Why Innovation is driving the fleet industry in 2020

The Internet of Things (IoT), continues to change the way Ireland makes business decisions. Millions of IoT devices, collecting billions of data records, assist in faster decision making with greater accuracy.

Innovation trends to watch in the fleet industry in 2020

Coupled with this, concern about the environment is polling at its highest levels. In Ireland, six of the ten warmest years have occurred since 1990 and the adoption of the Climate Action Plan will have a substantial impact on the fleet industry.  It is critical that fleet businesses are integrating sustainability into their adoption of technological developments.

As we enter a new year, we are all facing the same reality: embrace the eco-digital transformation or be left behind. Let’s look at three essential and sustainable technologies utilising IoT that will help transform fleet management in 2020 and beyond.

Electric Vehicles

Electric vehicles currently make up a small subset of vehicles on the road, but over the next few years, they’re expected to grow as organisations pivot towards sustainable operations. Significant value to fleets can be achieved with electric vehicles, including fuel improvements and maintenance cost savings. An electric vehicle running cost can be as little as 20 percent of the cost of a diesel engine. Electric vehicles have fewer moving parts than a diesel engine so there is less to wear and tear, and no timing belts, fuel filters or engine oils to replace.

The regenerative braking system used in some electric vehicles results in low amounts of friction braking and the required batteries are very durable. Fleet management solutions will start to include data points unique to electric vehicles like charging times, average kilowatt per hour consumption and the closest charging station, as electric vehicle adoption grows.

Video as Data

The video solution is integral to IoT data transformation in 2020. Video has multiple uses within the transportation industry, including driver safety, transport efficiency and even autonomous driving. Integrated Video uses AI to capture video and classify how severe a dangerous driving event is, only providing the relevant and significant footage to operations managers, in near real time.

Businesses that incorporate video data strategy will reap the reward of being empowered to identify, predict and even prevent future business challenges. Dash cams and smart video backed by artificial intelligence (AI) and machine learning are taking off and helping businesses make impactful changes, especially when integrated with telematics technology.

Monitoring tools allow you to pick smarter driving routes, saving fuel and providing better customer satisfaction. In the near-term, video data provides yet another layer of insight to help improve safety for both drivers and communities, while also protecting a business’ fleet and assets.

Autonomous mobility

Automation is measured in five stages, with stage five being the driverless vehicle. We are currently in the 2nd stage, meaning some driving can be assisted. Yet, with the next generation of 5G technology rolling out, the development of the network that will help fuel autonomous mobility is becoming real.

This growth is driven by the continued reduction in the cost of connectivity and the availability of reliable sensors.  The next phase of vehicle automation will be focused on connecting all assets and products down to the component level to enable better performance, safer operations, and better fuel efficiency. Businesses should invest strategically and accordingly to benefit.

While the full benefits of IoT digital transformation technology are still years away, we need to act now to both make use of this effective technology and bolster the eco-credentials of the fleet industry in Ireland. Companies that are only considering starting their digital transformation and environmental rehaul are already late. Are you, as a fleet organisation in Ireland, prepared for 2020?

By Derek Bryan, EMEA Vice President

After helping found Fleetmatics, an Irish Software-as-a-Service (SaaS) fleet management company from its humble beginnings in 2005, Derek Bryan became the Vice President of sales in the EMEA region at Verizon Connect after the company acquired Fleetmatics in 2016. He is now responsible for driving growth and innovation across Verizon Connect’s portfolio, as well as leading the strategy for the region.

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