Innovations and Trends in Modern Fleet Management
Like any other industry, the fleet management sector is also evolving by taking up technology, inclining towards green initiatives, and focusing on global regulatory demands. Staying ahead of the curve requires fleet managers and relevant business stakeholders to be familiar with the innovations and trends in the field.
Some of these trends include electric vehicles, route optimization, autonomous trucks, and telematics. On top of that, fleet management solutions like Trackunit are also becoming commonplace due to their ability to facilitate connectivity for on-site fleet operations, prevent vehicle theft, and boost productivity. Learn how Trackunit facilitates vehicle telematics here: https://trackunit.com/articles/what-is-telematics-for-vehicles/.
In this guide, we look at new trends in fleet management. We also discuss the innovations paving the way for the industry’s future.
Top trends and innovations in fleet management
While most innovations in the field are tech-based, modern fleet management trends depend on good management practices. Here’s a round-up of some trends and innovations to adopt moving forward.
Electric vehicles
Electric vehicles are becoming increasingly common worldwide. In the fleet management industry, they improve vehicle performance, minimize emissions, and reduce operating costs.
However, EV adoption isn’t easy. Vehicle-to-grid integration and smart charging solutions are required to make this solution work. Plus, fleet-based industries have to invest in electric vehicles and equipment, which is another added cost. This can be harder to come by for heavy equipment and machinery, such as those used for construction.
Despite these hurdles, many industries will move toward EVs in the future due to their advantages over conventional fleets. Many startups also facilitate EV fleet adoption through solutions like leasing models and innovative financing.
Remote fleet management
The COVID-19 pandemic made many things remote, including fleet management. Thanks to the availability of mobile solutions, fleet managers can now control fleets from anywhere in the world. Even after the social distancing regulations have eased up, the remote and hybrid working trend has persisted.
Fleet management software allows managers to do everything from communicating with their operators to getting alerts for vehicle maintenance. This is especially helpful for companies whose fleet spans multiple job sites simultaneously.
AI and automation in telematics tracking
Telematics isn’t entirely a new concept in fleet management. Forbes experts predict that the integration of AI in telematics will be the “next evolutionary step” in the industry.
Nowadays, fleets are bigger and more versatile than ever. That means fleet managers have to handle vast amounts of data regularly. AI can help managers collect, store, and analyze this information for better decision-making and operational efficiency.
AI is, or will likely be used, in the following areas in fleet management:
● Asset utilization: Fleets, especially in off-road use cases and construction sites, are often underutilized. Through algorithms, AI can help optimize processes, improving order assignment.
● Predictive maintenance: Frequent downtime is one of the factors that causes construction projects to run over budget and past deadlines. With an AI solution, fleet managers can instantly get an update about a potential vehicle breakdown. Timely alerts will allow proactive vehicle maintenance to minimize downtime.
● Inventory optimization: AI algorithms can also help fleet managers predict inventory needs for current and subsequent projects, helping them stay within their purchasing power and project needs.
Fleet data analytics
Half of the world’s organizations currently use data to drive decision-making. So, it only makes sense for fleet managers to do the same.
Large-scale data collection is an emerging trend in modern fleet management since it allows fleet managers to make decisions about:
● Asset utilization
● Customer satisfaction
● Fleet operations
● Fuel efficiency
● Overall cost-effectiveness
Some solutions fleet managers use in data collection and analysis are machine learning, cloud computing, real-time data gathering, blockchain, and edge computing. 5G is also a major contributor in this regard, as it offers faster speeds and improved connection security.
Autonomous fleets
The mining industry has already begun to test the functionality of autonomous vehicles. This trend has entered the construction industry too, where players like SafeAI are retrofitting construction equipment like loaders, bulldozers, and dump trucks.
While this is a relatively slower innovation, it will become a huge part of fleet management in the next few decades. Autonomous vehicles help improve operational efficiency and reduce the need for manual labor.
