28 Oct Cutting fleet costs with AI
Artificial Intelligence, Machine Vision and Big Data are becoming increasingly common in a vast range of sectors, not only for safety and risk mitigation but also for providing direction for businesses and reducing overall fleet operating costs.
When working in unison, these advanced technologies have the power to effectively identify, record and analyse just about anything the eye can see. But how exactly do these capabilities create opportunities that drive down fleet costs and generate revenue?
There are four key ways an AI fleet management system can cut costs for your company.
Reduce everyday fleet operating costs
By optimising company-wide safety procedures, you can expect greater employee retention. Not only is retention financially beneficial, but retaining the right employees that understand the importance of safe driving behaviours significantly benefits companies in the long run.
Secondly, fleet managers and drivers can access up to 200 hours of continually recorded video evidence to avoid falsely accused liability costs. For example, suppose a delivery driver is accused of causing damage at a client delivery point. Video footage can prove innocence, saving financial outlay and potential damage to the company’s reputation.
Insurance companies also view risk mitigating procedures favourably, which helps to reduce premiums and insurance costs in the long run.
Reveal business opportunities
AI + MV can detect elements in the surrounding environment. So when this advanced technology is combined with customer data, it can reveal some pretty valuable insights for business owners.
For example, a waste disposal company can detect overflowing bins at locations along its regular routes and, combined with mapping data, reveal potential new customer leads or upsell opportunities. By identifying customer needs, and addressing them promptly, your company can stay ahead of the competition and exceed customer expectations.
Predict maintenance before damage occurs
Another fleet management cost-saving feature is the ability to pair vehicle monitoring systems to the engine control module. In doing so, predictive AI can anticipate when there is need for maintenance and notify the fleet manager.
The further ahead a fleet can detect and prepare for maintenance, the greater their capacity to act fast to avoid excessive repair bills and costly operation disruptions.
Complete data optimises whole operations
With a single, central pane of control, companies can optimise their entire operations by reducing internal silos and the risk of favouring one department at the expense of another.
When you have access to big data, you can see the bigger picture, ultimately helping to reduce operational risks and significantly lessen expenses.
What does the future of big data look like?
The use of big data is certainly growing at a rapid pace. And as MV + AI data capabilities become more commonly adopted, fleets that do not adapt will lack competitive advantage, and lose out in the end.
If you liked this article, you might also like to explore video-based road safety solutions using machine vision & AI.