Why Car Rental Firms Need Telematics to Upstream Their Revenue?

Why Car Rental Firms Need Telematics to Upstream Their Revenue?

Why car rental firms need telematics to upstream their revenue?

In today’s world of connected vehicles, rent-a-car companies are no longer renting cars but providing a mobility solution. We can see a drastic shift when the millenniums embraced the idea that instead of owning a car they prefer to opt for a rented car.

Depending on the nature of operations, rental companies can classify their operations and assets into two categories I.e. on rental assets and off rental assets. On rental assets: This is the duration that begins with the hiring of assets and ends when it is returned or charged while off rental assets is the time during which assets are returned till they are ready to be hired again. The process can be monitored and operational efficiency can be enhanced with the implementation of telematics. The technology helps in identifying the assets being idle, maintainance schedules be met and when it is ready to be rented again. During this duration assets are not monetizing but revenues can be upstream and utilization of assets can be analysed.

Similarly rental companies deal with two business lines I.e., B2B (business to business) where fleets are rented and B2C (business to consumer) where vehicles are rented to individuals. When telematics is deployed in the rental sector, can be yielded by optimizing the existing operations and implementing new business models to improve the bottom line, based on the data insight provided by the telematics.

    car rental fleet telematics

    Eagle-I rental fleet telematics solution harnesses the data for rental fleets to serve as problem solving tool for fleet management. Real-time insight of the vehicle engine can be gathered via OBD data to ensure timely detection of any faulty codes. Alerts can be generated instantly to meet the maintenance needs. False insurance claims can be identified in case of road accidents and the incident can be reconstructed with the exact time and place of the crash, vehicle trajectory and dynamics, duration and distance of the journey, and the exact speed of the vehicle, Unauthorized vehicle use can be reduced with driver identification besides this, vehicle abuse can be identified with Eagle-I driver behavior, to prevent the misuse of vehicle.

      • Improving claim management and lowering total claim expenses
      • Improving vehicle security and supporting law enforcement in the recovery of stolen cars
      • Detecting drivers who abuse their automobiles and engage in criminal activity
      • Transmitting vehicle location data.
      How Fleet Owners Can Make Their Fleet Safe?

      How Fleet Owners Can Make Their Fleet Safe?

      How fleet owners can make their fleet safe?

      The majority of traffic accidents are caused by unsafe driving, which are not only expensive in terms of repairing cars and other equipment, paying insurance premiums, receiving penalties, causing property damage, but most importantly, endangering the well-being and safety of both drivers and pedestrians. Over 65% of accidents occur because of vehicle’s over speeding, drivers violating traffic signals, or atrocious vehicle maintenance. According to research, 81% of the mortality rate in hospitals is due to road traffic accidents, while traffic accident victims occupy 20% of their beds. Besides this, statistics also indicate 79.2% of patients admitted to hospitals with spinal injuries have sustained injuries due to a motor vehicle accident.

      The question is – what actually causes these accidents?

      Many accidents can be avoided by implementing an effective Accident Management Approach based on preventative maintenance, driver training and analysing of fleet data, safety alerts, and dashcams. Eagle-I offers an advanced accident management solution designed to easily integrate with your fleet’s existing software allowing you to gain complete visibility across your entire fleet operations using real-time data to reduce costs and keep your vehicles and drivers safe.

        The question is – what actually causes these accidents?

        Advanced telematics

        Fleet managers should invest in a fleet management software system that can store all accident data in a single secure place. Eagle-I accident reconstruction data helps you in understanding the accident in a broader perspective. It provides you with the scientific pattern of events with access to the previous history of the specific vehicle or driver. This tool can prove to be of significant importance for fleet managers and administrators in analyzing the causes of accidents, how it happened, and who was guilty.

        In accident reconstruction report Eagle-I offers you two types of information

        · Information about what happened

        · Information about the driver

          Video telematics : With a technology to integrate cameras and analytics with fleet tracking, video telematics can be used as a tool to identify and modify risky driving behavior and serves a timely video evidence of critical incidents. The AI-camera works on ADAS and DMS algorithms which serve as a virtual coach to avoid accidents and assist drivers in gradually improving their performance on the road by providing real-time, actionable alerts.

          To ensure safe driving culture and achieve your fleet safety goals, Eagle-I provides the facility to save video clips triggered by key events to the cloud for driver coaching, later review or evidentiary support. Data can be easily accessed and analysed through Eage-I dashboard.

          Check the weather

          Keep an eye on local weather reports and road closures to help avoid dangerous driving conditions, and make sure vehicles are always equipped with the correct aids, such as anti-freeze and ice scrapers for winter driving with Eagle-I weather layer and traffic layer.

            Eagle-I weather layer and traffic layer.

            Preventive maintenance

            Eagle-I provides the right tools, techniques, and expertise to empower you to keep your fleet safe. It provides you full-spectrum approach to manage your fleet by using OBD data and inform you timely of engine faults by providing you the diagnostic data in a dashboard. Eagle-I uses the data to make accurate recommendations for maintenance, inspections and repairs that reduce operating costs and increase lifecycle performance. From initial accident reporting right through to vehicle repair and getting it back on the road, you can instantly keep track of the entire accident management process, and revisit and analyse data providing valuable insights towards lowering the reoccurrence of future accidents.

