Video telematics is changing the way logistics companies keep track of their running fleets. Staying up to date with what’s happening at the ground level becomes significantly easier with video monitoring systems. Video telematics in logistics allows fleet managers to stay connected with the driver and fleet via real-time video streams.
According to a study by Insighters, the global video telematics market is expected to grow at a CAGR of 22.78% and reach $3431.98 million by 2028. So, the question one should ask here is, how does video monitoring solve the challenges faced by the logistics sector? Let’s see how.
Video Telematics in Logistics for Enhanced Operations
Video telematics in logistics is an important tool that helps track things like how fast vehicles are going, the routes they take, and how drivers behave. Fleet telematics systems collect information via cameras and sensors placed inside the vehicle.
These devices gather data about the fleet’s various components and what’s happening around it. The video telematics system then sends that data to a central cloud server, and this information can then be fetched via a dashboard or mobile app.
Navigating Logistics Challenges: A Telematics Perspective
Before delving into how logistics challenges are solved with video monitoring, first let’s understand the challenges faced by the logistics industry when it comes to fleet related issues.
Transportation Roadblocks
In India, logistics reliability remains a challenge due to the country’s vast and diverse geography. India faces a staggering $21.3 billion annual loss due to road delays and extra fuel consumption, according to a study by Transport Corporation of India and IIM-Kolkata.
Poor road conditions in rural areas and accidents in mountainous regions contribute to delays. Traffic jams, checkpoints, and toll booths also add to time and cost issues for logistics companies. Even with contingency plans, further delays are a constant concern. A comprehensive vehicle telematics solution is needed to address these transportation roadblocks efficiently.
Ever-increasing fuel Costs
Fluctuations in fuel prices have a profound impact on transportation costs, a major concern in the logistics sector. Global crude oil prices have rocketed from $75 to over $94 per barrel, starting in July 2023 according to a report by Energy World. As fuel costs rise, surcharges on freight tariffs also increase, consequently reducing a company’s potential profit margin.
This financial strain may even lead to a net loss. So, promoting optimal fuel usage and keeping records of fuel consumption becomes a need of the moment.
Supply Chain Visibility
To ensure reliable and on-time deliveries, logistics companies must maintain visibility throughout their supply chains. This visibility allows them to address any anomalies that may arise during shipments, ensuring efficiency.
Video telematics in logistics offers a comprehensive view of drivers and their actions throughout the entire fleet journey, which provides better operational control.
The Impact of FleetRobo’s AI Video Telematics in Logistics
The implementation of video telematics in logistics helps businesses overcome all the challenges associated with real-time connectivity and activity monitoring of drivers and vehicles. Due to their effectivity, telematics system shipments in India may reach 50 million units per year during 2021-2030 at a CAGR of 31%, states India Telematics Ecosystem Analysis. Let’s see some logistics areas where video telematics makes a positive impact.
Death due to accidents and carelessness of fleet usage contribute a substantial amount. A video telematics system’s smart camera system can identify potential warning signs of accidents and warn drivers beforehand to prevent any accidents.
FleetRobo’s video telematics system comes with an AI-powered Advanced Driver Assistance System (ADAS) and Driver Status Monitor (DSM) to ensure better driver behavior analytics and safety monitoring. Using our video telematics in logistics, companies can enable a comprehensive evaluation of driver performance, considering factors like fatigue, speeding, sharp turns, adherence to traffic rules, and various other metrics.
In addition to that FleetRobo also has object detection functionality, which easily detects near misses, detects the person sitting in the vehicle and gives drivers a bird eye view.
Miscellaneous Expense Savings
Visual evidence is critical to claiming insurance. With video telematics systems, insurance companies and fleet owners are confident in handling insurance claims. As a fleet owner, one can avail discounted premium rates using video telematics.
FleetRobo’s video telematics solution comes with up to 6 high resolution surrounding cameras. This makes incident reconstruction very easy. Using video telematics in logistics, businesses can easily eliminate miscellaneous insurance expenses.
In a survey conducted by Accenture, nearly 60% of the businesses stated that telematics has helped them with the reduction of transportation costs.
Transparent Logistics Operations
Driver behavior affects 5% of the fleet operating cost according to Zendrive. Logistics operations under surveillance of video telematics systems, offer a clear and up-to-the-minute view of a fleet’s activities, helping identify and address issues. For example, if a driver makes unnecessary stops or takes extended routes to increase fares, the system alerts fleet managers in real-time.
FleetRobo’s video monitoring solution offers real-time GPS location of the moving vehicle. Our video telematics system immediately highlights any deviations, allowing the fleet manager to take swift corrective action. In addition to that, our system generates alerts within 60 seconds for any rule violation or reckless driving behavior.
Route Planning and Optimization
Video telematics systems have the ability to use past vehicle and trip information to plan better routes. This helps fleet managers choose the best paths for transporting goods. It does this by looking at both historical data and current traffic conditions to warn about potential problems, like heavy traffic or roadwork.
FleetRobo not only helps pick the right route at the start but also changes it if needed, based on what’s happening on the road. If a driver goes the wrong way or faces unexpected changes, the system tells the fleet manager right away so they can fix it. Because the data comes from past trips and vehicle information, it’s quite accurate and saves transport companies money on operations and fuel.
Better Fuel Management
Fuel expenses are a major concern for transporters, particularly given the recent fuel price hikes in India. Video telematics systems play a pivotal role in enhancing a vehicle’s fuel efficiency. Equipping your fleet with FleetRobo video telematics system enables transporters to utilize driver analytics to identify excessive idling and unnecessary fuel consumption, taking prompt corrective measures to significantly improve fuel efficiency across a large fleet of vehicles.
Improved Fleet Maintenance
Efficient vehicle maintenance is vital for managing a fleet, especially in the transportation sector where vehicles undertake long journeys. Video telematics systems offer unique features that help fleet managers ensure their vehicles remain in peak condition. FleetRobo’s video telematics systems offer On-board Diagnostics functions. By collecting data from the vehicle’s on-board diagnostics port, it allows for early detection of issues such as failing batteries and engine faults.
Conclusion
Now that you know why and how video telematics in logistics is beneficial for businesses, it’s time that you implement video telematics in your organization. Connect with our team at FleetRobo, and let’s discuss your business requirements to craft a personalized video telematics system with FleetRobo.