The smart fleet movement is happening now. The Internet of Things (IoT) is expanding rapidly, and this includes increasing connectivity in the automotive realm. Secure, open platforms make it possible to collect big data from a myriad of sensors, supporting the development of smart buildings, transportation infrastructure, communication networks, and now smart fleets.
More and more, people will look to technology and innovation as a way to solve the challenges brought on by massive population growth in cities (reaching 6.3 billion people by 2050, as predicted by the U.N..
Accordingly, the future value of the smart cities market will be in the billions and trillions of dollars. In fact, Sarwant Singh from Frost & Sullivan predicts the smart cities industry will be worth $1.5 trillion by 2020.
Telematics and big data are essential to the smart city movement by creating socio-economic benefit via efficient routing, safer roads, fewer greenhouse gas emissions, and a more efficient supply chain. Alphabet’s Sidewalk Labs is a fascinating platform that is starting to put these pieces together.
Does your telematics provider have what it takes to get your fleet moving into the future? Click below to download our evaluation checklist.
IoT, Telematics, and the Evolution of FMCs
Forward-thinking Fleet Management Companies (FMCs) are adopting the smart model and transforming their businesses towards mobility solutions today. FMCs are a significant contributor to the $4 trillion per annum global commercial transport market. Faced with increasing pressure to control costs, FMCs are adopting innovative telematics solutions for their own use; and for use by their customers.
Like businesses in many other industries, FMCs are transforming their businesses to remain competitive and keep up with the digital revolution.
The vast amount of data generated by a vehicle makes it inevitable that FMCs will transform their business with mobility solutions.
Telematics is helping in this transformation to an open architecture where data can flow freely for the benefit of society. Telematics delivers pragmatic solutions that enable organizations to automate mileage, anticipate vehicle maintenance and parts flow, while enhancing the remarketing value of their fleet. Such automated measures are enabled by data-centric processes. And Geotab’s FMC partners are well ahead of the curve.
Ease of Use and Rich Data Drives Adoption of Telematics
Historically, the main objections for mass adoptions of aftermarket telematics services in the FMC market has typically centered around three areas: price, installation, and data. Now, these three elements no longer stand between the FMCs and telematics.
Key Benefits of Telematics for FMCs:
1. Affordable device and service prices with menu-based business models.
2. Easy-to-install, plug & play telematics devices.
3. Rich vehicle data that benefits both FMCs and their customers.
In particular, it is this vehicle-generated data, including real odometer values along with engine trouble codes, engine status data, and accident-related data, that has enabled FMCs, one of the world’s largest vehicle buying groups to start deploying telematics across their entire fleet.
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