How IoT has Revolutionized Fleet Management?
2018- The year to improve modernized technologies, that brings greater efficiencies and improvements to businesses worldwide. IoT plays an important role in fleet management, by connecting applications to deliver the data and services that make fleet operations safer, greener, and more cost-effective.
IoT-The internet of things created a tremendous impact on fleet management with machine-to-machine (M2M) solutions to make the smart city come alive. With IoT for fleet management we can not only keep in track of vehicles but also monitor high-value assets in remote locations.
Fleet operators must strive to achieve the lowest possible total cost of ownership (TCO) for their fleets while complying with increasingly stringent environmental and safety regulations. Fuel consumption, route management, driver performance and vehicle maintenance all play a part in this goal.
The Internet Of Things Revolutionizes Fleet Management
How much attention do you pay to the tire pressure for your car? Maybe you check it whenever you visit the gas station? But do you know that the pressure and temperature fluctuations can have a dramatic effect on the life span of the tire? While for individual users, it may not have such a great impact on the overall vehicle maintenance cost, but fleet operators, who have hundreds of vehicles, understand the importance of the right tire pressure and its impact on the overall tire maintenance costs – so much so that just maintaining the right tire pressure in their vehicles, depending on the vehicle size and load, can save them thousands of dollars of annual maintenance costs.
Tire pressure is one of the many aspects of optimal fleet management – fleet operators are working towards lowering the total cost of ownership through appropriate route management, fuel consumption optimization, increased safety, driver performance management, and vehicle maintenance.
Internet of Things is gaining popularity at a rapid pace and we are moving towards a truly connected world. According to a new report by Research and Market, The IoT fleet management market is projected to reach USD 8.28 billion by 2021.
Such widespread adoption of IoT will revolutionize many industries. New connectivity options and devices will allow companies to discover innovative ways to work. One such potential beneficiary of IoT is the fleet management industry.
How IoT Works for Fleet Management
The power of the IoT is being harnessed in every possible way to make the world more connected. This inter-connectivity enables us to control every connected object despite being miles away. Just think how smart home apps enable you to control the thermostat from your mobile device. And it continues to expand into new areas like healthcare, retail, agriculture, security, disaster management etc. Fleet management is just the latest industry to be transformed, connecting vehicles and drivers like never before.
In logistics, the supply chain is made up of various stakeholders including manufacturers, transport companies, and retailers. Information sharing and connectivity is essential for all of them. Therefore, IoT has an important role to play in this industry.
Internet of Things in fleet management currently works through 3 main technologies – RFID, GPS and OBD II’s. RFID helps control and track products while GPS and OBD II’s make it possible to obtain real-time information on routes, vehicle maintenance and driving conditions.
IoT essentially makes Vehicle Tracking solutions a lot more efficient, economical, automated, and reliable.
Benefits of the Internet of Things in Fleet Management
Easier and Efficient Operations
Although logistics companies have had connectivity options like mobile phones, GPS sensors etc, IoT offers many new tools, like in-vehicle streaming camera, driver mobile apps etc. making communication easier and prompt. Scheduling, load management, driver and vehicle tracking, and effective routing are some additional benefits offered by the Internet of Things. Besides these GPS and RFID based tools, IoT also covers advanced applications such as weather APIs, traffic reporting, smart parking, maintenance monitoring, driving behaviur monitoring etc.
Another major benefit of IoT in fleet management is the ability to automate various processes. As devices are interconnected and work as part of an integrated process, companies can setup an automatic flow of daily logistics processes and trip planning. Internet of Things also allows logistic companies to move daily operations into the cloud and helps remote tracking of fleets at any time from any place. Process automation through IoT is not restricted to scheduled system. It also helps automate scenarios like broken down vehicle that send automatic tickets to tow trucks; driver receives weather warning notifications, automatic rerouting etc.
Internet of Things has the ability to derive collectivity data from various sensors. This enables fleet management companies to get useful insights into driver behavior, adherence to laws, vehicle speeding and idling etc. These sensors don’t just help in tracking data; they also play an important role in improving performance and diagnostics of problems related to processes and equipment.
Early adopters of the Internet of Things in fleet management will enjoy a distinctive technological advantage over the competition. Proper implementation of IoT reduces overall costs by optimum utilization of resources and improved performance. Collecting, sharing, and acting on real time information helps a company make quick decisions and instant improvements.
These benefits will definitely get any logistics industry excited about using of Internet of Things in fleet management. But the technology is still evolving, and as companies find more and more use cases, Internet of Things will become the lifeline of the fleet management industry.
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