lethal mix.
Businesses can do this all more efficiently and thoroughly with cloud-based ERP systems. Now, all fleet management data can be accessed over the internet through a mobile device any time and anywhere. This leads to improved fleet management and lower expenditures.
Studies show companies that use data management reduce total mileage by 10 per cent, which is significant considering fuel costs account for nearly 40 per cento of overall fleet expenses.
AI in fleet management can mean a lot more than driverless vehicles. AI is at the centre of predictive analysis, machine learning, routing, and more, which can be used to augment human decision-making as well as automate other functions. Fleets are using AI to mine large data sets that humans simply can’t such as driving behaviour, hours of service, environmental conditions, and traffic.
AI is having a large impact on video telematics, for example, using facial recognition to detect if a driver is falling asleep and issuing a warning. Video telematics can reduce collisions by 60 per cent and collision costs by 75 per cent.
Internet of Things (IoT)
Fleet managers can deploy IoT solutions to further complement telematics and AI capabilities and feed machine-learning algorithms more data. IoT in fleet management can improve efficiency and visibility while lowering costs.
Sophisticated telematics with IoT can have a large impact on fleet maintenance. Vehicle sensors can anticipate when the oil needs to be changed, when brake pads are breaking down, when a battery needs replacing, or when tires need to be rotated. This can lead to big savings considering the cost of parts and labour rose by nearly 8 per cent in 2021.
Telematics can also help monitor cargo with temperature control, surveillance, and vibration control, protecting fragile and perishable items such as food or medication.
We Know Your Industry
We understand that “fleet management” can incorporate a large set of operations such as finance, maintenance, telematics, driver management, and more. SHEA has the digital solutions for your fleet management challenges, including Annata 365, an industry-leading ERP add-on for Microsoft Dynamics 365 for Finance and Operations, designed specifically for the automotive, equipment, rental, and fleet industries.