AI and IoT blended: How they can reshape the Fleet industry in 2022?

AI and IoT blended: How they can reshape the Fleet industry in 2022? Table of Content 1.Improves business efficiency, reduce costs, and enhance safety 2.Improves performance, detects faults, and prevent failures 3.Data collection and analysis 4.Data analysis and Natural Language Processing 5.Location tracking and dynamic instructions learning 6.Hazard prediction and planned maintenance 7.Optimized performance and behavior learning in accordance with standards 8.Optimize vehicle routes and driving schedules 9.Real-time traffic updates through GPS tracking 10.Optimized routing and scheduled maintenance 11.Greater connectivity, and real-time access with decreased risk 12.Improved safety, efficiency, and sustainability 13.Resource management with no detail unnoticed 14.Streamlined operations that save time 15.Lowers the risks of injury and accidents 16.Predictive maintenance saves time and money 17.Multiple reasons 18.Conclusion AI and IoT have been the key platforms fueling innovation in a variety of sectors. The combination of these two has a lot to offer for the Fleet industry. For example, they can help fleet sectors with improved efficiency, automated workflows, vehicle tracking, and increased revenue for the business. AIoT can analyze huge amounts of data generated by a network of devices and assist in making informed decisions for the business. Explore this blog for more information on how the combination of AI and IoT may impact the Fleet industry. Improves business efficiency, reduce costs, and enhance safety "There are a number of ways that AI and IoT can help the fleet industry. For example, AI can be used to optimize routes and traffic flow, predict maintenance needs, and identify potential safety issues. IoT can be used to track vehicle location, fuel levels, and driver behavior. Together, these technologies can help companies improve efficiency and reduce costs while also enhancing safety." - Morshed Alam, Founder & Editor at Savvy Programmer Improves performance, detects faults, and prevent failures "We’re using AI for predictive maintenance of fleets to improve performance and prevent failures. SPAICE is an AI-powered monitoring system that performs fault detection and prediction to safeguard fleets of satellites. It predicts a lead time before a failure occurs and pinpoints issues within the system and subsystem components. The approach is adapted from a survival analysis technique pioneered in precision oncology. By treating each satellite as a unique “patient”, we can train neural networks to encode all the information about a satellite and predict the chance of a system failure. Operators can then take preventive actions – improving operating and maintenance costs and maximizing uptime. The technology has implications for terrestrial fleets as well." - Natalie Sommer Communications Manager at RS21 Looking to hire a reliable Fleet software development company ? Contact us now. See here Data collection and analysis "The combination of AI and IoT is the best thing for any industry around the globe. These two when combined can change the entire system and bring about the change that everyone wants to see in a particular industry. However, in the fleet industry, the most integral part is gathering and analyzing the data and with AI and IoT working together, this can be done quickly and easily. Access to data such as route planning, GPS location, traffic data etc. can be provided by AI and IoT." - Amit Raj, Founder of The Links Guy Improves Fuel efficiency and operational maintenance "The fleet industry is one that is constantly looking for ways to improve its operations and increase efficiency. In recent years, there has been a rise in the use of AI and IoT technologies in the fleet industry. While there are many ways these technologies can help, some of the main ways are by improving maintenance operations, reducing fuel consumption, and improving safety. AI can be used to help drivers improve their fuel efficiency. For example, drivers can be given real-time feedback on their driving habits, and they can be coached on how to improve their fuel efficiency. In addition, AI can be used to predict when a vehicle is likely to need maintenance so that the necessary repairs can be done before the vehicle breaks down. IoT can be used to improve safety in the fleet industry. For example, IoT can be used to monitor the condition of vehicles and detect any problems that may lead to a safety hazard. In addition, IoT can be used to track the location of vehicles, so that if a vehicle is stolen, it can be quickly located." - Laurence Lee, CEO | The Great Brain Experiment Read More: A comprehensive look at the key features of Fleet software Location tracking and dynamic instructions learning "How AI can help the fleet industry Dashboard-mounted cameras, with intelligence from AI, can read speed limit and construction signs on highways (using computer vision) and dynamically slow the truck. Example: AI provider – Deeplite (AI startup) and its customer E-SMART provides dashboard cameras to the trucks. A case study is available. How IoT can help the fleet industry An asset-tracking IoT solution from MachineQ allows one of the nation’s largest auto auction houses to track vehicle location in real-time using IoT sensors and an IoT network, powered by (low