Are you thinking of introducing tracking system into your daily business operations? You won’t regret it, nor do the millions of people who consider fleet tracking necessary for company success. Telematics software can make it easier to stay ahead of the competition and give business owners and fleet managers better insight into fleet operations.
Based on the findings of a new report carried out by MarketsandMarkets, the Fleet Management market is forecast to skyrocket by a Compound Annual Growth Rate (CAGR) of 15.5%, from USD 25.5 billion in 2022 to USD 52.4 billion by 2027.
GPS tracking is an integral element of the fleet management market, worth USD 3.1 billion. MarketsandMarkets analysts foresee the GPS tracking industry yielding a CAGR of 13.1% by 2028, growing to USD 5.7 billion.
Fleet tracking is a specialized type of management system that utilizes GPS tracking to gain oversight of land-based assets (e.g., equipment and employees) and vehicles. Otherwise known as “vehicle-tracking,” fleet tracking is a worthwhile investment for maximized productivity, among many other things we will cover in this article.
How Do Fleet Tracking Services Work?
Fleet management providers usually install GPS tracking devices, cameras, and sensors in vehicles. This technology records and transmits data via a secure cellular network. Once collected, the data is analyzed using a cloud-based software program and distributed among satellite signal-emitting GPS tracking devices.
GPS tracks like RAM tracking give precise vehicle location and other vital data elements, such as traveling velocity, time, engine usage, driving behavior, mileage, and fuel levels.
Why are Fleet Tracking Services So Popular?
Aside from the apparent perks associated with improved route planning and time management, fleet tracking services can maximize vehicle utilization, enhance fleet security, and reduce the cost of insurance, fuel, and maintenance.
According to a report published by Grandview Research, the rising adoption of advanced technology and the growing need for robust vehicle security/safety fuels the fleet tracking market’s rapid growth. Economic recession threats also push business owners toward cost-saving strategies like fleet tracking.
Integrating Fleet Management Software to Amplify Business Success
The versatility of fleet tracking software makes it an ideal addition to businesses in numerous industries. Industries that benefit from GPS tracking solutions include construction, transportation, airports, agriculture, waste management, emergency response, delivery, healthcare, and food and beverage.
There are plenty of admirable features associated with RAM tracking. Combined, they allow businesses to save money by achieving maximum efficiency and maintaining compliance with essential state and federal regulations, such as rules for driver vehicle inspection reports (DVIRs) and International Fuel Tax Agreements.
Increased profitability is another perk of fleet management, which includes the following features and services:
- Job Scheduling & Tracking – Fleet tracking is designed to make the process of delivery route planning crystal clear from start to finish. These cloud-based systems usually have a digital interface that your team can access on the job and outside working hours. Workers can handle every stage of the job, from acquiring customer-related data – such as documents, photos, and signatures – to job creation and delegation, tracking, calculating, and editing.
- Proof of Delivery Systems – No packages will ever go missing again because your field team can use a smartphone-accessible application to write timed and date notes each time a delivery goes out. Plus, the fleet manager will receive a notification.
- Maintenance Log – Critical vehicle information is accessible in one place with fleet tracking software, which features record-keeping documents, highlighting tool and equipment usage/availability, fuel usage monitoring, maintenance schedules, and inspection information.
- Real-time Notifications and Tracking – Real-time GPS fleet tracking has ample benefits, from improving driver safety using valuable driver behavior insights to swift theft recovery and automatic mileage calculation. Real-time monitoring also eliminates the risk of false time claims among hourly-paid workers.
- Accident Management – Fleet managers can be alerted with the touch of a button using real-time accident management software. This type of technology also proves helpful in obtaining eye-witness reports.
- Expense Management – Gain real-time visibility into business expenses to pinpoint unnecessary costs. Analytics and reporting of this kind will aid you in budgeting, cost-saving, and making well-informed financial decisions.
- Breakdown Reporting – Fleet management software offers a seamless solution where drivers can swiftly contact their employer to organize roadside assistance after a breakdown. Multiple drivers can access breakdown service information in real-time using application-enabled reporting features, meaning they know when the driver is ready to continue on their route.
- Vehicle Tracking – A reliable fleet tracking management provider will provide solutions for various vehicle types, including vans, trucks, cars, trailers, buses, construction equipment, and electric vehicles (EVs).
- Video Surveillance Software – Including dash cams, front and inside facing cams, and multi-camera systems for total visibility.
- Vehicle Checks – Daily vehicle checklist templates will ensure your fleet is maintained to roadworthy standards.
Preparing a Reliable Fleet Management Strategy
Asset downtime is quite high for vehicles proving the importance of kick-starting a fleet maintenance program. Your strategy influences how you’ll oversee, run, and get the most out of your fleet daily, so take the time to do it right.
A well-executed fleet management plan will amplify efficiency and output in alignment with your organization’s strategic priorities. To develop a fleet diagnosis, set aside some time to obtain the following data:
- Asset inventory, including commercial vehicles and equipment
- Driver profiles
- Vehicle condition documentation
- Monthly vehicle traveling distance
- Total expenses
Using the abovementioned information, sit down with your team members to prepare a fleet management plan and a list of guidelines, including business targets, deadlines, and critical performance metrics.
Remember that the choices you make at this stage will impact your company’s chances of success or failure, so make sure your goals are achievable and dedicate enough time to monitoring achievements utilizing tracking technology.
Conclusion
Investing in fleet tracking services should be considered a long-term relationship. When finding a provider, consider your budget, the company’s location, expertise, warranty agreements, insurance/coverage, and parts inventory.
It is also advisable to read testimonials from past and existing clients. Focus on companies with reasonable customer retention rates since this proves they can manage vehicles in all industries.
