Connected cars are no longer a novelty or a luxury item theyre almost a standard feature in many markets. The global telematics market is supposed to reach $40 billion by the end of this year, and 88% of all new cars are projected to have telematics solutions by 2025. Just two years ago, connected cars generated over 480 TB of data, and theyre projected to reach 11.1 petabytes by 2020. But its not just the consumer whos using Internet of Things connectivity in vehicles, because the real advantages come when IoT and analytics are used to solve fleet management problems.
IoT Analytics in the Supply Chain
The money-saving opportunities for fleet organizations include reducing lifecycle cost, maximizing asset utilization, predicting customer requirements for proactive fleet management, and preparing for market volatility beforehand, to name a few.
Through Big Data analytics processing, fleet telematics solutions can gather information from sensors in fleet vehicles, connected devices in scheduling logistics dispatch and delivery, sensors in warehouse fulfilment and inventory tracking, warehouse and inventory capacity monitoring tools, and a range of metrics describing cost and scheduling performance associated with outside market factors. Collecting and analyzing this information can provide timely insights for optimizing business processes, identifying cost centers, and adapting operations based on evolving customer demands and external market circumstances, as well as effective allocation of capital, fleet, and human resources.
Fleet Telematics Meets Regulatory Challenges
Interstate or cross-country fleet transportation necessitates investments in telematics solutions capable of tracking a range of metrics. State, federal, and international regulations often require proof of drivers hours and schedule, vehicle maintenance, load balancing, security tracking, fuel and environment management, and adherence to specific taxation and other policies.
Luckily, the technology industry is producing a range of connected solutions that can capture every turn of the steering wheel, pressure on the throttle and brake paddles, and gear changes to track driving habits. Telematics software and sensors can measure vehicle loads and map routes taken to report back to dispatch. The overwhelming rate of data generation creates additional pressure for fleet managers to maximize the returns on telematics technology investments intended to assist in maintaining regulatory compliance.
If you want to learn more about how IoT analytics work with fleet telematics, download this white paper on analytics for global transport.