power, wide area) LoRaWAN technology. IoT provider: MachineQ (a Comcast company). This same asset tracking technology can be applied to fleet providers." - Nick Romano, CEO & co-founder at Three Rings Inc. Hazard prediction and planned maintenance "Trying to keep track of the data on your fleet is time-consuming, difficult, and tedious. Unless, of course, you have software powered by AI and the IoT to help you. AI powered software can collect data, in real time, on every vehicle in your fleet. This way, companies can know exactly where their vehicles are, how the driver is performing, and can even tell road hazards on routes. Another important aspect of managing a fleet is vehicle maintenance. If you have a small fleet, you'll likely be able to keep track of each vehicle's maintenance schedule, especially if you have a good mechanic. However, if you have a large fleet, you're going to need extra help in keeping track of every single vehicle’s maintenance history. Again, AI-powered software can make this task completely pain-free." - Kyle MacDonald, from Force by Mojio Optimized performance and behavior learning in accordance with standards "Fleet management is a critical process for businesses with fleets of vehicles. The goal of fleet management is to optimize the performance of the fleet while minimizing costs. In order to achieve this, businesses need to track the location and status of each vehicle in the fleet. The combination of AI and IoT can help businesses optimize their fleet management. AI can be used to analyze data from IoT sensors to track the location and status of each vehicle. This data can be used to optimize routes and schedules for the fleet, and to identify vehicles that need maintenance or repairs. IoT can also be used to track fuel consumption and driver behavior. This data can be used to optimize fuel usage and to identify drivers who are not following the company's safety and driving guidelines. Overall, the combination of AI and IoT can help businesses optimize their fleet management and improve the performance of their fleet while minimizing costs." - Tom Kelly CTO | Life Part 2 Searching for the best custom software development company ? Connect us now! See here Optimize vehicle routes and driving schedules "AI and IoT have the potential to help the fleet industry in a number of ways. First, AI can help to optimize routes and driving schedules for vehicles in a fleet. This can lead to increased efficiency and reduced fuel consumption. Additionally, IoT can be used to collect data on vehicle performance and maintenance needs. This data can then be used to improve fleet management and operations. Ultimately, AI and IoT have the potential to make the fleet industry more efficient and productive." - Daniel Chan - CTO Marketplace Fairness Real-time traffic updates through GPS tracking "For example, devices that are equipped with sensors can monitor tire pressure, fuel levels, and engine temperature in real time. This data can be transmitted to a central database where it can be analyzed to identify patterns and potential problems. AI can also be used to develop predictive models that can alert fleet managers to potential issues before they occur. In addition, GPS tracking devices can be used to optimize routes and reduce fuel costs. And finally, IoT-enabled devices can provide drivers with real-time traffic information, helping them to avoid congestion and arrive at their destination on time. By harnessing the power of IoT and AI, the fleet industry can become more efficient and productive." - Chris Anderson, Work at Symbolism and Metaphor Optimized routing and scheduled maintenance "As someone who has worked in the fleet industry for many years, I have seen firsthand how much it has changed. In the past, managing a fleet was a relatively simple task. But now, with the rise of AI and IoT, it has become a much more complex undertaking. Fortunately, these technologies can also be used to help manage fleet operations more effectively. For example, IoT sensors can be used to track vehicle performance and location in real time. This information can then be used to optimize maintenance schedules and routing. AI can also be used to help analyze this data and identify patterns that can be used to improve fleet management. As someone who has seen the fleet industry evolve, I am excited about the potential of these technologies to further improve operations." - Chris Davies, owner of faunafacts.com Greater connectivity, and real-time access with decreased risk "Smart fleet management systems are becoming increasingly more popular in the industry, as customers are expecting the highest level of service and insights without having to compromise on higher costs. Sophisticated management softwares nowadays include AI-integrations, machine learning algorithms, among others to be able to provide predictive data analytics. There are several powerful benefits that fleet managers can tap into when connecting their fleet with an AI-powered fleet management system: Decreased risk, improved performance & reduced costs Fleet managers can only benefit from AI-based applications, as they are able to provide a new level of accuracy, efficiency, and convenience, that previous technology and systems failed to provide. A key benefit of relying on AI is the elimination of human error from processes, ensure that fleet drivers, managers, and