As Industry 4.0 picks up momentum, companies that hesitate to implement automation and data exchange technologies will find themselves in a danger zone — unable to compete and thrive — as they are overtaken by competitors who have fully embraced the new digital order of things. Rapidly advancing uses of technology and data gathering strategies such as Big Data analytics, the Internet of Things (IoT), Cloud computing, machine learning and artificial intelligence leave no room for delay.
Waste of Waiting
Fleet professionals may put off making the decision to implement fleet tracking because of short-term budgetary concerns, but this can lead you to miss out on long-term productivity gains and business improvements. According to the book Lean Enterprise from O'Reilly Media, the cost of delay for each decision can be quantified by its economic value over a period of time if it was immediately implemented. There is waste involved in waiting to implement innovations that could be addressing challenges within your fleet operations now. Modern telematics solutions have the ability to provide visibility into operations and utilization, to help improve safety, reduce costs and increase productivity.
The longer you wait to take decisive action, the more money your business could be losing in unknown costs and untapped potential and the more technically behind you become, making it harder to catch up in the future. As business expert and strategist Howard Lewinter warns, “Indecisiveness potentially can cost you your business.”
Not making decisions is a decision itself – one that can allow your competitors to take the lead in the revolution, while your business is drained of thousands of dollars in hidden and soft costs—and, more importantly, revenue-generating productivity.
The Right Choice
Choosing to implement telematics is a foundational decision that enables you to make many informed choices in an efficient and confident manner that can save money by addressing problem areas including:
Visibility: Assess what you have and how it's really being used, which can allow you to get more done with the correct number of resources. View near real-time activity and status of vehicles, workers, and mobile equipment for better allocation of assets.
Safety: Monitor speeding, hard braking, harsh acceleration, seat-belt use, and other habits that can lead to costly vehicle damage, accidents, and liability issues.
Economy: Determine sources of unproductive idling and unnecessary fuel use; automate preventive maintenance to help keep your fleet running in an efficient and cost-effective manner.
Productivity: Streamline dispatch, routing, and scheduling; match the right driver and vehicle with right job; track time on-site; and transfer recordkeeping to the Cloud to help save time and money.
As reported by Deloitte, a 2017 Forbes Insights survey of 1,603 global executives representing 19 countries and all major industry sectors, revealed that just 14% of executives were confident that their organizations could fully harness the benefits of the Fourth Industrial Revolution. The study also showed that professionals who embrace emerging technologies as the key competitive differentiator (20%) feel more prepared across a broad range of areas than those who approach technology as just one of many priorities. The value of moving forward with telematics solutions can’t be overstated. The decision must be moved up on your priority list, and now.
Echoing research conducted by Bain & Company about change and long-term business survival, making the decision to implement the latest fleet technologies will establish a core of resilience for your organization, preparing you to weather the storms of disruption that are sure to continue during the Industry 4.0. Telematics ushered fleets into the era of Big Data, and it is the catalyst your company fleet’s operational success in the current revolution. Don’t hesitate — it could cost you your edge in today’s changing business environment.