The growth of IoT devices has brought many benefits to fleet management industry. Not only offering an opportunity to connect fleets, IoT fleet management system also give fleet managers a detailed insights into their operations, allowing for better business strategy.
The buzz surrounding Internet of Things has largely grown from the excitement around the 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 hep.
Table of contents
- What is IoT Fleet Management?
- How does IoT help in fleet management?
- 1. Realize 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
- Do you want a total solution provider in fleet management industry?
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 smartphone and tablet. 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 examples, you can’t just put your goods on a truck and send them to 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, the 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 the 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 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 new value of your current assets
The implementation of IoT in 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 Internet, you still can. By applying IoT solution to existing asset, you can collect data from previously resources.
2. Increase efficiency
- Driver analytics
Drivers play an integral role in the safety and efficiency of your fleet. Transportation applications can pull data from in the cab of your vehicles to report on driver behaviors, such as which hours of the day the vehicle is operating. Tracking the driving patterns of each piece of your fleet allows you to identify best practices for safety and distribute the information to all vehicle operators.
- Predictive weather analytics
Telematics technology reports on the weather along the driver’s route. By analyzing that weather, people are able to redirect the vehicle to keep them on roads with safer conditions. The alternative route improves safety and prevents prolonged delays.
- Fuel tracking
Sensors can keep track of tire pressure, oil levels, leaks, battery health, etc. When a vehicle needs a maintenance, people avoid the long-term problems of missed maintenance.
- Preventative maintenance
Sensors can keep track of tire pressure, oil levels, leaks, battery health, etc. Also, when a vehicle needs a maintenance, people can avoid the long-term problems of missed maintenance thanks to IoT fleet management alert. Moreover, remote access maintenance lowers costs because sensors can catch issues that would otherwise require a manual inspection of the vehicle.
- Inventory care and tracking
If the fleets are carrying inventory, IoT technology can track the inventory as it passes from location to location. It can also improve the likelihood of the inventory arriving in the proper condition.
The IoT fleet management system embedded in different components of a car. The data analytics can analyze the future outcomes of the component based on its performance. This solutions also help prevent its car parts from sudden breakdown.
- Greater visibility
A number of accidents could be prevented if fleet managers had access to insightful data like over-speeding, adherence to traffic laws, idling time, driver behavior, vehicle performance etc. The implementation of IoT provides a central pane for fleet managers to get a unified view of all critical aspects of their operations.
- Process automation
From intelligent automated routing algorithms that take into account factors like traffic, weather and type and size of vehicle, to solutions that take care of compliance requirements, IoT is driving digitization and automation of processes that used to be time-consuming and labour-intensive till now.
For example, Track360 fleet management software can provide you with more visibility, insights and efficiencies. If there is any sudden breakdown, this system alerts the driver alerts about probable malfunctions. Consequently, the driver can make cost-effective and time-saving steps to avoid component failure while driving.
3. Gain actionable information
Managing operations of hundreds of fleets implies handling a large amount of data. Before 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 into a cloud application. Then, through different analytics features, fleet operators can easily monitor different parameters.
6 benefits of 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 dashboard, smartphone or desktop
- Track traffic conditions on road
- Route management
- Time management
4. Save money
Fleet 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 which component you need to lower costs as well as respond more quickly to both issues and opportunities.
5. Create new revenue streams
When it comes to IoT, everything is connected and managed. Hence, IoT will help company 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 innovation
In the future, IoT brings an ultimate platform to dream, think and act big. Your fleet management will become more quickly and more intelligence with data. In addition, with the development of 5G, IoT, artificial intelligence, the blockchain, devices and network will communicate more efficiency.
The future of fleet management in IoT
Nowadays, 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?
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Do you want a total solution provider in fleet management industry?
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