If the terms ‘Big Data,’ ‘Telematics,’ ‘Internet of Things,’ and ‘GPS’ ring a bell in your mind, then you are destined to make a mark in the fleet management industry.
Fleet management is expected to be a $34 billion industry by 2025, and the fleet telematics industry is already a $3.9bn industry, steadily growing at the rate of 2.9 percent every year.
If the above figures sound too astounding, then we have another set of data to spoil the mood a bit.
In 2018, there were about 592 instances, or roughly 50 every month, of truck theft in the US. What is even more alarming is that the average value of loss from each incident is calculated to be a whopping $142,342.
If the numbers stated above makes you jittery, then worry no more, as we show you the best ways in which you can keep a tab on your vehicle and assets.
What Is ELD?
ELD, or Electronic Logging Device, is a specialized device that, when connected to a vehicle’s engine, records drivers’ Record of Duty Status (RoDS) and Hours of Service (HoS).
ELD has been made compulsory for all commercial vehicles in the US starting December 2017, as per the guidelines of the United States Federal Motor Carrier Safety Administration.
The ELD captures two types of information – vehicle-related and driver-related.
Regarding vehicle, the ELD captures information like the vehicle ID, date, time, location, vehicle miles, speed, engine turn-on and turn-off time, intervals of motion, and engine status, including fault codes.
Regarding driver, the ELD captures information such as driver identification, log-on and log-off time, hours of service, duty status (on duty, off duty, or driving), and the Driver Vehicle Inspection Report.
ELD has largely replaced the manual logbook where drivers and fleet managers had to enter all details manually.
Fleet management solution providers, like Samsara, provide a driver app that allows drivers to log in their hours of service, which, when combined with the engine data, helps the fleet company to get a clear picture and comply with the ELD-mandate.
How Does ELD Help In Tracking Your Vehicle?
There is no doubt that ELD has made compliance super easy for fleet managers. But, there are additional advantages that make ELD a preferred choice for fleet management.
The following are the major benefits that ELD offers:
The ELD connects to the Engine Control Unit (ECU) of the vehicle and provides real-time data about driver and engine status to the fleet manager. The fleet manager can then use the data to take necessary steps for fleet optimization.
2. Driver Management
Earlier, managing drivers was a mind-boggling task for any manager. On the one hand, they had to manually track drivers’ duty hours, while on the other, they had to allocate duty to the drivers. With ELD’s automated driver tracking, allocating drivers would never be a worry anymore.
3. Record Keeping
The ELD generates all reports digitally, thereby eliminating the need to keep paper records.
The ELD helps clear security checks instantly. As all records are stored digitally, the authorities may access it anytime they wish to. It also helps to avoid mishaps, such as truck theft and break-ins.
As paper logs can easily be manipulated, they are less credible. With ELD, credibility is always on top.
6. Fuel Use
With ELD, getting access to real-time fuel data is fairly easy. Hence, fleet managers can use the GPS feed to find out issues related to idling, over speeding, and harsh braking. This can help them to save fuel costs.
One of the biggest benefits of ELD that it automates the tax calculation process. Automated IFTA reports save money by reducing administrative expenses and audit costs.
Other than the benefits mentioned above, ELD can also help solve problems of storage, save time, enable access to data instantly, and is convenient.
What Is An Asset Management System?
The asset management system refers to an automated tracking system, which tracks a company’s unpowered and powered assets.
An asset tracker uses the advanced GPS technology to identify a vehicle’s location in real-time and sends live data, via the cloud, to the fleet manager, 24×7.
Asset trackers can be powered or unpowered.
The powered asset tracker can track idle or moving assets, engine status, miles driven, and mileage. It can also send geofence alerts, which helps the fleet manager to identify vehicles that deviate from the intended track. Moreover, it sends maintenance alerts and makes inventory reporting easier.
The unpowered asset tracker can track idle assets and can send geofence alerts. As it can camouflage easily on any surface, you may fix it on almost any machine or equipment that is important for your business.
How Does An Asset Management System Help In Tracking Your Assets?
An asset management system is designed to secure assets that drive revenue for the company. An asset management system can offer you several benefits. The following are a few:
1. Asset Tracking
Industry data shows that US businesses lose nearly $30 billion every year due to cargo theft. An asset tracker’s small size makes it possible to fit on any equipment and send real-time data to the fleet manager. This can help secure an asset even when the asset is placed at a remote location.
Earlier, fleet staff had to visit various locations, carry out manual inspection of assets, and prepare paper-based reports. With an asset tracker, this time-consuming process has become automated. You can not only track your vehicles anytime you wish to but also generate inventory reports at one click of your mouse.
An asset tracker creates a geofence around your critical assets. This can help you to locate your asset when it moves to a different location than the intended one. The biggest benefit of geofencing is that your asset can be identified even when the thief changes everything, like number plate, VIN, manufacturing decals, and the likes.
An asset tracker can automatically generate a Dormancy Report that can help you to utilize your assets effectively. By looking at the report, you can identify which of your assets are used less or not used at all. Based on the report, you may consider selling or renting your assets.
Gone are the days when you had to browse through several windows and software to get the data you needed. Now, a dashboard allows you to integrate all of your asset data into one easily customizable platform, from where you manage all your assets.
Modern technology has made asset and vehicle tracking a lot easier than before. Certain features such as edge computing have also made assessing the available data much more efficient. Modern businesses are harnessing the power of telematics to scale their business operations, which is great news for the trucking industry as well as the overall economy.
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