other stakeholders involved can make better, smarter decisions that significantly reduce risk associated with the operations of the fleet and improve its long-term performance. By decreasing risks, reducing errors and improving a fleet’s operational performance, significant cost savings can also be achieved. Read More: AI and IoT: A Dynamic duo changing the Legal business Real-time fleet optimization AI-powered tools give drivers and fleet managers insights on live data such as real-time weather, traffic and road data, as well as smart fuel and charging data and help to identify the fastest or safest route available. By providing live data, behavior can be adapted on the spot which allows the fleets’ operational efficiency to be increased by optimizing errors or problems right when they occur. Key of every operational process is data collection and with AI-powered systems, data is the center of everything - both past data for predictive analytics and live data to include unforeseen events and quickly adapt to those. This combination is crucial to make informed decisions. AI-powered fleet management systems can be used to collect data for smart predictive analytics, providing a higher lever of security and predictability, live and on the go, accessible to every driver. Greater connectivity New systems rely on API integrations of data and power interconnectivity of systems by communicating with each other. AI system are able to simplify processes by providing seamless integrations of every department involved in the fleet’s operational process on a single platform. By connecting all key players, sharing data and feeding them information simultaneously, AI-systems allow for better, more insightful decisions In conclusion, AI-powered systems are the way of the future. For the fleet industry, AI- and IoT-powered systems are able to reduce risk and costs, provide greater connectivity within systems and provide more detailed and real-time insights which helps to increase operational efficiency. EVE is an e-mobility intelligence company enabling companies to electrify their fleets faster, at a lesser cost, and reduce their emissions. Our cutting-edge AI-enabled tools (incl. cost & emissions analytics, automated reporting, and data-validated benchmarking) provide our customers with the necessary data insights needed to make smarter, more sustainable decisions. Our cloud-based software optimizes a fleet’s charging patterns to achieve up to 20% in cost savings and up to 70% fewer Level 2 CO2 emissions." - Sarah, founder & CEO of EVE Improved safety, efficiency, and sustainability "The Internet of Things (IoT) is transforming the fleet industry by providing new opportunities for improved safety, efficiency, and sustainability. For example, by connecting vehicles to the Internet, fleet managers can remotely monitor vehicle performance and detect potential problems before they cause an accident. In addition, IoT-enabled devices can automatically track and report data on things like fuel usage and mileage, allowing fleet managers to identify opportunities for cost savings. And finally, by integrating with smart city infrastructure, fleets can help reduce traffic congestion and pollution. In short, the IoT is revolutionizing the fleet industry by making it more connected, efficient, and sustainable." - Oberon Copeland, founder & CEO of Very Informed Looking to hire .NET developers for your business ? Connect us now! See here "Both IoT and AI technologies have become ubiquitous in the fleet industry. Vehicle fleets could be verified for maintenance, and errors can be fixed proactively by connecting to the cloud. The technology can also help lower any possibility of unforeseen maintenance or risk of unanticipated vehicle downtime. Drivers can be provided with real-time feedback so that their performance can be reinforced using these technologies. The data can be beneficial for fleet managers who want to protect the driver’s behavior and performance. Simply put, fleet managers can be observed managing fleets with IoT and AI to ensure enhanced effectiveness in their business operations with better safety." - Madilyn Hill, CEO of Truepersonfinder Resource management with no detail unnoticed "AI algorithms see more than the human eye and as such, leave no detail unnoticed. Interconnected devices monitor the behavior of vehicles and help to track daily routes and parameters, like fuel consumption. Data-driven solutions give companies the ability to plan precise supply to answer the occurring demand, improving resource management. One of our projects, a shared mobility solution, relied on insights from customer behavior analysis. This information combined with data on popular rent/return locations allowed to satisfy customer demand while maximizing utilization of available vehicles." - Tomasz Kowalczyk, CEO of NeuroSYS Streamlined operations that save time "The application of IoT and AI can lead to 10-40% cost reduction and 50% less downtime over conventional maintenance models. Predictive maintenance saves much time and resources on car diagnostics and gives managers a powerful view of the fleet status and condition. Automation - IoT in fleet management lets fleet operators automate numerous processes and trip planning. For instance, if a car breaks down, the system could send automatic ticket notifications to tow trucks and nearby