Things have been turbulent in the past year, and businesses have struggled to keep up with the changing market scenario. No matter how many challenges companies are facing, businesses are still striving to cater to the clients as best as they can. Organizations have had to adapt to the changing times and requirements by incorporating different strategies and technologies in order to maintain business continuity and stay relevant.
Transport and mobile asset management sector has been no better. Things are changing drastically in these sectors, especially in fleet management businesses. Fleet management is an industry where tracking systems have become an essential part of the operations. However, now this is not enough. Traditional methods of doing things and sticking with technologies that the companies have been using for years, is not going to give a competitive edge to any business.
The scenario is such that many fleet management companies have understood the need to adapt and get used to newer technologies to stay relevant in the market. One of the rapidly growing technologies is IoT solutions for fleet management.
Benefits of IoT Fleet Management Solutions
The fleet management industry has always used tracking systems and some other technologies as essential part of the processes. However, with IoT the companies can not only have live tracking, but also many other functions like user interaction, constant connection with the driver and managing schedules while keeping on top of any unexpected challenges.
There are many different IoT solutions that help accomplish several specific functions in the fleet management operations. IoT solutions are rapidly being incorporated in the fleet management operations and the market is only set to grow further. According to a report Grand View Research, Inc., the global IoT fleet management market is likely to mark a CAGR of 20.8% to reach U.S. $16.86 billion by 2025.
This surge in the market is due to changing requirements of the current times and because of the benefits of different IoT solutions. Let’s take a look at some of the key advantages of incorporating IoT solutions in fleet management operations.
1) Improved Efficiency in Overall Processes
Fleet management companies have had GPS and mobile connectivity tools for ages, but with IoT there can be so much more. Many IoT solutions today offer advanced functions like tracking deliveries, in-vehicle real-time visibility, scheduling apps, weather and traffic updates, and many more. This improves communication and monitoring of the processes and gives an actual overview of the functions. Companies can track the common problems faced by the drivers or other issues like time-delays and work on solving them. These steps, in the long run, will lead to more streamlined operations in an organization.
2) Automated Processes
Fleet management companies can also automate many processes through IoT solutions. This helps employees to take action as well as not waste time on small hiccups that come up day-to-day. The interconnected system means that the companies can have an automated scheduling system in place as well as other functions like alerting of any problems in the working vehicle or call for technicians and tow-truck in case a vehicle breaks down.
3) Improved Data & Analytics
With the help of IoT solutions, fleet management companies can build and update comprehensive data in regards to the operations. Meaning, companies can get to monitor driver behaviour, performance of the vehicles, time lost while the vehicle is idle, and other such things. This will help companies to pinpoint areas for improvement, employee re-skilling, and other performance-oriented things. Companies can also use IoT to keep up to date with new regulations and trends in logistics.
4) Reduce Costs
For any fleet management company, smooth functioning of all the processes is essential. Complete operation is a network of integrated processes that work in-synch with each other. This is why having reliable IoT systems in place helps companies better track their processes and streamline them efficiently. These solutions also help employees take appropriate decisions in a timely manner in case some issues come up and adapt processes accordingly. This flexibility helps maintain business continuity.
Enhanced operations minimizes the number of accidents or situations where operations need to stop. This means the company has efficient use of time and resources, leading to decreased waste and lower costs. This way companies will have more room to improve its performance.
5) Environmentally friendly Operations
Improved operations means efficient use of resources at every step. Companies will use human resources as well as fuel appropriately. Ensuring that vehicles are in optimal state means less fuel consumption and noise pollution. Reduced idling and time to complete a project means less use of fuel. Efficient use of gas helps reduce emissions and in turn curbs air pollution.
There are many benefits of incorporating IoT technology in fleet management operations. However, it is also important to know what your company wants to achieve through this technology. Once the requirements are specified, it becomes easier to choose the right IoT solutions and provider. Rogers, Canada’s leading telecom service provider, offers IoT fleet management services for businesses. The company has several plans for varied requirements of different companies.
Rogers IoT fleet management solutions and other services are available at Wireless DNA. To know more about the services get in touch with us now!