The rapid expansion of technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) is driving innovation across many industries including transportation, healthcare, and manufacturing. The global AI market size is expected to reach nearly $998 billion USD by 2028. The potential for these technologies to improve fleet management is shifting the industry into high gear. So how does this impact fleet management and how do businesses who own, manage, and/or service fleets respond?
Real-time Fleet Visibility and Insight
Gathering and analyzing data is one of the most challenging and vital aspects of fleet management. AI and IoT provides access to data such as GPS location, job information, vehicle/device performance, traffic data, and route planning. As Fleet Management software tracks each vehicles usage and generates reports for analysis of how and when the vehicles are being used, making decisions about the health and performance of the fleet and tracking job status is easier than ever. These key insights into job performance allow the fleet manager to reduce costs and maximize efficiency by making better decisions based on analytics of past fleet operations.
Predictive Repair and Maintenance
Maintenance and repair are further integral parts of fleet management. AI ensures that potential problems can be predicted and addressed before they even happen. Predictive maintenance gives managers and mechanics ample time for repairs. According to a study by McKinsey, the application of AI to IoT can lead to 10-40% cost reduction and 50% less downtime over traditional maintenance models. Predictive maintenance saves time and resources spent on vehicle diagnostic as well as gives managers a stronger view on the fleet status and condition.
Drivers also can benefit from IoT technologies. Fleet drivers invest numerous hours on the road, and the risks of accidents has only increased. Automatically tracked driver certification, vehicle inspections, and other safety related checks ensures that the fleet operators are performing as safely as possible, reducing risks of accidents and injury. Driver operation data is also made available to fleet managers who can proactively assess performance to identify training needs or to address any issues should they arise.
Artificial Intelligence will continue to expand and evolve as time goes on and newer applications become available. Fleet management will quickly adopt new technologies to become more efficient and streamlined as possible. Annata is at the forefront of fleet software solutions and supports businesses across automotive and equipment to take leaps into the future. Discover more about how Annata can support your business by contacting the experts at Annata today.