Technology continues to disrupt the trucking industry in almost every aspect of the business, resulting in a remarkable transformation. While it seems that logistics may have benefitted the most from automation, which has helped to mitigate error and create efficiencies, trucking companies of all sizes are gaining from fleet technology as well. From compliance and regulation to financial management and fueling technology, the industry has evolved to a level that continually delivers to customer demand. Industry stakeholders are not only embracing fleet technologies, they are also responsible for initiating and pushing innovations forward.
Fleet Technology in Payment Is Transforming Fleet Operations
Fleet payment is no longer a cash and carry system. Data and A.I. are now part of the day-to-day for many trucking companies, and without them those companies would be scrambling to keep up with the speed of operations. Cash gave way to a slightly less vulnerable checking system that in turn gave way to a fleet card system, which is primarily what fleets are using today. The fleet tech in fuel card solutions should not be taken for granted. Today’s fleet cards provide a level of control, security, and visibility that the 1950s could never have imagined. However, it is the analytics they provide that can prove the most valuable asset to any trucking company. Payment leader EFS/WEX has worked hard to assess and produce the most robust analytics program that fleet tech has to offer.
With EFS/WEX ClearView, small businesses, large fleets, and government fleets can all gain actionable insights into fueling and purchasing behavior. This EFS/WEX fleet technology provides reports based on your fueling data to help you manage budgets, improve fleet performance, find cost savings, and spot red flags.
1. Focus on Key Cost Drivers
ClearView lets you track fleet purchases by fuel type, gallons purchased, prices, and expenditures—so you can identify and prioritize key cost drivers, problems, and spending behaviors. ClearView Essentials and ClearView Advanced track your KPIs across time periods by product, card, driver, and geography.
2. Quickly & Accurately Budget Fleet Expenses
Identify areas of overspending and find cost saving opportunities. This makes it easier to streamline your budgeting process and improve forecasting accuracy.
ClearView Essentials and ClearView Advanced let you easily isolate and quantify your biggest cost-saving opportunities and most prominent purchasing problems.
3. Spot Anomalies & Card Misuse
Quickly identify overspending drivers and investigate suspicious transactions.
ClearView Snap breaks down your fuel spend to help identify new ways to save and show you where changes may be needed. ClearView Essentials and ClearView Advanced let you examine spending behaviors, including exceptions such as high-price purchases and irregular fuel purchases.
Information is king and when it comes to fleet technology, not a lot beats the advantages that data can provide in streamlining operations and growing business. Data can be captured and used across all functions, from ELDs and GPS tracking to fuel consumption and resource management. Clearly, data will continue to push the trucking industry forward, and artificial intelligence can help that data be even more extraordinary.
A.I. Innovations Identify Fleet Behavior and More
While automation, robotics, and the Internet of things (IoT) are not new topics where fleet technology is concerned, they continue to advance the industry even further. Some of the benefits that are still enabling progress include:
1. Automation: Automation uses data-driven software to improve operation efficiencies in every aspect of business—from advancing packaging labeling and managing inventory to streamlining fleet payment systems.
2. Robotics: The advent of robotics has revolutionized ecommerce operations and manufacturing around the world. Giants like Amazon will continue to push robotics for even more efficiencies in shipping and logistics.
3. Wearable Technology: Wearable technology has been reported to improve efficiencies by 25% while increasing employee satisfaction and enriching company culture.
4. Drones: The most promising application in express consumer delivery.
5. Cloud Computing: Fast and flexible applications offering transparency in delivery and financial management, along with efficiencies in fleet payments as well as fueling technology, by providing clear data and purchase visibility.
6. The Internet of things (IoT): The Internet of things allows physical items to be connected to Internet-enabled devices and systems. This technology can be used for temperature and humidity control sensors, and to determine whether a package has been tampered with.
7. Self-driving vehicles: Logistics and trucking companies all over the world have embraced this technology early. Many logistics companies currently employ this technology in forklifts and smaller plant trucks, but an even bigger change is on the way in self-driving semi-trucks.
8. Telematics: GPS technology can provide real-time details about fleet operating conditions and locations as well as driver behavior and fleet performance.
The good news is, fleet technology will continue to develop and along with it, an entire industry.