Fleet management is one of the major verticals when we elaborate on today’s advance business processes. With the boom of IoT, the Fleet Management segment has seen immense growth and revitalization. From providing driving details, vehicle maintenance report, green fleet initiatives, etc. IoT plays a tremendous role in making this task successful and popular. Now, you can monitor your assets as it travels, monitors their health remotely and reroute your team to put them on the safest and most efficient path available. The use of IoT in various industries has created huge growth for the business.
Today, for knowing your product’s status you just need to track it by mentioning a specific code or number and this is what fleet management does in major form.
By using fleet tracking software one can optimize routes, save money on fuel and maintenance, and ensure drivers obey the rules.
Plus, many programs offer tracking capabilities for trailers, refrigerated trucks (reefers), and other types of equipment. The importance of fleet management can be understood by those people who are running their huge businesses on the basis of fleet management.
While talking with Nitisha from BISinfotech, Srinivas Chitturi, CEO & Co-Founder, MTAP Technologies, Sameer Mahapatra, Country Sales Head-India & SAARC – Aeris Communications and Anand Kumar Seethala, Director, CTPL- Containe Technologies Pvt. Ltd explains the market situation and upcoming trends across the fleet management industry.
Fleet Management Adoption
Elaborating on one of its flagship products tailored for this industry, Sameer highlighted on the Aeris Smart Fleet Platform, which offers a single connected platform and telematics solution called AerTrak for the fleet owners. It comes with unique features to help maximize fleet efficiency and operational excellence. The unique value proposition of this innovative platform lies in its ability to address three of the biggest challenges that fleet owners face – reducing accidents, instances of theft and improving efficiency. He also mentioned, Aeris is uniquely positioned to cater to the needs of the fleet owners with flexible commercial models, deployment capabilities and 24*7 multi-lingual helpdesk.
Sameer also shared that, India’s leading footwear brand Paragon deployed an integrated IoT solution and managed services from Aeris in partnership with Sify. As a first step towards digitizing their supply chain, Paragon decided to implement the Aeris IoT solution across its nation-wide fleet, thus making them a single connected entity.
On the other hand, Srinivas’ noted, MTAP Technologies works with a high-level technology, which not only provides details of the fleet but also predicts risk and acts accordingly. He says remote engine cut off in case of emergency or risky driving behaviour. Improved transparency of fleet operations, real-time updates, webcams, and SOS buttons work to improve safety. If a vehicle breaks down then the system can send automatic ticket notification to tow trucks and nearest service stations. Drivers are updated about weather warnings or road conditions in real-time so that a new optimized route can be selected.
So, after reading that one can realise that by using IoT, fleet management has become easiest nowadays.
Sensors-equipped vehicles send automated signals and early warning alerts when the monitored parts need maintenance or are close to failure. Along with this, alerts for low battery, coolant temperature or engine maintenance can help in providing preventive maintenance – all such factors help vehicles run safely for a longer duration, mentioned Anand. He said, typically, the driving style and driver behaviour greatly affect fuel efficiency. Things like unnecessary idling, accelerating and decelerating patterns, breaking habits, average speed and so on affect fuel efficiency. Using IoT, fleet managers can track all such data through embedded sensors and work with the drivers to improve fuel efficiency.
Fleet Management during COVID
There was a huge loss during the Covid pandemic, but fleet management companies have proactively participated to serve the country. During the Covid-19 crisis and lockdown, Aeris technology helped the law enforcement and disaster management agencies in multiple cities for improving response time to crisis with faster mobilization of police vehicles via live location tracking, enabling better coordination between the police vehicles and faster action for crisis management, shares Sameer.
During the Covid situation, many companies faced dire consequences while adopting newer strategies and reaching the last mile to cater to their customers.
Srinivas emphasized this issue and said, like other companies throughout the world, we were hugely impacted by the pandemic. The pandemic has made us reconsider our business module. We created and launched new products like Safebus, MTAP Technologies, and Autoroutes and tweaked our software to incorporate social distancing rules. With schools opening up and the danger of covid-19 still present, we saw a need that could be fulfilled so we launched internationally, Safebus, a School Bus tracking app that provides a host of security features to protect students from accidents and Covid-related dangers.
Safetrax is a flagship product that enables the organization and management of employee transport for companies. The algorithm of MTAP Technologies is pretty robust and can provide highly customized solutions for clients. They also launched SafetraxGo which is a lite version of Safetrax. It’s a standard tracking app with basic features for clients with a smaller budget, who do not need the level of customization that the company provide.