service stations. AI and IoT are transforming fleet management by offering real -time fleet insight, visibility, and driver safety. AI and IoT will continue to evolve and propagate as time forwards and fleet management will embrace new technologies to become more streamlined and effective." - Stella Cooper CEO at Payday Loans UK Read More: Top 12 Emerging Technology Trends for Fleet Industry Lowers the risks of injury and accidents "The massive propagation of technologies, for example, IoT and AI, drive innovation throughout industries, including the fleet. Therefore, AI and IoT can help transform the fleet industry by maintaining the driver's utmost safety. Drivers can also benefit from the IoT technologies, fleet drivers invest countless hours on the road, and the perils of accidents have only increased. Hence, vehicle inspections automatically track driver certification, and other safety-related checks ensure that the fleet operators perform as safely as possible, lowering the risks of injury and accidents. Driver operation data is made available to the fleet managers, who can proactively evaluate performance to understand training needs. " - Maria Saenz, CEO of Fast Title Loans Predictive maintenance saves time and money "Fleet management with the Internet of Things Telematics allows cars and fleet managers to communicate data in order to improve productivity, visibility, and maintenance. More services, lower costs, and improved maintenance efficiency benefit insurance companies, telematics service providers, service shops, advertisements, and passengers. According to a McKinsey study, using AI to IoT can save 10-40% on maintenance costs and result in 50% less downtime than traditional maintenance approaches. Predictive maintenance saves time and money on vehicle diagnostics while also providing management with a better picture of the fleet's state and condition. Automation - The Internet of Things (IoT) in fleet management enables fleet operators to automate a variety of procedures and trip planning. For example, if a vehicle breaks down, the system can automatically send two companies and nearby service stations a ticket." - Cindy Corpis, CEO of SearchPeopleFree.net Looking for custom Logistics software development ? Connect us now! See here Multiple reasons "SparkCognition works with the trading and shipping arm of one of the worlds largest oil & gas majors. Scheduling a fleet to load and discharge oil products around the world and around the clock hinges on innumerable and constantly shifting factors, making any single voyage plan almost obsolete. Supply chain logistics issues, weather conditions, or major global events interfere with carefully optimized fleet schedules resulting in higher voyage costs as shipping operations of oil & gas trading scramble to adjust to changes. Shipping operations of oil and gas trading rely on subject matter experts to simulate the various scenarios that would inform feasible schedule options for their fleet (time charter, spot charter, and/or own vessels), balancing intricate and overlapping shipping requirements to maximize the utilization of time charter vessels while minimizing the cost of the overall fleet, resulting in a minimum cost per barrel. This is highly complex considering the hundreds of requirements and a fleet of time charter vessels as well as spot charters. From all feasible options, the SME would choose an optimal schedule, factoring in what they know about the weather, ports, markets, and so on at that time. But even the most careful scheduling is vulnerable to ripple effects beyond the SME’s control. Recent local and worldwide events have made it clear how complex maritime shipping is and how challenging it can be. Pandemic-related demand fluctuations generated waves of imbalance in global ocean shipping networks. The increasing frequency of severe weather events often forces ports and harbors to halt operations in advance of hurricanes and tropical storms. Port congestions and abrupt canal closures play havoc with shipping schedules but predicting the impact of these events is difficult outside of a few days. SparkCognition’s knowledge representation technology continually optimizes the fleet-wide plan in a computationally tractable way even as a multitude of variables and constraints change continuously. The company’s technology makes it possible to adapt to real-time schedules and simulate ‘what-if’ scenarios, with continuous fleet optimization at the click of a button. SparkCognition’s platform increased utilization of time charter vessels through continuous fleet optimization and has been proven to deliver a range of 4%-13% lower month-on-month operational costs. In driving down shipping costs while optimizing local decisions across their shipping and logistics workflows, they saw annual savings of up to $40M." - Cory Rhoads, VP of Sales, PENMAN PR Conclusion AI and IoT have become the major need for businesses and the Fleet industry is no exception. AIoT has been influential in pushing innovation into the sector in various ways. They can extract data-driven insights from a plethora of devices and assess them to make precise fleet decisions. This dynamic duo can also aid in learning driver behaviors, improve vehicle safety, and decrease vehicle downtime. In this blog, we explored in detail how the integration of AI and IoT may transform the Fleet business.