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Read moreThe data is in: The Fleet Technology Trends Reports from the last three years show that commercial fleets continue to leverage telematics technology to build resilience and improve their business performance. These yearly surveys, conducted for Verizon Connect by Bobit Business Media, found that there are proven benefits across multiple key performance indicators (KPIs) for fleet operators that implement GPS fleet tracking technology. As an added bonus, fleets that invest in GPS fleet tracking technology don't have to wait long before realizing true value from their investment.
The report, based on surveys completed by more than 1,200 U.S. fleet managers, executives and other fleet management industry stakeholders, provides detailed insights into the value companies are achieving from their fleet technology investments. Key data points from the reports indicate benefits for commercial fleets such as productivity gains, streamlined ELD compliance, enhanced customer service and a reduction in operational costs.
Below, we’ve recapped the last three years of data and examined the definitive benefits for those who have embraced fleet management software.
In 2020
In 2019
In 2018
The data from the last three years clearly shows the continued widespread adoption of GPS fleet tracking technology. From 2018 to 2019, nearly two-thirds (64%) of respondents were using a GPS fleet tracking solution in their organization—an increase of 8.5%. Overall, 72% of all 2020 respondents currently use GPS fleet tracking software.
While enterprise and medium-sized fleets lead the way in adoption rates, small fleets have increased their rate of adoption by an impressive 12% from 2019-2020. This signals an upward trend on the value that businesses of all sizes place on GPS fleet tracking technology.
Here is a breakdown of the usage trends by fleet size:
The right technology can give fleet-based organizations a serious competitive edge in the post-2020 landscape—and those survey respondents who have embraced GPS tracking are already recognizing its host of benefits. 80% considered it "extremely" or "very" beneficial in 2019—up from 74% in 2018. In 2020, a whopping 96% of fleets using GPS fleet tracking software found it beneficial.
Given the wide-reaching benefits GPS tracking systems can provide to fleet-dependent organizations, it’s encouraging to see so many companies embracing technology that can streamline costs and operations by:
Almost half of survey respondents reported that once they had implemented a new telematics solution, it did not take long for them to realize a positive return on their technology investment. In fact, these companies are realizing positive ROI, and greater operational efficiency faster than ever.
In 2019, 22% of respondents reported positive ROI in less than three months, up 37.5% from 2018. In 2020, 45% of respondents said that they’ve achieved positive ROI in 11 months or less, up 18.4% from 2019. In 2020, across the board, the majority of those surveyed reported that they saw:
Here's a breakdown of how quickly companies in a variety of industries were able to realize a positive ROI in 2020:
In a time of economic and regulatory uncertainty, keeping costs in check is vital for fleets. In fact, in the most recent survey, 44% of fleets rated increasing costs as a top challenge to daily fleet operations.
In each of the three Fleet Technology Trends Reports, we see significant cost savings results reported. Here is a breakdown of the data:
Users of fleet tracking technology have realized remarkable benefits and improved profitability for their business, especially in these more challenging times. These undeniable cost savings are critical for fleets as we head into 2021 and face the new obstacles that the industrial and economic landscape might bring.
Tags: Data & Analytics, Team Management
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