5 IoT Trends that are Transforming the Fleet Industry

IoT in Transportation

Fleet plays an important role in industries. They are responsible for distributing of manufactured goods and ensure movement of products in the supply chain.

In today’s world where technology is evolving on a daily basis, the fleet industry is transforming at a rapid pace. The fleet operators are using innovative IoT concepts to keep a real-time check on their vehicles and are accepting the technology to simplify complex operations.

There are many IoT trends that are transforming the fleet industry with their smart capabilities. These involve better vehicle management, improved fuel consumption activities, and data-driven insights. A report has suggested that the IoT fleet management market will reach $15,500 million by the end of the year 2024. This reflects a tremendous rise between 2017 and 2024. Here are 5 IoT trends that are transforming the fleet industry.

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  1. Predictive Maintenance: Vehicle Management

    Sensor technology offers new and better insights to maintain your fleets, keeping the vehicles up-to-date. Predictive maintenance uses advanced analytics to detect vehicle issues at a very early stage. It helps the fleet operators in identifying vehicle failures and allows them to address or make decisions way before the breakdown. Also, predictive maintenance offers service optimization for overall vehicle improvement. Due to this, it is a more reliable source for the fleet industry that enhances the performance of the fleets and adds value to the business.

  2. Data Transparency:

    Nothing degrades the efficiency in an industry more than miscommunication gaps among the workers. Complete operational visibility greatly reduces the downtime of broadcasting information all around the industry premises. Installing an IoT solution for your fleet business offers real-time alerts on all the interconnected devices. This allows the team members who are involved in the transportation process, to receive the same information on time and stay updated. Also, it enables quick decision-making, which benefits the entire fleet operation and increases overall productivity.

  3. Cost Management:

    With the acceptance of sensor devices, the fleet sector is experiencing effective cost reduction. Earlier, it has been a challenge for the operators to bear the expenses of vehicle damage, fuel wastage, or other flaws during an operation. The use of IoT solutions improves the ways your fleet work. Installation of GPS devices, sensors, and an interconnected network of the assets work collaboratively to provide you fine results. This reduces the cost of maintaining every domain separately. Moreover,smart fleet management enables road safety by alerting the drivers about various situations like traffic, long routes, etc., thereby reducing the cost of road and vehicle maintenance.

  4. Fuel Consumption:

    How fascinating it is that you drive smart vehicles, which indicate fuel requirements and also send you alerts regarding fuel levels on your connected smart phone. Well, fuel is one of the prime needs of a vehicle. The fluctuating fuel costs affect the fleet industry in its performance and fuel consumption practices. Hence, a smart solution is a must-have that allows you to stay aware of fuel utilization at every mile. IoT technology with the fleet industry enables seamless connectivity among the assets for enhanced performance of the vehicles and better productivity. It thus reduces the cost of operations by providing actionable insights along with valuable feedbacks in real-time. Additionally, the economical pricing of the sensor devices and other communication equipment optimizes the overall expenses of an IoT powered solution. You can install the solution at a feasible price and avail benefits for your fleet benefits at a larger level.

  5. Advanced Telematics:

    In the fleet industry, telematics is one of the focal points that work to analyze the driver's behavior and provide odometer readings. It is an essential concept to schedule maintenance of the vehicles and manages spare part inventories prior to the requirements. Along with this, advanced telematics in a fleet management system keeps a record of the vehicle's location and provides real-time alerts. This makes the IoT technology more accountable and easier to share live information at every step. Moreover, the fleet operators can also determine the exact and current location of the driver, enabling them to coordinate in real-time and reduce delivery delays along with quicker re-scheduling, if required.

IoT is taking the fleet industry to a whole new level. With innovative and brilliant concepts, the Internet of Things brings a 360° transformation into the fleet sector. Also, there's no denying the fact that the fleet industry will grow every year along with a brand new IoT concept. This, of course, increases the competition, but to stay ahead of the trend you need the best IoT solution that renders end-to-end services to your fleet business. Hence, we can say that smart fleet management is the key IoT use case that brings out the true potential of the fleet industry.