Fleet management has been radically transformed by innovations such as smart devices and sensors in the digital age. The IoT-enabled future of the supply chain industry looks promising as more companies across the globe are embracing the technology.

Research predicts the revenue of the global IoT fleet management market will reach an estimated US$15,500 million by 2024. This is not surprising at all because the sector has achieved great strides by being tech-forward.

Key benefits of IoT in fleet management

Real-time vehicle monitoring

The use of IoT in fleet management allows efficient monitoring of the vehicles and associated assets. The two-way communication system records crucial data. It facilitates remote monitoring, allowing operators to track vehicle conditions and ensure driver safety through predictive maintenance and timely delivery of goods in proper condition.

Risk mitigation

Automation through IoT-driven sensors and smart transport systems helps mitigate risks. The system keeps you informed in real-time about any required changes in routes due to traffic congestions or adverse weather conditions.

With an IoT-driven solution, fleet operators have access to vehicle performance data that helps them make informed decisions quickly. Endpoints can be handled remotely, and real-time data is easily accessible over the cloud.

Impeccable customer service

Fleet management centers can integrate smart solutions with their existing ERP systems to optimize performance across all aspects of the business. It helps them drive superior customer experience through higher on-time delivery rates and reduced defect rates.

Cost optimization

The IoT technology helps freight and transportation businesses work more efficiently. Automation eliminates the need for time-consuming operations, and connected devices provide seamless connectivity. Tracking shipments in real-time helps logistics companies optimize costs without compromising customer service and driver safety.

Smart reporting

IoT-powered devices such as the digital tachograph make fleet management reporting intelligent. It records complete data concerning a vehicle’s utilization and shares it in real-time via connected devices. The data helps fleet operators track the vehicle’s health and alerts them regarding upcoming maintenance requirements.

Six ways IoT has revolutionized fleet management

Environment-friendly operations

IoT solutions offer a great way to reduce carbon footprint through sustainable fleet management. These intuitive technologies monitor driver performance and fuel utilization per mile. You can use the data to align your efforts with your green fleet strategy.

It can be used to improve driver behavior through training and adopting route optimization techniques. Vehicle condition tracking allows the identification of service requirements in advance. You can regularly monitor all your vehicles and maintain them in a good condition.

Not only does IoT technology help reduce environmental pollution from idle vehicles, but it also saves money on wear-and-tear repair costs by helping drivers avoid speeding or idling their cars unnecessarily. It reduces the overall impact of your business on the environment.

Preventive maintenance

Vehicles equipped with IoT sensors collect data from endpoints and send automated signals. This feature can generate early warnings or alerts for monitoring crucial parts of a vehicle such as tires, breaks, and so on.

Based on the information collected, fleet managers can identify parts that need maintenance or must be replaced. You can set alerts for low battery, low levels of coolant, changes in tire pressure, fluctuations in temperature, or defective engine.

The preventive fleet management services help vehicles perform optimally. You can change crucial parts such as tires in advance and re-stock spare parts to avoid accidents and ensure all vehicles run safely at all times.

Engine performance

Remote Engine Monitoring & Diagnostics has been a catalyst to improved fleet performance and optimization. Fleet managers can use it to monitor and analyze the critical engine parameters remotely.

The concept uses diagnostics fault codes to understand what may be wrong with a vehicle. In-vehicle data acquisitions provide comprehensive information on how the vehicle performs or if any problems need attention off the road.

In addition, integrated field engineer optimization means less downtime by sending engineers where they are needed most.

Fleet operators can also use IoT for spare part management. Ensure your inventory is stocked as per upcoming requirements so your vehicles would not proceed on the next trip without necessary repairs.

Improved fuel efficiency

The fuel efficiency of a supply chain vehicle is mainly dependent on the driver and vehicle condition. Poor driving behavior such as idling or unnecessary acceleration and deceleration consumes excessive fuel.

