Fuel costs soar, inflation hits fleet – Verizon Business Report

New York – Verizon Business today released the findings of its annual Fleet Technology Trends Report, conducted separately by Bobit (US) and ABI Research (EMEA and APAC). Responses from more than 2,300 fleet managers, executives and other mobility business professionals across 14 countries demonstrate that technology adoption is helping fleets overcome operational barriers to drive results and build resilience.

“In today’s hyperconnected and complex world, fleet technology is being used as a stabilizing force in many growing business challenges,” said Peter Mitchell, senior vice president and general manager, Verizon Connect. , our goal is to be a true partner to our customers, helping them uncover hidden costs while improving security. We help them streamline business operations so they can focus on increasing productivity and efficiency, improving their business and overall customer experience. “

The State of Industry 4.0 – Technical Strength

With budgets and resources stretched, many fleets may find it difficult to maintain existing operations, let alone improve. In this year’s report, rising costs such as rising fuel prices, rising cost of living and inflation (73%) were identified as the greatest challenges facing the world. In the U.S., it was followed by labor shortages (59%) and meeting customer demand (52%)—all of which have steadily increased year over year.

In EMEA and APAC, respondents believe customer service will have the greatest impact in the near future to help improve customer retention and satisfaction. Fleet tracking solutions have helped 70% of survey respondents improve customer service in EMEA, while 55% of survey respondents in Australia and New Zealand said customer service has improved since implementing a fleet tracking solution.

Improve customer service, productivity and maintenance

While current challenges won’t be resolved overnight, focusing on factors within the fleet’s control can help calm the chaos. Fleet management technology has been seen as a powerful tool that can provide fleets with the data they need to make better decisions, address challenges and help improve fleet performance. In fact, 85% of respondents worldwide who currently use fleet tracking software said they found it helpful.

Effective route planning is critical to efficient use of fuel and lower overall operating costs. By 2022, nearly half of businesses could reduce fuel consumption (46%) and accidents (46%) by using GPS fleet tracking solutions, reporting an average 11% reduction in fuel costs and an average 15% reduction in accident costs. Global labor costs were also reduced by 20%, with Australia and New Zealand having the greatest impact with savings of 28%.

Asset tracking has also been recognized for its ability to enhance safety, equipment utilization and team productivity, with 65% of respondents currently using asset tracking finding the tool beneficial. In the US, adoption of asset tracking is up 6% (up to 29% this year) – the highest increase in new users compared to any other technology.

It appears that building a resilient business is now more important than ever. Fleet tracking technology is more than just dots on a map. It provides fleet managers with much-needed visibility into driver behavior, fleet costs and vehicle wear and tear. The Verizon Connect platform gives users the visibility they need to get more done. With dashboards and customizable reports, managers can keep a finger on the pulse of their business.

To view the full report results, visit the 2023 Fleet Technology Trends Report page. To better facilitate access to EMEA and APAC’s Fleet Technology Trends report in your local region and language, please review these country-specific options:

  • Europe: Austria, Germany, Belgium, Netherlands, France, Spain, Ireland, United Kingdom, Italy, Poland, Portugal

  • Asia Pacific: Australia, New Zealand

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