Humans, being as innovative as they are, are always seeking new ways of improving life. In the business world, this hasn't been any different. Companies have been adopting different technologies like GPS to help them improve their efficiency, among many other things.
It is actually the reason Lowry Solutions thinks the global GPS tracking device market share has already exceeded $3.1 billion and expects it to reach $5.7 billion within the next few years. But how exactly is this technology affecting businesses? Well, if you have such questions, this article is right for you, so read on.
Fleet Management Efficiency
Anyone who's been in fleet management can actually agree that surprises can be quite costly. Talk of the unexpected fuel expenses and last-minute route changes—these challenges can just be endless. Thankfully, in modern logistics companies, smart GPS tracking solutions for fleets can help minimize costly dangers and ensure smooth processes.
Think of a situation where you have to manage fleets without knowing their exact whereabouts. The lack of visibility can be problematic, especially when there is uncertainty about whether the delivery is late or any other untraceable challenge that could vex customers. Since customer experience is very important, you don't want to ignore it if you want long-term success.
In fact, looking at the statistics, Contentful suggests that 87% of consumers may buy more after a good experience with a business. On the flip side, negative experiences could affect the purchase behavior of up to 97%. Good enough, real-time GPS tracking provides comprehensive visibility into every aspect of the fleet, minimizing the possibility of frustrating consumers.
Here are a few other ways this technology is changing things in this sector:
- Saving fuel costs by optimizing route planning: Fuel costs are one of the most expensive aspects of fleet management and can get worse with non-productive miles. Data collected through tracking devices helps evaluate routes taken, allowing more efficient decision-making.
- Driver accountability: With commercial fleet tracking, you can now monitor driver behavior, which only leads to better accountability and safe driving practices.
- Vehicle Maintenance: Monitoring vehicle diagnostics through GPS can help predict potential maintenance issues and prevent breakdowns.
Field Service Management Solutions
Can you actually imagine that by 2020, more than 48% of organizations will already be using field service management solutions? As years have passed, more companies have continued to open up to this technology, with Mordor Intelligence approximating the market to reach $5.52 billion in 2025.
It is obvious that the implementation of GPS is supercharging this industry. For instance, managers are now better positioned to keep tabs on their employees and equipment. We haven't even mentioned how this technology can help automate alerts and the routing of employees.
Plus, what better way to keep travel logs of all drivers than using GPS-enabled field service management solutions? This can come in handy when you need to determine whether drivers arrived at the job site on time, among many other things.
Geofencing is another area where GPS technology has really helped professionals. You may actually be surprised to learn that sales reps using geofences see 10 times better outcomes. This location-based system combines GPS, cellular data, and RFID to create virtual boundaries that help determine when and where workers clock in and out. Combined with automated tools, this technology can really improve efficiency and customer experience through better communication.
Streamlining Supply Chains
We have already seen how fleet management can be challenging, especially when there's no visibility. But visibility goes beyond just knowing the whereabouts of your shipment—you also want to have the necessary data to make the right decisions when things go wayward. And that's what real-time tracking does. It provides continuous updates and GPS-based insights, which help eliminate guesswork and dependence on sporadic manual updates.
And you will agree that there can never be such good news as this, especially for those dealing with time-sensitive or fragile goods. Remember, delays can actually be a great undoing for your business. Imagine losing up to 23% of shoppers who, according to Sendcloud, may never transact with a store again after a delayed delivery.
But we are not without hope. GPS tracking can help you react in real time by either rerouting a shipment or adjusting schedules. Plus, this technology offers crucial data to help identify patterns and inefficiencies in your supply chains.
At a time when data has become the new digital gold, such possibilities can really help businesses improve their edge. Think of a scenario where you're able to adjust to changing conditions quickly. This can really set you apart in a world where things seem to move so fast.
It's true that GPS is transforming the business world. Thanks to its real-time tracking capabilities, managers can make instant adjustments in their favor. Given that customers prioritize the kinds of experiences they have with organizations, such capabilities can be very handy.
Of course, you don't want to imagine yourself losing customers just because their orders were delayed and you couldn't communicate. Don't forget that acquiring and retaining customers is becoming super expensive, and ignoring such things only harms your brand. With all these factors put together, businesses, especially in the logistics sector, may actually continue opening up to this technology to improve their operations even more.
