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Innovations in technology over the past several decades have fundamentally changed how businesses operate, and this includes even the most seemingly unchanging industries, such as trucking. In 2017, worldwide digital transformation spending was estimated at $714 billion, while in 2019, spending is estimated at $1.7 trilliion.1 The impact of technology is widespread from consumer behavior to business operations, including every function from safety to maintenance.
What will be the next transformative piece of technology in 5, 10 or 20 years? As a fleet company, it’s hard to know where to turn for technology forecasts. You know doing business today isn’t the same as it was 20 years ago, and maybe you’re still catching up. But not staying on top of trends can cost you in productivity, efficiency and ultimately customer satisfaction. Small- and medium-sized businesses, as well as enterprise-level fleets, must look toward the future if they want to be prepared to keep up with increasing consumer demands. Those in field service, distribution, delivery and utilities—anyone running a fleet of vehicles with drivers—could be impacted.
What does that mean for your bottom line? A recent study done by the International Data Corporation (IDC) predicted that by the end of 2019, companies will generate at least 45% of their revenue from new business models arising from changes in technology.1 That might mean using predictive analytics to get ahead of service calls before a furnace breaks, providing up-to-the-minute arrival times for deliveries, or ensuring your vehicles have the 5G capability to transmit data back to the office. It all adds up to a better and easier customer experience, one that customers will seek out over a paper-laden, slow-to-respond or uncommunicative business.
Even liability is being impacted by innovation. In addition to helping businesses manage operations, data on driver behavior is helping them enforce safe driving behaviors and protect against false liability claims as well. From location data to video recordings of harsh driving events, business owners now have access tothe context around events that before they would have had to rely on others for. Businesses are empowered to confidently defend their reputations and address unsafe behaviors with their drivers with telematics and integrated video solutions.
Customers are already demanding more information, quicker responses and faster service. Whether you’re a plumber with 12 trucks, or a VP of Operations with a fleet of 400, it’s critical to know how technology could impact your company in the future, so you can keep those customers happy.