Fleet management refers to the management and maintenance of motor vehicles such as cars, vans, trucks etc. in a cost-effective, very quick, and easily accessible manner. Fleet management solutions provide accurate insights on fuel consumption, theft, misuse, and fraud detection using live tracking. You can also reduce the Total Cost of Ownership (TCO) that enables you to get the best out of your fleet. It involves functions such as vehicle leasing and financing, vehicle tracking and diagnostics, licensing and compliance, driver management, accident detection, vehicle telematics, and so on.
Fleet management solutions help business organizations to lower and completely eliminate the risks associated with staff cost, operations, and others. Some of the additional benefits include reduced fuel consumption, real-time vehicle tracking and monitoring, overall running costs, enhanced safety and security, and optimized operations.
With the integrated AI analytics, Tangerine offers services using predictive analysis where the issues are identified before they occur. With quick informed decision making, one can ensure to overcome every fleet management challenge with real-time insights.
Current Global Market Outlook
According to Allied Market Research survey, the Fleet Management Market size is expected to reach from $7,755 million in 2015 to $34,629 million by 2022 growing at a CAGR of 24.5% from 2016 to 2022. Some of the best opportunities in this market are due to the demand in strengthening communication and networking domains, growing vehicle replacement market, and increase in international trades for goods and services.
The major factors that is driving the fleet management market include the following:
- Need of operational competency in Fleet management
- Rising demand with fleet safety
- Mandatory government regulations
- Compulsion of Electronic Logging Device (ELD) implementation
- Rising adoption of wireless technology due to falling prices
An Insight into Tangerine’s Fleet Management Solutions
Some of the features and benefits of Tangerine’s Fleet Management solutions are as follows:
- With Live Tracking you can track the live movement of all vehicles.In real-time, you will be able to locate and track assets, view asset diagnostics such as battery status and signal strength, and export a full list of active assets.
- Driver Behavior and monitoring solutions allow you to reduce accidents and insurance costs by monitoring and improving the driver’s performance. The Single Score Performance Indicator allows you to view the driver’s performance, safety, overall trip effort, and efficiency. The effective user-friendly dashboard allows you to access the KPIs associated with the driving style, driving and idle time, travelled distance, and trip history.
- Our driver coaching solutions provide you with specific training programs and help you monitor the over speeding/ hard braking. Alerts are triggered whenever there is any distraction or fatigue.
- Tangerine’s all-in-one mobility platform and Car Sharing, you can ensure planning, deployment, and fleet management capabilities for shared fleets with affordable mobility for all. You can generate reports on vehicle health, vehicle usage, and fuel efficiency for effective fleet restructuring. By just a click of a button, you can ensure increased vehicle security in the event of theft and misuse.
- Tangerine’s Insurance Telematics feature analyzes factors such as accident type, weather conditions and road conditions, location, and identifies high-risk drivers, and potential safety threats. Implement usage-based and behavior-based insurance policies along with accident analytics. With better and clear visibility, your risk of losing an asset or being stolen decreases considerably.
With an increase in the demand for fleet management, traditional processes have given way to adopt some of the latest technologies where you can easily manage your fleet by overcoming some of the various challenges involved in it. In the current scenario, adopting the AI Integrated platform for fleet management is the first step towards achieving optimal performance and reducing operational complexities.