4 Benefits of Internet of Things (IoT) in Fleet and Asset Management

Internet of Things (IoT) has helped extend internet connectivity beyond standard protocol with the creation of a network of smart devices throughout the world. It provides remote access to all types of information derived from vehicles, appliances, smart devices and other everyday objects. The power of IoT leads to a more connected world with enhanced standards of living. It shows great promise to the continued development of smart technologies in a wide range of fields such as government agencies, agriculture, transportation, manufacturing, and disaster management. Fleet and asset management is one such sector IoT is transforming by connecting vehicles, assets, operators, mechanics, drivers and management like never before. It has led to the integration of communications, controls, and information processing.

The IoT platform has enhanced the connection and information sharing between the asset manufacturer, asset management software vendor, the organization/agency/company utilizing these tools, and its customers, proving the importance of its role in the industry. The internet of things in fleet management currently works through the implementation of GPS, RFID and OBDs. RFID (Radio Frequency ID) helps to control and track products while GPS (Global Positioning Systems) and OBDs (On Board Diagnostics) provide information routing, vehicle maintenance, and driving conditions. It can also provide information on cargo and assets using various sensors and send specific alerts when management exceptions occur. IoT technology has made the fleet management industry efficient in the following ways.

IoT and green fleet initiatives

There have been initiatives throughout the fleet industry to push towards greener solutions and to reduce carbon footprints within organizations in recent years. IoT helps to facilitate these instruments of change. Fleet managers can identify the variations in fuel efficiency due to driver behavior and other issues through embedded and retrofitted sensors depending on the make and model of the Asset. It is possible to comply with environmental regulations by managing driver behavior and reducing CO2 emissions. IoT allows fleet managers to give real-time coaching and advice to drivers based on traffic, weather and road conditions and to save fuel costs by controlling routing. IoT allows for optimal utilization of resources by reducing idling and speeding and thereby reducing costs and environmental impacts. These insights can also justify the sourcing and implementation of electric and alternatively fueled assets/vehicles within an organization when practical.

Accessibility and leveraging of usable metric driven data

IoT allows for easier collection of data such as fuel consumption, speed tracking and vehicle utilization enabling faster responses to potential risks that can damage the health of both the fleet and drivers. Information such as driver behavior allows fleet managers to make better informed decisions for improved efficiency and intelligent fuel consumption. Digital capturing of data can help improve processes and fleet productivity. The data gained through various sensors embedded in the vehicle provides valuable insights into adherence to traffic laws, detours taken, and the frequency of braking, speeding and idling. IoT allows the fleet manager to always be aware of the geographical position of the vehicles. This ensures compliance with established routes and schedules identifying and confronting potential problems before they turn into larger issues that can jeopardize customer satisfaction, increase costs, and impact driver and public safety.

Automation & real-time notification

IoT allows automatic rerouting, automation of scenarios such as sending instructions to broken down vehicles, weather warning notifications, alerting drivers if they doze off, and possible automatic braking in case of accidents.

Risk prevention & maintenance

Connectivity to all vehicles allows the fleet manager to check the condition of their vehicles in real time. The sensors embedded in the vehicles can send specific signals if the monitored parts of the vehicle are close to failure or are in need of a tune-up. Preventative maintenance reduces the cost of maintaining the fleet. It also becomes more reliable, as specific sensors can alert the manager of possible maintenance issues such as low tire pressure, low battery, and high coolant temperature.

Summing it all up, The Internet of Things provides considerable benefits to fleet and asset management organizations by increasing efficiency and productivity. With these benefits and continued technological advancements, IoT has become an integral contributor to the fleet and asset management industry. Working with AssetWorks and its strategic partners in the IoT space will help you to decide the needs of your fleet and help you to meet your specific objectives of managing your fleet and assets in a modern world.