The Significance Of Real-Time Data In Reducing Your Overall Spend

Reducing Overall Spend

With every passing year, life is getting easier for businesses. While initiatives like the telematics-aided IFTA are reducing the time spent on calculating and paying fuel taxes, real-time data is ensuring no slippages in money and time management.

This article is the latest in a series of up-to-date blogs that focus on fleet management and shows you the top-5 ways of how real-time data is transforming businesses by reducing expenditure and enabling better utilization of working capital.

What is Real-Time Data?

In the modern age, keeping track of your fleet is vital to keeping your balance sheet healthy and the bottom line green. Modern technology has made fleet management easier; it is not always perfect, though. While traditional GPS tracking mechanism is good for providing breadcrumb data, it often falls short of providing to-the-second live data that a telematics system like Samsara Vehicle IoT Gateway can provide.

The Benefits of Real-Time Data

As part of an advanced fleet management solution, a telematics device that provides real-time data can offer the following advantages to your business.

1. Advanced Geofencing Reduces Incidence of Theft

According to the estimates of the FBI, US$6 billion worth of motor vehicles were stolen in 2018, with the loss from each incident pegged at US$8407. The total vehicles stolen in 2018 was more than 7.4 lakhs.

As your business cuts corners to save every penny that counts, this dataset is certain to set the alarm bells ringing in your mind.

With geofencing, however, you can stay assured that none of the vehicles in your fleet is going to add up to the FBI-released count of stolen vehicles. Geofencing takes GPS tracking to the next level by providing a ‘helicopter-view’ of your vehicle. It also alerts you in case any of the vehicles carrying your goods takes a detour from the intended route, which increases the chances of theft.

National truckload carrier Blue Lightning Logistics saved assets worth US$200,000 by installing the latest GPS tracking system in their fleet. The incident took place in California when one of their trucks was broken into and taken 20 miles away from the pre-planned route. By visiting the fleet management dashboard, the carrier took timely action and recovered the truck and the containing assets.

Hence, by installing a real-time telematics-based GPS tracker, you can insure your fleet from theft and robbery.

Also Read: 5 Best Navigation Apps for Travellers

2. A Smart Real-Time Dashboard Can Enhance the Quality of Customer Service

Modern-day businesses depend on speed and accuracy. Gone are the days when a customer had to wait for minutes or even hours to know the status of their goods. While technology has made it possible to share accurate information with the clients, many businesses still rely on outdated methods to acquire and disseminate critical information.

With a shareable Live Sharing Link, it is easy for your customers to get details about the vehicles carrying their goods. By sharing real-time information, you can retain the customers’ trust, which would motivate them to conduct further business with you.

America’s leading fiber optic infrastructure provider Uniti Fiber relies on real-time data to commit to customers that whenever there is a problem, Uniti’s technicians will be there within a few hours. The company makes this possible by integrating an open API with its GIS system, which enables customers to track the status of repair right from the time they raise the issue.

Hence, by investing in a telematics device that provides you with real-time data, you can utilize your available resources optimally and get loyal customers in turn.

3. Real-Time Data Cuts Fleet Maintenance and Management Cost

It is estimated that engine idling is responsible for wasting 6 billion gallons of diesel fuel and gasoline every year, with each truck responsible for wasting about US$65 every week.

An IoT sensor can give you real-time information about your fleet, which includes everything from driver fatigue to engine idling, and downtime. As the sensor sends you drive and driver-specific data, you can analyze it to find which drivers engage in risky or costly behavior and take corrective measures to save money.

The mammoth City of Fort Lauderdale in Florida experimented with real-time data across its 1700 strong fleet of vehicles. It all started with the City Manager realizing the need for faster response time in case of emergencies. They recognized that traditional GPS systems could not give them the service they desire and chose a platform service that reduced idling time, and harsh events, optimized fuel consumption, contained rash driving and enabled power take-offs.

Hence, real-time data can help you to extract maximum benefits out of every liter of fuel and improves your business’s response time.

4. Real-Time Data Enables You to Comply With the ELD Mandate

As the federal government has made it mandatory for commercial vehicle operators to log Hours of Service (HOS) electronically, any violation of the Electonic Logging Devices or ELD mandate may lead to drastic consequences, including a dent in safety rating and suspension of services.

With real-time HOS data, it becomes easy for you to monitor the drivers’ on-road time. It also sends timely alerts to the drivers and dispatchers regarding their break time and duration of the break. By using real-time HOS data, you can assign drivers and distribute the load.

Hence, by using real-time dispatch track, you can avoid hefty penalties on account of HOS violations.

Also Read: The Do’s And Don’ts Of Bitcoin Tax Reporting And Filing Explained

5. Real-Time Data Helps You to Stay on Top of Bad Weather and Terrible Traffic

Weather and traffic are two things that you cannot predict or control. Not anymore, as a real-time Driver App lets you identify problem areas like hostile weather conditions and traffic overlays, and communicate with the driver. If required, you can also use it to reroute the drivers so that there is no violation of HOS or no delay in consignment delivery.

The 100-year old Clover Sonoma is often pestered with client calls inquiring about truck whereabouts. However, what bothered the distribution team at Clover’s earlier does not bother them now. The reason for their happiness is the real-time vehicle gateway, which not only shares the live location of trucks but also helps in setting up alerts to notify clients about upcoming deliveries.

Conclusion

Real-time data is changing the business landscape. By keeping a tab on your fleet, you can minimize downtime and augment revenue. By combining real-time data with other features of a vehicle gateway, you can maximize the efficiency of your fleet.

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