IoT cost savings: some examples

As part of IoT, telematics has been proven to deliver significant cost savings across a wide range of industries and applications.

Telematics, or the way we utilize telecommunication networks to transmit information to and from assets at a distance, is a vital part of the Internet of Things (IoT). As part of IoT, telematics has been proven to deliver significant cost savings across a wide range of industries and applications. Together, when used in platforms like Suivo’s tracking software, they can identify inefficiencies in fleets, monitor and record vehicle movements and operations, and deliver insights on the impacts of driver behavior.

Numerous organizations already enjoy the advantages of using tracking hard- and software on their vehicles and assets, but not all organizations fully realize how the advantages of IoT and telematics can result in enormous cost savings. Here are some examples of IoT and telematics in action.

Asset tracking anytime, any where

Let’s start with the non-financial benefits of asset tracking. The largest of which is your peace of mind. You know exactly where your assets are, how long they have been in that location and when they move from one site to another. And you don’t need to be in your office to take advantage of this: the Suivo live tracking platform lets you track your fleet from your smartphone or laptop at any time.

Of course, asset tracking also has a huge financial benefit for your organization. For example, if one of your vehicles is missing or stolen, the live tracking platform and data from the asset’s hardware can help you to find their exact location. And you can gain insights into the actual use of your assets, so you can adapt your planning to ensure the optimal usage of all your assets. These insights can also help you to streamline your inventory so you only have the assets you actually need instead of spending money on the storage and maintenance of equipment that you don’t need…

Increased vehicle utilization and predictability

Suivo tracking software enables you to get the most out of your fleet. You can reduce fuel consumption (and costs) and eliminate vehicle idle time by using the data and insights from the Suivo GPS tracking software. The software can also be used to monitor your employees’ behavior, which can result in lower maintenance bills, fuel consumption and insurance premiums.

Planning becomes smoother and more predictable for both you and your customers. Suivo tracking software gives you real-time tracking information, accurate delivery times and other delivery details that you can share with your customers. The tracking system also helps you to make informed decisions and schedule trips more efficiently, so you deliver your service at the optimum time.

Scheduled vehicle maintenance and reduced downtime

The key factor for better productivity and success for logistics and transportation is minimizing downtime. Regular, routine maintenance helps ensure your vehicles are properly serviced, ready when you need them. This also increases the vehicle’s resale value, lowering its Total Cost of Ownership (TCO).

Plus, the tracker can also key aspects of your vehicle, helping you to be proactive about possible issues. A tracker connected to a vehicle’s CAN-bus can, for example, track fuel levels, battery usage, engine oil levels, and more.

Other (financial) advantages

Suivo tracking software can improve your safety in several ways. Firstly, you can set alerts to get instant notifications or push an SMS when something happens to your fleet. Secondly, in the case of an accident or other issue, the tracking software immediately sends notifications so the necessary actions can be taken at the right time. Plus, you have direct access to real-time data so you can give your drivers and operators the support they need when they need it. Lastly, the immediate notifications and quick responses reduce the amount of paperwork that Fleet Managers, drivers and dispatchers need to complete after an incident, which reduces costs significantly.

Telematics, IoT and Suivo

It’s clear that organizations interested in reducing costs, improving the maintenance and increasing the safety of their assets need to pay attention to the obvious advantages of tracking with IoT and telematics.

Suivo’s solutions leverage the benefits of IoT and telematics to meet the needs of different types of customers operating in different industries. Talk to us to discover the cost savings that your organization could enjoy.

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