It also leads to wear and tear of crucial components such as tires, brake discs, and so on. The performance of improperly handled vehicles depreciates over time, resulting in higher fuel consumption. Using IoT technology allows you to track vehicle performance data in real-time.

You can analyze data such as average speed to identify erratic patterns in driving behavior. It also provides details related to the condition of parts of vehicles. Improved fuel efficiency saves costs for the company and reduces the adverse impact on the environment.

Commendable automation

IoT-driven connected devices can be used to automate procedures and revolutionize fleet management. Fleet managers can automate many processes, such as route planning and maintenance checks.

Different IoT sensors and GPS-enabled smart systems installed on the vehicle send automatic notifications upon detecting a vehicle breakdown or when weather conditions are fluctuating. It reduces human intervention in maintenance checks and saves time.

Automatic rerouting informs drivers in real-time and helps in saving costs while meeting delivery timelines. Route optimization ensures your fleet takes the best possible route to reach the destination on the expected delivery date without increasing fuel spends.

Higher visibility

IoT collects data from different sensors and stores vast amounts of data. It helps companies use these insights to fulfill various objectives such as fleet performance, compliance with laws, driver behavior, idling, or speeding.

IoT enables cargo cars to keep perishable items and food products fresh. Their network of embedded temperature control devices throughout the cargo chain.

The visibility offered by them helps you ensure food items stay at an optimal safe storage level for consumption or transport.

They work by checking on whether items inside the vehicle’s cabin are outside the specified temperature range. The fleet operator is notified directly from within its internal environment-controlled compartment of the fleet.

Technology requirements for fleet management

Fleet managers should equip their vehicles with the latest IoT-enabled devices and wireless technology. Using high-quality sensors enables accurate recording of data at the endpoints.

For precise data collection, you must select a suitable variety or group of sensors depending upon the requirement of your vehicle and products.

You can pick from temperature, pressure, light, humidity, and proximity sensors. OEMs and telematics service providers must adhere to compatibility standards when developing IoT solutions to ensure precise data sensing.

When deploying IoT devices, you must ensure they perform across all networks, including 2G, 3G, or 4G LTE networks. Explore connection options across diverse networks like Wi-Fi and BLE for a cost-effective approach.

You can also experiment with advanced technologies such as Augmented Reality, Blockchain, and Cognitive Recognition to optimize your fleet management strategy.

You may also need custom software and cloud storage for storing and analyzing data. These must enable remote monitoring and controlling of all connected devices.

All IoT equipment used in your vehicle must conform to safety standards to ensure compliance with road safety rules and driving standards of all regions covered throughout the journey.

The combined impact of telematics and IoT

Telematics has fueled a revolution in the logistics industry by making fleet management more efficient.

-The use of technology to track the location and condition of vehicles means that drivers are less likely to get lost, miss deliveries, or run out of gas while driving.

-Modernized fleet management offers fuel efficiency.

-Driver monitoring ensures lesser accidents and penalties owing to poor driving practices.

-Improved safety for both drivers behind the wheel as well as workers on or near highways.

-Decrease in operational costs as fleets will last longer.

-It is now easier to keep track of shipments at all times through connected devices. The GPS tracking software allows fleet managers to monitor their shipments in real-time. You can follow the map and select the best route for on-time delivery.

-One can study valuable data related to vehicle maintenance or fuel management for project cost calculation and optimization.

Over to you

Imagine a world where you can know the location of your fleet within moments and track it in real-time. With IoT, companies save time and costs by decreasing wait times for inspections and conducting proactive maintenance of their vehicles.

They can provide better customer service by ensuring each customer can track their order and minimize delayed delivery instances. They control your fleet and can reduce accidents or delays caused due to miscommunication between departments.

IoT is making the adoption of these changes easier than ever for companies. They are equipped to strategize better and increase productivity by automating routine tasks.

Therefore, integrating information technology improves the performance of your fleet business manifolds. It assures improvement in efficiency and compliance with road security standards.