Verizon Business has released survey findings from its annual Fleet Technology Trends Report, finding that technology adoption is helping fleets navigate operational obstacles to drive results and build resilience.
The survey, conducted separately by Bobit (US) and ABI Research (EMEA and APAC), received responses from more than 2,300 fleet managers, executives, and other mobile business professionals across 14 countries.
“In today’s hyper-connected and complex world, fleet technology is being leveraged as a stabilizing force amid the many intensifying business challenges,” said Peter Mitchell, SVP and GM, Verizon Connect. “At Verizon, our goal is to be a true partner to our customers and help them uncover hidden costs while promoting safety. We help them streamline business operations so they can stay focused on driving greater productivity and efficiency to improve their business and overall customer experience.”
With strained budgets and resources, many fleets may find it difficult to maintain operations as they are, let alone improve them. Increasing costs (73 percent), such as higher prices for fuel, cost of living, and inflation, were reported as the big challenge worldwide in this year’s report. In the US, this was followed by labor shortages (59 percent) and meeting customer demand (52 percent)—all of which grew steadily year over year.
While current challenges won’t be resolved overnight, focusing on the factors within a fleet’s control can help calm the chaos. Fleet management technology is already being seen as a powerful tool that equips fleets with the data they need to make better decisions, navigate challenges, and help improve fleet performance. In fact, 85 percent of respondents globally who are currently using fleet tracking software reported finding it to be helpful.
Effective route planning is critical in making efficient use of fuel, as well as reducing overall operating costs. In 2022, nearly half of businesses were able to reduce their fuel consumption (46 percent) and accidents (46 percent) through the use of GPS fleet-tracking solutions, reporting an average 11 percent decrease in fuel costs and 15 percent reduction in accident costs. Global labor costs were also reduced by 20 percent.
Asset tracking is also being recognized for its ability to empower safety, equipment utilization, and team productivity, with 65 percent of respondents currently using asset tracking considering the tool beneficial. In the US, adoption of asset tracking rose by 6 percent (up to 29 percent this year)—seeing the highest percentage increase of new users over other technologies.
Seemingly, building a resilient business is more important now than ever before. Fleet tracking technology goes beyond just dots on a map. It gives fleet managers much-needed visibility into driver behaviors, fleet costs, and vehicle wear and tear.
Source: Verizon