However, they will also have different fleet management needs. For instance, autonomous vehicles will need their own set of safety protocols. Legal implications surrounding autonomous fleets will also come into play.
Green initiatives and sustainable practices
Considering the concerning rate of climate change, it’s about time all industries become more eco-friendly. The fleet management sector has also recognized the need for sustainable practices.
Some green trends in the industry are:
● Sourcing sustainable fuel alternatives, like clean diesel and hydrogen fuel cells
● Using sustainable materials
● Recycling waste
● Using fuel-efficient vehicles
On a smaller scale, fleet managers are shifting to software-based data management and tracking rather than loads of paperwork.
Fleet cybersecurity
Since fleet management is now becoming software-based, the trends around following cybersecurity practices are also more evident now. Fleet managers must comply with cybersecurity frameworks to protect their data against malicious activity.
To do this, they must adopt preventive and proactive measures. Some of them include firewalls, antivirus software, encryption, and authentication.
Drivers and other stakeholders must also undergo cybersecurity training to ensure they know their roles in keeping the data safe. Many fleet-based industries have adopted biometric solutions and cloud-based platforms to improve cybersecurity.
V2X (Vehicle-to-everything) communication
V2X is exactly what it sounds like. The technology allows communication between vehicles and equipment and infrastructure.
For instance, for off-road equipment, a vehicle could detect issues on the job site for easier data collection. Fleet managers can use these solutions for real-time vehicle tracking and route optimization. V2X will also be paramount to the widespread adoption of driverless and operatorless vehicles.
Final words
With the current rate of innovation, it can often be hard to keep up with trends. But relevant stakeholders should understand that trend adoption is the way forward.
Even if you don’t have the budget, time or capacity to take on drastic changes like a fully electric fleet, you can start with small steps. Start with telematics integration, data analysis, AI, automation, and cybersecurity practices.
Also, keep an eye out for new trends through industry connections and online channels. Adopting new innovations and jumping on the trend bandwagon will keep you competitive in the growing fleet industry.
Like any other industry, the fleet management sector is also evolving by taking up technology, inclining towards green initiatives, and focusing on global regulatory demands. Staying ahead of the curve requires fleet managers and relevant business stakeholders to be familiar with the innovations and trends in the field.
Some of these trends include electric vehicles, route optimization, autonomous trucks, and telematics. On top of that, fleet management solutions like Trackunit are also becoming commonplace due to their ability to facilitate connectivity for on-site fleet operations, prevent vehicle theft, and boost productivity. Learn how Trackunit facilitates vehicle telematics here: https://trackunit.com/articles/what-is-telematics-for-vehicles/.
In this guide, we look at new trends in fleet management. We also discuss the innovations paving the way for the industry’s future.
Top trends and innovations in fleet management
While most innovations in the field are tech-based, modern fleet management trends depend on good management practices. Here’s a round-up of some trends and innovations to adopt moving forward.
Electric vehicles
Electric vehicles are becoming increasingly common worldwide. In the fleet management industry, they improve vehicle performance, minimize emissions, and reduce operating costs.
However, EV adoption isn’t easy. Vehicle-to-grid integration and smart charging solutions are required to make this solution work. Plus, fleet-based industries have to invest in electric vehicles and equipment, which is another added cost. This can be harder to come by for heavy equipment and machinery, such as those used for construction.
Despite these hurdles, many industries will move toward EVs in the future due to their advantages over conventional fleets. Many startups also facilitate EV fleet adoption through solutions like leasing models and innovative financing.
Remote fleet management
The COVID-19 pandemic made many things remote, including fleet management. Thanks to the availability of mobile solutions, fleet managers can now control fleets from anywhere in the world. Even after the social distancing regulations have eased up, the remote and hybrid working trend has persisted.
Fleet management software allows managers to do everything from communicating with their operators to getting alerts for vehicle maintenance. This is especially helpful for companies whose fleet spans multiple job sites simultaneously.
