The pandemic underscored the importance of commercial vehicle fleets amid mobility restrictions and limited supplies of essential goods. It also highlighted the need for technology solutions to efficiently manage the movement of goods. Fortune Business Insights says that the global fleet management software market will grow 3.7X between 2022 and 2029 at a compound annual growth rate (CAGR) of 18.3%. Fleet-tech is no longer just about achieving efficiency, but leveraging the power of Internet of Things (IoT) and Artificial Intelligence (AI).
At the core of the commercial fleet are the drivers, their “Khalasis” (navigators), fleet managers and fleet owners. Drivers work day and night and cover treacherous routes while facing dangerous threats such as attempted hijackings. But for a vehicle equipped with the right fleet-tech, the story is entirely different.
Developed markets are already taking advantage of fleet technology built on intuitive, next-generation technologies, while emerging markets are still slow to unlock this opportunity as they use the “device-data-dashboard” combination at an additional cost. see as. How do we help them see this as a long-term investment?
Better Bottom Line in a Competitive Scenario:
Emerging countries still rely on rudimentary fleet management methods. Furthermore, access to modern technology is limited due to the prohibitive pricing of new-age products manufactured in developed markets that demand premium hardware for data/network issues as well as high-end software. Add to that fluctuating fuel costs and fewer drivers. However, fleet technology does not protect the bottom line and provides ways to improve it.
For example, AI-powered fleet management solutions empower managers to automate administrative tasks and eliminate human error, enabling accurate insight into the business. Commercial vehicles are a significant investment for every fleet owner.
At a very basic level, Fleet-Tech continually helps protect this vital asset from theft by giving consistent visibility to the vehicle’s location and helping with recovery if it is stolen. And with the right IoT device, fleet managers can even remotely stabilize a vehicle when it’s parked. Reduced commercial vehicle use is like leaving money on the table, and the latest fleet management technologies help optimize routes and schedules, enabling owners and managers to reallocate resources to fully utilize their potential. make capable.
Gaining full real-time visibility into operations allows fleet operators to minimize the impact of external disruptions and maximize cost-saving efficiencies. An example is the logistics arm of a food and beverage firm that has been able to save 400,000 per vehicle per year for a fleet size of 170 vehicles, just by cleverly using fleet technology – ie approx. 7 crore annually.
Driver Community Safety:
Fleet safety is critical to the health of the business and the health of the entire ecosystem within which it operates. Given the nature of the industry, vehicle assets and the drivers themselves are at an inherent risk. Modern equipment and software provision to protect property and life of drivers by helping to manage complex situations such as sudden natural disasters, unpredictable weather and road conditions, onward collisions, vehicle or cargo hijacking attempts.
Keeping security at the core saves lives and helps businesses run more efficiently. Visibility integrated with advanced telematics creates a complete profile of the driver’s movement. Managers can use these metrics to generate alerts, issue warnings, resolve problems, allocate or reallocate resources in real time. The data can be stored and accessed on a single platform, allowing managers to spot missteps and help drivers practice safe on-road practices. Leading with technology to make the fleet safer, also solves insurance premium and driver accident issues. Solutions such as document management system, SOS alert, e-lock, fuel rod and comprehensive Advanced Driver Assistance System (ADAS) protect drivers from penalties, driving through dangerous areas, theft and overall road safety.
Today’s environment provides a strong potential for the fleet to keep its operations in high gear and to make a lasting positive impact on the lives of drivers. With such far-reaching benefits for the business and its primary stakeholder, it is critical to drive rapid technological adoption across the fleet ecosystem.
Vidit Jain is the co-founder of tech-enabled fleet management company Loknav,