Stay connected
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
Trucking fleet
What is fleet management technology? Types, key features, and benefits
Effective fleet management systems help businesses maximize operational efficiency, safety, and profitability. Achieving this is nearly impossible without the right technology to support both fleet managers and drivers.
Fleet management technology has transformed the way companies monitor, maintain, and optimize fleet vehicles and assets. The best technology provides real-time data insights that drive smarter decision-making.
With advancements in technology, fleet managers can now address issues proactively — through predictive maintenance, for example — rather than reactively. This helps reduce operational costs, improve safety, and enhance customer satisfaction.
The latest technology isn’t just about keeping track of vehicles; it’s about elevating every aspect of your fleet operations to meet the demands of a modern, connected world.
Fleet management technologies that improve fleet efficiency, driver safety, and more
A fleet owner, manager, or others working in the trucking and transportation industries have access to all kinds of valuable, innovative technology. Equipped with these powerful tools, day-to-day tasks become easier and more cost-effective.
The tools and technology that make up modern fleet management systems include fleet management software and hardware, as well as fuel cards, and are often integrated into a cohesive ecosystem. An ideal fleet technology stack built of independent parts should work harmoniously in unison to unlock even more insight and value than each piece of tech would on its own.
Fleet management software
Fleet management software is designed to streamline and optimize operations. Most platforms centralize critical data and offer tools for tracking vehicles, managing fleet maintenance costs and schedules, monitoring fuel consumption, mitigating fraud, and ensuring regulatory compliance.
At its core, fleet management software empowers businesses to make more data-driven decisions and reduce operational costs — especially when integrated with other fleet tools.
Fleet management software also has a role to play in enhancing driver safety and performance through various real-time alerts and analytics features. What fleet manager wouldn’t want more insight into operations and automation for streamlining tasks to stay competitive in a dynamic market?
Take electronic expense reporting, for example. Fleet drivers and managers alike can streamline travel expenses with a robust reporting and reconciliation program to:
- Better control costs with automated workflow processes
- Gain real-time transaction visibility to reduce various risks, like fraud
- Unlock greater insight and data analytics strategies for spending
Electronic expense reporting software reduces manual processes company-wide through data consolidation and workflow automation, resulting in an efficient and affordable program.
Mobile apps
Efficient fleet expense management is more than just tracking the costs of drivers and travel. Fleets can also manage expenses better by controlling how and where money is spent, and in many cases, they can do that with a feature-rich fleet card.
Partnering with a company that issues both fuel cards and apps for managing fleet funds can simplify the day-to-day financial management of your organization. These tools and technologies create transparency for payments to give you more control, and allow you to check into your account while on the go.
The CardControl app is a great example. With this app you can:
- Get real-time card balances and recent transaction details
- Register checks
- Manage your SmartFunds
- Transfer funds to external bank accounts
- Find fuel prices and locations based on a specific location (e.g., location of your mobile device)
- Find fuel prices and locations by route
Web-based tools
The WEX Fuel Audit tool is a cloud-based tool that can help you control fleet expenses by giving you insights into your fuel spend. It leverages your transaction data to enable greater transparency and visibility, so you can better manage the industry’s second-largest variable expense.
The fuel audit tool will save valuable time auditing and reconciling fuel spend with real-time reporting and analysis. Additionally, it will help to improve driver performance with KPI tracking and reporting, plus mobile fuel price discovery and optimization tools. Key features include:
- Web-based tool in the cloud, so no software is required to use it
- Discount reconciliation
- Individual transaction verification
- Driver compliance reporting
- Benchmarking and competitive analysis
Fuel cards
Combined with expense management reporting and other software solutions, a WEX fleet card will provide even more comprehensive expense management. The WEX Fleet Card is a fast way for a growing business to drive real savings, with automatic accounting and reports, controls for employee spending, purchase alerts, and rewards. Plus, WEX cards offer versatility and value, including:
- Accepted at 95% of U.S. fuel stations
- Automatic accounting
- Detailed custom reports
- Advanced spending controls
- Online and mobile account access
- Purchase alerts
- Available rewards
The benefits of integrated fleet management technology
Integrated fleet management technology elevates operational efficiency by providing a centralized platform that connects your web of advanced tools.
Each piece of technology you use is powerful on its own. However, if you integrate all of your tools into one source, you’ll gain enhanced visibility and be a stronger decision-maker. This will happen thanks to unified data streams — such as fleet maintenance schedules, fuel consumption analytics, and driver performance tracking.
Ultimately, a high level of fleet tech integration allows fleet managers to identify inefficiencies more easily while deploying strategies to reduce downtime and recoup costs. It’s about streamlining processes and transforming your fleet into an agile, data-driven asset that delivers comprehensive value.
Driving innovation in fleet management
Advanced fleet management technology is helping propel the trucking industry forward. Integrating all of your tools under one provider will provide an even more powerful fleet management solution that works for you and with you.
Learn more on how to better manage your over-the-road fleet:
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.
Editorial note: This article was originally published on August 28, 2019, and has been updated for this publication.