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IoT applications for businesses and benefits for the fleet industry

In the near future, even mundane tools like frying pans will be connected to the ‘Internet of Things’ (IoT), allowing them to be controlled by mobile or remote devices. The development of ground-breaking technologies with the potential to connect the world on a grander scale is expanding the IoT at an unprecedented rate. In today’s world, countless tools and devices – from everyday appliances to industrial-scale equipment – are rapidly becoming ‘smart.’ This vast network of connected devices is expected to reshape entire industries. The business value the IoT brings will be profound, ranging from digitizing a company’s operations and improving customer experience to taking preventive measures to safeguard assets and workforce.

The number of IoT-enabled devices is growing at an astonishing rate. Experts report that there are already 7 billion connected devices in circulation, with a predicted 25 billion internet-enabled devices by 2020. The market for connected devices is expected to generate trillions of pounds a year in economic value, and almost all industries will use some form of technology to enhance their business operations.

There are seemingly endless applications of IoT technology for businesses, and certain industries, such as the fleet industry, have already started reaping the benefits of their early investment. Before the emergence of connected device technology, fleet businesses had to rely on crude communication systems and outdated data storage units for record-keeping. In contrast, the superior connectivity of IoT devices and cutting-edge fleet management systems have increased productivity and reduced costs, while providing invaluable insight into vehicle and driver performance. This revolutionary technology offers a myriad of improvements for managing a fleet business. Let’s take a look at some of these benefits and developments in detail.

Preventive Maintenance

Maintenance costs, spare parts, and servicing fees can rack up to thousands of pounds even for SMEs (small and medium-sized enterprises). The standard procedure for fleet maintenance is to schedule regular service appointments, but this increases the likelihood of breakdowns that require immediate repairs. It also increases repair bills due to unnecessary repairs and conducting maintenance on healthy vehicles. IoT devices provide detailed information into vehicle wear and tear and remote access to engine error codes, which has completely changed how fleet businesses handle maintenance cycles. Operators can send damaged vehicles for preventive maintenance, significantly lowering expenses and repair fees and preventing unforeseen downtime.

Customer Experience

We live in an age of information in which both individual customers and large enterprises are demanding more and more information about their orders. The unparalleled connectivity of IoT brings universal accessibility and high-speed data flow, which provides operators with the ability to share real-time information with clients. With minimal resources, companies can inform customers when their order will arrive, how their goods are being transported, and their condition during transfer, giving fleet businesses an innovative tool to immensely improve customer experience and satisfaction.

Productivity

IoT-enabled operations can have a dramatic impact on the overall productivity of fleet businesses. By detecting substandard driver behavior and ensuring adherence to company policies, companies can prevent driver-related issues and increase the quality of service they provide. IoT sensors measure, record and transmit essential vehicle and driver data, giving fleet managers eyes and ears on every step of their operation. Cloud-based tracking software allows operators to analyse risky driver behaviours such as speeding, idling and harsh braking while preventing downtime by keeping fleet vehicles in optimum condition. Real-time access to fleet data improves productivity by eliminating issues before they pose a problem.

Our homes have already been invaded by smart technologies such as Amazon’s Alexa or the Google Assistant. They help plan our daily lives down to the last detail. Businesses are similarly benefitting from this pioneering technology but on a much larger scale; IoT-enabled devices and applications support business owners and managers with their decision-making process and streamline their operations. The fleet industry is thriving with the advanced capabilities of IoT, as we step into a new age of communication, connectivity, and business.

Note: This is a guest blog by Ekim Saribardak, Web Development Director, Rewire Security