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How Innovative Fleet Management Solutions Resolve 4 Major Issues Within The Logistics Industry

Adapt Ideations • January 11, 2021

Upcoming fleet management technologies and industry changes have seen the logistics industry grow significantly in recent years.

Fleet management comes with a lot of responsibility and stress. The effective management of vehicle fleets can be difficult with the ever-changing industry, upcoming technologies and subsequent issues that arise. The logistics industry is an important industry to the Australian economy, as it services a wide variety of sectors. The reliable, adaptable and continual operational processes of the logistics industry is imperative not only for logistics companies but for the economy as a whole. Upcoming innovative solutions and industry changes have seen the logistics industry grow significantly in recent years. The global logistics industry is currently worth USD $19.9 billion and is expected to reach USD $34 billion by 2025, demonstrating an annual growth rate of 11.3% as reported by Markets and Markets. This increase indicates a growing global demand for the logistics industry, and as a result a need for greater operational efficiency and efficient fleet management.

A growing concern amongst companies who have their own fleets, is having to deal with increasing amounts of information that arises from monitoring. Whether it be monitoring through digital devices or in-person checks, the information that is received can be plentiful and complex. As the logistics industry grows, the need for consistent monitoring increases, highlighting the greater need for innovative solutions to simplify monitoring. Upcoming IoT enhanced fleet management solutions offer the luxury of near real-time data to be relayed, and easy user interface capabilities. A report released by the Financial Review in 2019 discussed how better use of data collected could save logistics companies AUD $106 billion, increase supply chain optimisation and improve operational efficiency. With all the developments and changes facing the logistics industry, innovative solutions such as Adapt Ideations’ DRIVE assures efficiency of fleet management.

A never-ending concern for the logistics industry is the volatility of fuel costs and the unnecessary trips that occur, leading to millions of dollars going to waste. As explained by Automotive Fleet in 2017, a well-managed fleet will reduce a vehicle’s fuel costs by as much as 40%. A study conducted by Entrepreneur in 2019 found that out of their surveyed businesses, 66% stated that fuel costs could be reduced to a great extent. This is indicative of how a large number of logistics companies believe that greater operational efficiency can be achieved through a well-managed fleet.

The management of teams located across various vehicles in differing locations is undoubtedly complex for the industry to manage. The ability to monitor and have insight into vehicle fleets will enable companies to perceive whether idle time is occurring and allow companies to monitor other key metrics. Automotive Fleet reports that idle and unsuitable driving behaviour is a major reason for high vehicle costs. Speeding, harsh breaking and rapid acceleration leads to a 15-30% increase in the usage of petrol used for each vehicle, as mentioned by Automotive Fleets. Through employing innovative solutions for fleet management, companies can understand key metrics of fleets in use.

Lastly, business downtime due to ineffective fleet management is an issue that can be alleviated through the implementation of an effective fleet monitoring solution. A study by ITIC Corp in 2019 found that an hour of business downtime can cost 98% of businesses over $100,000 annually. This can be due to idle employees, fleets that haven’t been serviced appropriately or simply the mismanagement of vehicles as a whole. The utilisation of innovative solutions for fleet management gives power to companies in the logistics industry as they will be able to have greater insight into their daily operations. Monitoring along with greater transparency is key for greater operational efficiency and effective fleet management.

Adapt Ideations' digital fleet management solution DRIVE can assist the logistics industry to reduce costs and enhance their operational efficiency. The near real-time data gathered from DRIVE, enables the logistics industry to consistently monitor and track the location, distance and engine time of all their vehicles. The fleet management solution is also fitted with accelerator sensors that detects when violations occur. The deviations are met with near real-time alerts which enables businesses to take necessary action. Efficiency is key in achieving operational excellence, which is why all the data is easily accessible on our platform. By implementing an effective IoT enabled fleet management solution, logistics companies can reduce the challenges associated with inefficient vehicle management. Consistent and reliable monitoring of fleets is key for achieving operational excellence within the logistics industry.

Get in touch with us today at enquiries@adaptideations.com to find out how you can revolutionise your fleet management.

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