Srinivas also said that e-commerce is another sector that we forayed into. The results have been positive so far. Apart from new launches, we worked on catering to smaller companies in essential sectors with 100-200 employees that could not run on a work from home model. Internally, we suffered the same problems as everyone else. Working from home was a new challenge to overcome but we decided to take the positive approach. We took the time to reconsider our strategy and adopt a new perspective for our way forward. We’re helping people and companies get back on track as we do the same.
IOT Fleet Management solutions serve to move the industry towards connected fleets. This is a world in which you can follow your assets as they travel, monitor their health remotely and re-route your team to put them on the safest and most efficient path available.
Anand says fleet managers can track driving patterns to pinpoint best and worst practices to enable careful and cognizant drivers. Efforts to go green move in tandem with cost-saving initiatives, backed by data to mobilize programs that protect your budget and the planet. Connecting your fleet makes your drivers better, your budget tighter and your vehicles safer. All of which makes your job easier. So, during pandemic, these services play a huge role and it has proven impactful also.
Challenges and Market Statistics
According to a research report by Marketsandmarkets, the global fleet management market size is expected to grow from USD 19.9 billion in 2020 to USD 34.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period.
The growth of the market can be attributed to the cost benefits versus Software-as-a-Service (SaaS) and cloud-based deployments of fleet management solutions. The primary factors driving the growth of the fleet management market include the increasing government regulations and the need for optimization of fleet operating expenses. The other factors supporting the market growth include the decreasing hardware and software costs and the growing need for operational efficiency among fleet owners.
While focusing on challenges, Srinivas says that the greatest and immediate challenge for us is to adapt to a post-pandemic world. We are still waiting for things to settle down to establish new patterns of living. Whatever the outcome, we’re focusing on making our technology as flexible and customizable as possible.
He also says, before the pandemic, we were headed into a world where smart cities we’re the norm. IoT is the foundation on which smart cities, where every system is interconnected for maximum transparency and efficiency, are built. The pandemic has heightened the need for smart cities and we want to be frontrunners in driving the transition.
The Indian market is undergoing precedent changes due to heavy regulatory policies, changes in customer preferences, increasing adoption of technology, and digitalization. The proliferation of network and mobile phones is also aiding traceability and accessibility of vehicles that have led to the adoption of connected business solutions, mentioned Sameer.
Future Fleeting with IoT
Over the past many years, CTPL had an opportunity to interact with thousands of fleet operators all over the Nation and helping them to solve their business problems using technology, through the implementation of the right IoT – ‘Internet of Things’ solutions, we could switch them with modern capabilities and help them increase their operational efficiency, convenience, safety and reduce the overall costs, explained Anand.
Srinivas sees himself entering the indoor tracking, Bluetooth transport products and logistics space as well. He wants to have 360 degrees of transport management solutions for which IoT is crucial.
Aeris is uniquely positioned to cater to the needs of the fleet owners. Aeris has created a unique IoT ecosystem for enterprises, the financial sector, original equipment manufacturers (OEMs), technologists, system integrators and solution providers across many vertical sectors. With flexible commercial models, deployment capabilities and 24*7 multi-lingual helpdesk, we empower enterprises to optimize human intervention and attain real-time remote monitoring of machines, equipment, and other assets along with predictive and preventive maintenance of various products and assets within enterprises, shared Sameer.
While talking about its upcoming projects, Sameer shared, Aeris has already launched the connected eBike and connected eRickshaw IoT based solutions in the electric vehicle segment. Now, we are helping the industry to solve one of the biggest pain areas – the theft of batteries from sites and electric vehicles. With the resale value of 50% of original cost & no clear identification marks, batteries for electric two, three and four-wheelers and even eRickshaws are some of the favourite items targeted by thieves. Aeris is helping our EV clients prevent Battery theft with the help of the Battery Swap Management Platform.
Whereas, MTAP Technologies is planning to put its best minds at work to optimize EV transport when it finally hits Indian roads in mass.
No doubt, IoT has changed the world in a different way by making everything only one button ahead. It has a diligent impact on our day to day life by extending new cognizance in every walks of businesses. There are some reports which predicted that we may see 28 billion connected objects by the year 2021. In a simple way, we can say that IoT is the backbone of the fleet management industry. In the upcoming time, we will see more developments, which will surely attract huge growth for this nascent yet booming industry.