In the last few years, the global logistics landscape evolved at an unimaginable pace. And why wouldn’t it? It had to keep up with the explosive growth of e-commerce. The growth of this digital marketplace has become a key factor in driving the demand for an efficient fleet management system.
Gone are the days when fleet management was only about ticking a checklist. The fleet management system that we are looking at now is a more complex one. Fleet owners and managers are now looking for options that will give them a better control of costs, safety, inventory tracking and electronic logging depending on government mandates.
While we are still figuring out how to navigate this Amazon effect, on the flipside there is a new generation of fleet management system on the rise. This is unlike anything we have seen before. The new generation is expected to be faster, secure and efficient in line with the emerging technology solutions. This change is going to power rapid growth throughout the industry.
When the race is crazy, and the lap is tricky, it all comes down to the strategic roadmap you build. Early implementation of fleet technologies will give a competitive edge to all early adopters. Market reports predict several trends that will play a major role in reducing operational costs for fleet owners. These include 5G network, telematics and tracking, automation and many more.
Now that we are aware of these trends lets understand how they will fuel the future of fleet management system.
The Rise of 5G network
This not your regular upgrade to the 4G network. 5G will be a lot faster with lower latency. This means that it will let you connect to many devices in your given area. Along with boosting bandwidth and reliability, it is going to open doors for other innovative technologies. If you thought we all know about the potential of IoT, wait till you see it work in synchronization with 5G. This new breed of network is going to unlock the potential of IoT making business accessibility and usage easy. A responsive connection means unfettered communications. With the power of network in the hands of fleet managers they will have visibility over every stage of the journey. Each vehicle in the fleet will be able to share data on routes, speeds, and traffic, essentially making every truck in the fleet responsive to its surroundings.
Cutting Operational Costs
Running a fleet is not easy as it looks. Even if the fleet is recording profit, how much is being spent on maintaining it is the real question. Owners and managers are constantly looking at ways of maintaining a cost-effective fleet. After all it is the key to operational efficiency. Data collected through telematics and tracking of fleet on their location, drive time, etc. can help cut costs. Telematics are responsible to determine real-time diagnostics level. With a customizable dashboard, fleet operators can keep a tab on health of the vehicle, driver’s location and ensure safety. Additional information collected on the acceleration and braking can cut down additional costs of maintenance and extend the life of the fleet.
A fleet tracking system brings productivity, safety, simplified management and cost control to the main frame. Gradually these systems will integrate in smarter systems, robust data analytics and AI. This tool will help fleet managers to communicate seamlessly with all stakeholders.
Technology is making things interesting every single day. Wake up and it is a whole new technology-driven world. Perhaps the most interesting fleet management trend is the autonomous vehicle technology. It has left the drawing boards and now is more of a reality. Virtual cloud solutions will enable fleet vehicles to stay connected with each other. A connected fleet will ensure detection, identification and self-diagnoses of any problems that may impact the operational efficiency. While autonomous vehicles are being tested all over the world, transitioning to autonomous vehicles will not be easy. However, autonomous features that can analyze, sort and manage data will be in demand. The future of the industry relies on technology to make fleet operation safer and more productive. The commercial market will want to leverage systems with integrated safety solutions, telematics and driver assistance solutions.
Keeping Data Safe
A fleet management system is known to capture a lot of data from various points of the logistics journey. This data is used to analyze trends and make informed decisions. This collected data is an asset, therefore it is important to keep all these insights safe. Any breach of data can lead to safety issues. A diligent cyber security system can help boost the confidence of fleet operators. Many fleet managers are focusing on up skilling in IT, as they are now shifting to strategic management. Evaluating this data has become a critical part of the job. As businesses are gravitating towards cloud and software, security could become a big challenge. Protecting this data will require a comprehensive and proactive approach.
Poised to Grow
The Supply Chain and Logistics industry is expected to offer lucrative opportunities for the fleet management business in the near future. Market forecast reports suggest that the American market and the APAC region is expected to boom at the highest rate. These regions currently have the fastest-growing smart fleet management market in the world due to increased global demand.
The demanding delivery timelines are challenging traditional supply chain and logistics models. Businesses must adjust their strategies to provide on-demand and low-cost delivery services that consumers are demanding.
Seeking a technology partner who is aware and experienced in the nitty-gritty of tech is important. They can help you integrate the right solutions into meaningful processes.
We at Cybage are exuberant about how technology is being integrated into shaping the future of fleet management. We have aligned our offerings to match the pace of change. Be it developing cross platform application, plugging tools to simplify operations or making intuitive interfaces, we do it all.
Want to know more on how we can help you benefit from this rising sea of opportunities? Call us today!