The growth of IoT devices has brought many benefits to the fleet management industry. Not only offering an opportunity to connect fleets, but IoT fleet management system also gives fleet managers detailed insights into their operations, allowing for better business strategy.The buzz surrounding Internet of Things has largely grown from the excitement around potential knowledge. According to a 2019 report from MarketsandMarkets, the IoT fleet management market is supposed to reach $8.28 billion by 2021. To take the advantage of this new technology, let’s find out the definition of IoT fleet management and how does it help.
Table of contents
- What is IoT Fleet Management?
- How does IoT help in fleet management?
- 1. Realize the new value of your current assets
- 2. Increase efficiency
- 3. Gain actionable information
- 4. Save money
- 5. Create new revenue streams
- 6. Decrease theft and unauthorized use
- 7. Empower innovation
- The future of fleet management in IoT
What is IoT Fleet Management?IoT – The Internet of things is a system of billions of interrelated computing devices, mechanical and digital machines, objects, … around the world. They have the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.Currently, connected vehicles are the third-fastest-growing technological device, after smartphones and tablets. Innovative organizations know that IoT has the capacity of solving everyday problems. Far beyond technology, IoT also delivers practical results needed by enterprises to take leading roles in tomorrow’s marketplace.The business of operating and managing a logistics fleet involves many moving parts. For example, you can’t just put your goods on a truck and send them to the final destination. As a fleet manager, you also have to take care of fleet maintenance, fueling, staffing, etc.So that, IoT solutions for fleet management helps maximize safety and efficiency, minimize environmental impact, and keep secure in optional option.
How does IoT help in fleet management?As IoT continues to spread across the world, revolutionary technologies are changing how we live and work. Therefore, many business owners, especially fleet managers find IoT fleet management as a solution for maximizing the business results.In general, the primary objective of fleet operators is to achieve the lowest total cost of ownership (TCO). Simultaneously, trying to comply with stringent safety and environmental regulations.IoT fleet monitoring cloud connects the applications making the operations greener, safer, and more cost-effective. In addition, secure data shared across the connected transport ecosystem will help drive the advancement of automation and self-driving vehicles. Beyond operational efficiency, IoT technologies allow fleet owners to achieve higher standards of sustainability and corporate responsibility.Here are the reasons why IoT fleet management should be the top priority for your company:
- Realize the new value of your current assets
- Increase efficiency
- Gain actionable information
- Save money
- Create new revenue streams
- Prevent theft and unauthorized use
- Empower innovation
1. Realize the new value of your current assetsThe implementation of IoT in the automotive sector has brought in a huge development in the field of fleet management. Even if your vehicles and systems weren’t originally designed to connect to the Internet, you still can. By applying the IoT solutions to existing assets, you can collect data from previous resources.
2. Increase efficiency
- Driver analytics
- Predictive weather analytics
- Fuel tracking
- Preventative maintenance
- Inventory care and tracking
- Greater visibility
- Process automation
3. Gain actionable informationManaging operations of hundreds of fleets imply handling a large amount of data. Before the implementation of IoT, fleet managers had to collect essential data manually. Those data are vehicle utilization, speed tracking, miles logged, fuel consumption and etc. Most of the time, considerable lags in collecting data resulted in delayed actions.However, with IoT, the game has changed completely. Nowadays, trucks are integrated with weight measurement, location tracking, and several other sensors. The volume of data is stored in a cloud application. Then, through different analytics features, fleet operators can easily monitor different parameters.6 benefits of the Internet of Things (IoT) in fleet:
- Real-time location monitoring of your fleet
- Collect data from truck’s performance like fuel and mileage
- Connect, manage and secure data to a dashboard, smartphone, or desktop
- Track traffic conditions on the road
- Route management
- Time management
4. Save moneyFleet managers with the help of IoT fleet management can now easily collect vital fuel-related data like usage, refill levels, fuel tank capacity, etc. through embedded sensors present in the fuel tank.Therefore, you can lower fuel usage and carbon emissions. You’ll have the insight, data, and control of which component you need to lower costs as well as respond more quickly to both issues and opportunities.
5. Create new revenue streamsWhen it comes to IoT, everything is connected and managed. Hence, IoT will help companies create new value streams for customers. Not only that, IoT for fleet management speeds time to market and responds more rapidly to customers’ need. Besides, the IoT can help companies monetize additional services.
Over the past several decades, the evolving attacker has emerged. The attackers are winning. Today, information and technology are available for breaking into computer systems than ever before.As the Internet of Things (IoT) evolves, the security systems which use multi-factor authentication can prevent vehicle tampering or theft. Specifically, you can combine data from interior cameras, vehicle sensors, and facial recognition system. Then, fleet managers can recognize authentic drivers as well as modify vehicle capabilities based on who is driving.
7. Empower innovationIn the future, IoT brings an ultimate platform to dream, think and act big. Your fleet management will become more quickly and more intelligent with data. In addition, with the development of 5G, IoT, artificial intelligence, the blockchain, devices, and networks will communicate more efficiently.
The future of fleet management in IoTNowadays, the drive toward IoT in fleet management will continue to expand. Because the digitization trend will continue to impact all business sectors. Cars can be parked with a single tap of an app button. And the era of completely autonomous vehicles are not far away. Every day, the Internet of Things is conquering new summits. Who knows what tomorrow holds?If you have any questions, let’s contact us via:
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