The intervention of artificial intelligence, automation, and similar advanced technology solutions are surely bringing about positive impacts for industries across the board. But is it equally helping the transportation business? Let us find it here.
The transport industry has always been the backbone of the Indian economy. Data shows that almost 90% of passenger traffic and 67% of freight moves on the roads. Trucks are the most commonly used mode of transportation for freight and goods and truck drivers play a crucial role here. Most vehicles are owned by individual owners or then there are fleet companies who employ drivers to ply on roads.
The Indian truck market was valued at US $ 10,850 Million in 2020 and by 2026 is expected to grow at a CAGR of around 12%. The valuation is huge but the industry is highly fragmented and unorganized.
So how is technology changing things in the sector?
The advent of financial tools
Financial tools like GST, E-Way Bill, FASTags, UPI, etc., have positively impacted the lives of truckers / fleet owners. They are empowered with technology that enables them to transact money on the go, track their taxes, get on-road financial assistance, and also improve their revenue streams by getting more work through these tools. A major issue in this line of business has always been the underutilization of truck capacity leading to lesser work opportunities. This also gets sorted with the help of tools. Problems like lack of money to buy fuel and food, pay toll taxes, etc., have become manageable and traceable for the drivers.
Fleet management software
Fleet management software that helps analyze metrics and provide greater insight into truck fleets and their performance is taking the trucking industry by storm. Companies are able to track safety incidents, engine hours, route performance, fuel management and more through technology-led platforms and identify areas of improvement and decide what needs immediate action and what can wait. Truck drivers can get near real-time assistance on roads.
Big data analytics
Big data analytics is used to identify valuable insights for fleet management including identifying bottlenecks, managing records, transaction history, pricing data and much more. In the trucking industry, big data analytics helps improve decision-making, prevent dangerous incidents, and ensure safe transportation. It involves scrutinizing data sets to derive results and make informed decisions. Companies can define travel routes, detect networks with doubtful infrastructure and even calculate travel days / estimated time.
There are various mobile apps available for truck drivers and trucking companies. These online transport network apps and invaluable tools are helping make road journeys for truck drivers easier with better connectivity, readily available solutions, and payment options. They are also helping increase supply chain functionality, productivity, and profitability for trucking companies.
In-Vehicle Safety Features
Today the safety of the driver is the top priority for all trucking companies. To ensure a safe and easy journey, trucks are enhanced with safety features and technologies like blind spot mirrors, lane departure warnings, automatic emergency braking systems, truck dash cams, and more.
The intervention of technology has significantly impacted the industry. From checking the weather to checking into a lodge for a night’s rest, from automatically paying tolls to using e-wallets / cards, fleet owners and drivers are able to manage themselves well on the road. Maximum efforts are being put in to ensure that the industry and associated people get acknowledged for their work. . As technology advances, it’ll be interesting to see how the industry modifies further and extends benefits to the industry.
Views expressed above are the author’s own.
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