Vehicle tracking gives you the same amount of information about the day-to-day activities of a vehicle as the person driving it has. According to an article published in Global Market Insights, the global fleet management market size was valued at $8 billion in 2015 and is expected to reach $22 billion by 2022.
The Compound Annual Growth Rate (CAGR) is expected to be more than 20% between 2016 and 2023. The reason for this is the increasing demand for transparency from both the customer and the fleet owners.
Interestingly, tracking the vehicle and the driver allows you more than just the knowledge of the location of your vehicle. Here are some additional benefits you can get:
Controllability and Standardization
It allows the fleet owner to control drivers and monitor their position. They can also know the exact miles driven by a person at a specific time. They are also notified about the number of stops taken by the driver on their way, which can be an important factor in measuring their performance. It also provides information about the time spent by the driver on the job and on additional locations, which is helpful in calculating the total time taken to complete a delivery. These factors can be taken into account during performance review meetings and appraisals.
Safety of the Passengers and Goods
In a technology-driven world, customers prefer a company or service based on the highest safety scores. By measuring the position of the driver and the vehicle, you can assure customers of their safety. Safety scores can also be used to influence driver jobs and can be the basis of job security as well. It also helps drivers to take the most efficient routes.
Fuel Efficiency Report
Tracking the vehicle also acts as a fuel efficiency report. You are updated about the average speed and fuel used within a selected data range, as well as the total distance traveled, idle and PTO time. It also provides a detailed breakdown of engine diagnostics and fault code search for a selected data range. All these can be used to improve the fuel efficiency and cut the cost of transport.
Better Money Management
This is a by-product of all the benefits mentioned above. The ultimate goal for any fleet operator is to reduce fuel wastage and increase productivity by cutting down the cost of delivery. Data metrics on productivity, diagnostics, maintenance and performance information allows fleet managers to reduce inefficiencies and waste.