The Internet of Things technology is creating a real-world network by involving industrial assets. A smart IoT solution is equipped with sensor devices, advanced software, and other necessary technologies to bring out the best in industries.
IoT market in the fleet industry is projected to reach approx. USD 8.28 billion by the end of the year 2021 by Research and Market. These numbers are likely to increase in the next coming years as there is a huge demand for IoT technology in the fleeting sector. With its brilliant and advanced concepts, fleet managers can simplify their task lists and focus more on preparing better strategies to improve businesses at a significantly reduced cost. Concepts like preventative maintenance, smart fleet management, remote operability, geofencing, etc. are effectively responsible for the greater acceptance of the Internet of Things technology in the transportation sector.
It is likely for most of the managers in the fleet industry to require a properly managed environment where they have accurate results and intelligent solutions. Moreover, fleet industrialists look forward to reducing their operational costs by optimizing driver’s routes to minimized fuel usage and overtime. It is quite doubtful that businesses won’t be interested in accepting technical solutions that would help increase their efficiency & productivity.
IoT-based fleet management provides multiple benefits to businesses of all shapes and sizes. It has become a necessary tool for fleeting businesses, allowing them to efficiently monitor all the operations through a single dashboard.
What is a Fleet Monitoring Solution?
A smart fleet monitoring solution is an IoT-powered system that involves sensor devices and improved gateway connectivity for solidifying the services for increased customer satisfaction. In the fleet industry, many objects are involved as assets like fleet vehicles, tires, warehouses, driver safety, etc. These assets, when operated manually, take excess time and energy and then also result in certain unexpected errors. Therefore, using a smart fleet monitoring solution helps in minimizing those efforts, enabling better results and productivity. A smart fleet monitoring solution is thus an appropriate system for the transportation sector that produces efficient responses from the equipment, thereby maintaining the productivity of the entire industry.
Benefits Associated with using a Smart Fleet Monitoring Solution
IoT-based solutions are usually data-driven and provide intelligent decision-making for businesses. Smart fleet monitoring solution consists of popular advancements that enhance the operations of the fleeting sector in numerous ways.
• Increased Driver Safety Aspects
Most of the time, it is observed that the drivers drive the vehicles independently and if they aren't monitored on a timely basis, it could affect the delivery processes. With the use of a smart fleet monitoring solution, you can eliminate the risks of putting drivers in road danger. It will be more advanced and powerful to monitor them at all times and enable a proper scheduling system where you can keep a real-time eye on their activities. The use of IoT technology in transportation is excelling with huge numbers as it includes GPS functioning and geofencing, which enable a data-driven and better approach towards increasing the driver safety aspects.
• Reduced fuel consumption
Conventionally, it seemed impossible to have a business plan where fuel usage was limited to the vehicle’s actual usage. With the acceptance of high-end technologies like IoT, fleet managers are simplifying their operability and monitoring the fuel consumption patterns of every fleet. The smart solution for fleet monitoring enables insights on the vehicle's fuel tanks and connectivity with smart devices reflects the details for better decision-making. Moreover, the fluctuating fuel prices make it challenging for businesses to track and maintain a budget for the fuels. IoT-enabled fleet monitoring solution further provides easy access to fuel tracking and offers a data-driven approach as the major benefit.
• Instant updates & insights
IoT-enabled fuel monitoring solution includes predictive analysis, which makes it easier for managers to get instant updates. These updates further benefit the industrialists with informed insights for strategic business development. The predictive insights and informed updates are a crucial step in growing any business up to a competitive level as it provides a better understanding of the in and outs of the production and displays varied scopes of improvement in specific areas. Furthermore, the GPS vehicle tracking system enables real-time tracking of the fleets where it is simpler to redirect the vehicles wherever necessary. The use of an advanced solution for fleet monitoring thus shows clear views and details of the job completion status, estimated arrivals or deliveries, and a deeper understanding of what is going on in the fields.
• Customized Reports
IoT-based solutions are accurate and more advanced in providing a better understanding of industrial performance. Also, many industrialists are adopting IoT technology to enhance their business profitability through detailed reports. IoT also provides a special feature of sharing these reports with concerned authorities and take instant feedback without any delays. The feature of customizing reports for the businesses renders quality check of the productivity and the managers can suggest the changes in a clearer format, which not only makes the dispatchers more efficient but satiates customer needs. These reports give a better understanding of every information regarding the fleet or driver calls. Thus, they independently work for the managers, eliminating the need of calling drivers for each update.
• Better Vehicle Maintenance
The inclusion of technology in the fleet industry improves the vehicle outputs and performance associated with every delivery. IoT enables strategic fleet maintenance and improves vehicle lifecycles, reducing maintenance and operational costs. The use of technology-based solutions instills a properly managed system, where the managers can process their equipment schedules and operability in a more organized way. In the fleet industry, there can be many areas that put a heavy strain on the business finances and the use of a smart fleeting solution develops preventive maintenance. It thus helps in keeping the vehicles in better conditions, prompting for timely services, and minimized costs.
• Improved Customer Satisfaction
The fleet businesses seeking a technical solution are directly improving customer satisfaction rates at significant numbers. The smart solution provides for a data-driven approach that simplifies vehicle bookings and appointment reminders, along with receiving instant notifications on every small detail. This in turn enhances the potentiality of managerial tasks through receiving timely confirmations and reminders. Even at the times of delivery, the use of IoT solutions offers great planning and strategies to avoid delays or product damage. Monitoring the drivers’ routes and optimizing the schedule of deliveries is better possible with the installation of smart algorithms like IoT-based fleet monitoring systems.
Thus, there are immense benefits of using IoT technology with your fleeting business, and accepting it for better productivity is one of the wisest decisions that you would make to stand among the competitions.