AI and automation in telematics tracking
Telematics isn’t entirely a new concept in fleet management. Forbes experts predict that the integration of AI in telematics will be the “next evolutionary step” in the industry.
Nowadays, fleets are bigger and more versatile than ever. That means fleet managers have to handle vast amounts of data regularly. AI can help managers collect, store, and analyze this information for better decision-making and operational efficiency.
AI is, or will likely be used, in the following areas in fleet management:
- Asset utilization: Fleets, especially in off-road use cases and construction sites, are often underutilized. Through algorithms, AI can help optimize processes, improving order assignment.
- Predictive maintenance: Frequentdowntime is one of the factors that causes construction projects to run over budget and past deadlines. With an AI solution, fleet managers can instantly get an update about a potential vehicle breakdown. Timely alerts will allow proactive vehicle maintenance to minimize downtime.
- Inventory optimization: AI algorithms can also help fleet managers predict inventory needs for current and subsequent projects, helping them stay within their purchasing power and project needs.
Fleet data analytics
Half of the world’s organizations currently use data to drive decision-making. So, it only makes sense for fleet managers to do the same.
Large-scale data collection is an emerging trend in modern fleet management since it allows fleet managers to make decisions about:
- Asset utilization
- Customer satisfaction
- Fleet operations
- Fuel efficiency
- Overall cost-effectiveness
Some solutions fleet managers use in data collection and analysis are machine learning, cloud computing, real-time data gathering, blockchain, and edge computing. 5G is also a major contributor in this regard, as it offers faster speeds and improved connection security.
Autonomous fleets
The mining industry has already begun to test the functionality of autonomous vehicles. This trend has entered the construction industry too, where players like SafeAI are retrofitting construction equipment like loaders, bulldozers, and dump trucks.
While this is a relatively slower innovation, it will become a huge part of fleet management in the next few decades. Autonomous vehicles help improve operational efficiency and reduce the need for manual labor.
However, they will also have different fleet management needs. For instance, autonomous vehicles will need their own set of safety protocols. Legal implications surrounding autonomous fleets will also come into play.
Green initiatives and sustainable practices
Considering the concerning rate of climate change, it’s about time all industries become more eco-friendly. The fleet management sector has also recognized the need for sustainable practices.
Some green trends in the industry are:
- Sourcing sustainable fuel alternatives, like clean diesel and hydrogen fuel cells
- Using sustainable materials
- Recycling waste
- Using fuel-efficient vehicles
On a smaller scale, fleet managers are shifting to software-based data management and tracking rather than loads of paperwork.
Fleet cybersecurity
Since fleet management is now becoming software-based, the trends around following cybersecurity practices are also more evident now. Fleet managers must comply with cybersecurity frameworks to protect their data against malicious activity.
To do this, they must adopt preventive and proactive measures. Some of them include firewalls, antivirus software, encryption, and authentication.
Drivers and other stakeholders must also undergo cybersecurity training to ensure they know their roles in keeping the data safe. Many fleet-based industries have adopted biometric solutions and cloud-based platforms to improve cybersecurity.
V2X (Vehicle-to-everything) communication
V2X is exactly what it sounds like. The technology allows communication between vehicles and equipment and infrastructure.
For instance, for off-road equipment, a vehicle could detect issues on the job site for easier data collection. Fleet managers can use these solutions for real-time vehicle tracking and route optimization. V2X will also be paramount to the widespread adoption of driverless and operatorless vehicles.
Final words
With the current rate of innovation, it can often be hard to keep up with trends. But relevant stakeholders should understand that trend adoption is the way forward.
Even if you don’t have the budget, time or capacity to take on drastic changes like a fully electric fleet, you can start with small steps. Start with telematics integration, data analysis, AI, automation, and cybersecurity practices.
Also, keep an eye out for new trends through industry connections and online channels. Adopting new innovations and jumping on the trend bandwagon will keep you competitive in the growing fleet industry.
