Fleet businesses report managing costs (49%), growing revenue (35%) and retaining customers (21%) as the biggest challenges affecting the industry this year.
The research, which examined best practices, trends and current issues influencing fleet businesses across the country, was conducted by Teletrac Navman for its 2018 Telematics and Transportation Benchmark Report.
In a market where margins are notoriously tight, due to fluctuating costs like fuel and labour, Teletrac Navman says there is a clear need to streamline operations and improve productivity.
While the majority (85%) of organisations are already implementing telematics, or are planning to do so in the next year, some businesses are yet to reap the rewards of telematics technology, with nearly a third (31%) of those not implementing it not realising the extent of its benefits, it says.
From improved driver safety, to finding it easier to meet compliance requirements, those currently using telematics report benefiting from a safer, more cost effective fleet.
The research also unearthed the top compliance challenges fleet management professionals face, with health and safety (51%), vehicle safety checks (49%) and driver hours (32%) cited as the main areas of concern.
Nearly a quarter (23%) are planning to implement technology to help manage regulatory compliance, as fleet businesses recognise the need to improve what can otherwise be a complex and time intensive process. However, more than a third of businesses (35%) are still opting to use outdated manual methods, by pulling paper records instead of taking advantage of telematics technology.
Interestingly, more than a third of fleet operators (39%) are considering implementing driver warning and alerting technology this year, and nearly half (45%) of those currently using it cited positive results from monitoring and benchmarking driver behaviour. This shows fleet businesses are recognising the value of data-driven insights in order to counteract bad habits and improve the overall driving standard of their fleets, it said.
Peter Millichap, UK marketing director at Teletrac Navman, said: ““Managing every day challenges in a competitive landscape isn’t easy, so it’s not surprising most executives in the industry are doing all they can to stay in control by adopting technology, however, it is clear some are still yet to recognise the extent to which telematics can benefit a business.
“Thanks to telematics, operators now have more visibility of their fleets than ever before, which ultimately helps free up valuable time and money which can be invested back into the business. Those who don’t yet implement telematics technology may find themselves left behind.”