A vehicle fleet costs money to a business, with the average total cost of ownership (TCO) for a light-duty car ranging from $5,000-$8,000 per unit per year. Given the prohibitive costs, fleet management is vital to maximize gains from using vehicles and to lower operational costs that will improve efficiencies. Fortunately, technology is also keeping pace to improve fleet management and enhance the performance of a vehicle or a pool of cars that a business owns. From artificial intelligence to big data, developments in technology are expected to benefit both businesses and clients. The best technological advancements are redefining fleet management as a whole. In order to improve the efficiency of fleet vehicles for your business, read on to learn about the important technologies to improve the efficiency of business vehicles.
Dynamic Routing Services
Dynamic routing services are major technical applications empowering efficient business vehicles. These services use traffic updates, GPS systems, and roadwork or construction schedules to determine the most efficient route for fleet vehicles. The route you take means everything. The faster fleet vehicles reach their destination, your efficiency is greatly improved. Dynamic routing applications operate using real time monitoring systems to constantly provide you up-to-date results. When properly integrated, dynamic routing software maximizes efficiency by saving your business time and money. Simultaneously, it automates your route calculation process on a more frequent basis. Consider dynamic routing services and other high tech car accessories in order to improve your business fleet efficiency.
Automated Platooning System
Platooning systems are one of the largest technologies improve business vehicle efficiency. These systems are powered by technologies like artificial intelligence. Artificial intelligence is making headway in the way businesses operate. For instance, autonomous fleet will play an important role in reducing overhead costs in the trucking industry. Considering that about 65% of America’s consumer goods are moved by trucks, full autonomy will save about 45% of operating costs for the industry according to a McKinsey report.
The semi-autonomous driving technique involves equipping trucks with sensors and vehicle communication systems. The communication platforms additionally use a variety of modern tech applications to ensure efficient performance. Vehicles forming platoons, travel at high speeds close to each other. Forming a platoon of vehicles is viable or as part of self-driving cars. Smart vehicles equipped with artificial intelligence can join or leave platoons which maximizes use of highway space. The system improves safety, reduces costs, and increases energy efficiency. To date, Volvo trucks and Alphabet’s Waymo are leading in platooning trucks with the latter operating in the Atlanta area in particular.
Technical Vehicle Management
Modern tech greatly improves overall vehicle management procedures. Innovative car gadgets and systems greatly improve your fleet management processes. Before buying a vehicle for your business, it is vital to study the range of models comparing price, performance, and maintenance costs. Remember that the acquisition price of a vehicle is just one of the many costs of owning a vehicle. Fuel, which represents 60% of a fleet’s operating costs, will be as substantial an expense as insurance and maintenance. Moreover, should the vehicle break down, you also have to include repair costs.
Advanced technical applications are essential to strengthening overall fleet management procedures. For those in the trucking industry or whose business involves moving cargo, fleet management is a crucial component. Fortunately, technology can help improve the costs of fleet management. For one, electronic monitoring will enable you to track your vehicles in real time letting you know if drivers are following routes and schedules. It also offers mobile solutions enabling managers to assign or cancel jobs anywhere to optimize routing.
Digital Maintenance and Trouble Shooting Tools
Modern tech applications are essential for business vehicle maintenance and troubleshooting tools. Advanced tech integrated into business vehicle collects large amounts of essential data. Data gathered from the vehicles is useful in fleet maintenance and diagnostics. Together with human input, data generated by machines can provide predictive insights. For example, detecting urgent vehicle fault codes that need immediate action can maximize downtime. By addressing urgent repairs, a company reduces disruptions in their operations.
New innovative care gadgets also allows you to troubleshoot vehicles remotely eliminating costly trips to the garage which could otherwise be done from your end. This will include resetting pilot lights and false error codes or basic maintenance procedures that could be done in-house. Doing so ensures the safety of vehicles avoiding liability compensation losses and higher insurance premiums should accidents occur.
Advances in technology help improve vehicle performance and safety. Optimizing efficiencies, reducing operating costs, and maximizing downtime are some of the ways technology can make a significant impact on a business fleet. Big data, autonomous vehicles, and artificial intelligence are examples of technology advancements that are likely to impact how businesses manage their fleet in the coming years.