Business Applications of The IoT And Advantages For The Fleet Industry

The thought of living in a world in which all of the devices in your home, office or car can communicate with each other, and be controlled over the Internet, may have seemed like a far-fetched fantasy a decade ago, but now it is all very possible with the advent of Internet of Things (IoT) technologies. The IoT connected the world at an unprecedented scale, via machines and tools communicating with one another online, thanks to radio frequench identification (RFID) and other technologies.

With the promise of smart homes, workplaces and even cities, the IoT is developing by leaps and bounds, completely changing business industries and the lives of people everywhere. We have seen a lot of exciting and life-altering innovations, but the IoT is set to transform our way of life with objects coming alive and interacting with people, as well as understanding and anticipating their needs and choices.

When it comes to business, the IoT is a total game-changer. The technology makes companies smarter and more efficient, while optimizing logistics processes and improving customer relations. The Internet of Things revolution is still in its infancy, but the fleet industry has been reaping the benefits of the IoT and telematics technologies for more than a decade now, as one of the first sectors to adopt the advanced systems.

According to statistics, 8.4 billion connected devices were in use in 2017 worldwide, at a staggering 31 percent increase from 2016. The number of connected “things” are expected to reach 20.5 billion by 2020, with more than $2 trillion in economic benefit globally. The widespread implementation of the IoT is a clear indication of how popular the technology is right now.

Fleet businesses are among the pioneers in the field of IoT technology. While the individual use of connected device technology was almost non-existent, fleet companies utilized sophisticated tracking software and telematics devices to keep track of their vehicles and acquire data about drivers and the condition of their cargo.

The fleet industry heavily relied on rudimentary tools, such as walkie-talkies and car phones, to convey essential information that managers need to make decisions or last-minute changes, or to plan routes before the implementation of telematics systems. With very limited data and communication tools, managers had a hard time coordinating the movements of their fleets or checking vital data regarding their vehicles, such as speed, temperature and GPS location. – RFID Journal