            To implement an effective accident management solution with Eagle-I to ensure safe fleet, compliant vehicles and safe drivers, contact us today!

              Understanding the Key Components of a Fleet Lifecycle Plan

              Understanding the Key Components of a Fleet Lifecycle Plan

              Understanding the Key Components of a Fleet Lifecycle Plan

              Fleet managers are now being obliged to keep vehicles for considerably longer than usual. Companies, regardless of fleet size or kind, have a perception that full vehicle replacement or fleet extension is not always crucial and to get the most out of your fleet vehicles, regardless of petrol prices, economic situations, or the state of your company; fleet managers should have a strategy to extend the active lifespan of fleet vehicles and to prevent avoidable downtime.

              Lifecycle costs to consider:

              The goal of effective lifecycle management is to maximize the value of your fleet assets. Fleet lifecycle management solution ensures the optimal usage of assets and the best operating condition at the time of resale or retirement of the asset. From the vehicle’s purchasing cost to the insurance premium, maintenance cost, and company’s end-of-life vehicle sales price, fleet lifecycle management entails determining out entire operational costs of a fleet vehicle. Fleet lifecycle management strategy revolves around the following incurred costs:

              1. Fuel

              2. Insurance

              3. Licensing

              4. Ongoing maintenance

              5. Replacement of parts

                Besides this, additional costs such as unanticipated downtime during extensive repairs should also be considered.

                While formulating a vehicle lifecycle strategy, depreciation cost is an important factor that cannot be overlooked. According to an estimate, 60% of the acquisition cost might be lost in the first year alone due to depreciation, while the rate lowers over time. Besides this, other factors such as interests, taxes, and insurance premiums are also directly correlated with the depreciation value of an asset which also reduces when the value of vehicles diminishes.

                  Eagle-IoT is a cloud-based vehicle tracking and fleet management system known for robust preventive maintenance and scheduling tools that use inputs based on a vehicle’s daily average usage to compile a report about the utilization of assets. Eagle-IoT supports fleet owners and management companies in maximizing the lifespan of their fleet vehicles by addressing diverse areas of fleet such as tracking, video telematics, route planning, and maintenance providing them detailed insights and transparency where it matters the most.

                  Choosing the best lifecycle approach takes time but a successful fleet strategy can be defined by considering the fleet’s circumstances in particular. Fleet managers should calculate every single cost connected with a fleet besides determining the organizational priorities. It will assist them in determining the best course of action. Besides this, leveraging telematics service providers such as Eagle-IoT® will aid fleet managers to determine precisely which fleet strategy is best fit for their company, providing them with a customized solution to specifically meet the needs of their fleet.

                  To evaluate your fleet’s lifecycle expenses today

                    Are you overloaded with Fleet Data Telematics?

                    Are you overloaded with Fleet Data Telematics?

                    Are you overloaded with Fleet Data Telematics?

                    Do you have the desire to stay on top of what data is reported but you don’t have the time to sit in front of a computer all day?

                    Fleet managers commonly indicate that they want to utilize all the fleet data while looking for a third-party aftermarket telematics, without realizing how much data their fleet will create. They are probably going to drown in it, sorting through it all seeking for the one or two items they are truly interested in.

                    Information overload refers to taking in more information than you can process, often known as “drinking from the fire hose.” Although being overrun with data is the opposite of being in the dark, it may still be harmful, particularly if you’re in charge of your fleet’s well-being and safety.

                    Some of the forewarnings of information overload and underutilizing the advantages of telematics fleet managers should account for:

                    · High fuel economy

                    · High collision rate

                    · Unplanned repairs and high maintenance costs

                    · Poor customer satisfaction level

                    · Low overall productivity

                    · Compliance violations

                       Fleet Data Telematics

                      Scalability is paramount to Eagle-I for reducing intricacy. There is no excuse for not capitalizing on technology that manages every last asset a company has.

                      Eagle-I ensures small fleet own leverage the telematics capabilities and manage technology costs paying only for services they use by offering a scalable system to filter in and filter out data, to keep things concise without losing their data and computing capabilitiesers.

                        You might be affected by what you don’t comprehend. Whether a company delays telematics adoption in spite of the need for it or another company has one but isn’t utilizing it to its full potential, both are losing out on crucial insights and contributing to Cost of Ignoring along with the corresponding productivity, safety, and financial benefits.

                        To boost the capabilities of telematics, fleet managers should consider present priorities and a critical task to complete and set actionable parameters over the course of a set period of time, and then focus on it and take action when presented with identifiable data

                        Everything You Need To Know About Video Telematics

                        Everything You Need To Know About Video Telematics

                        Everything you need to know about video telematics

                        Not so long, having a fleet of vehicles equipped with a diversity of HD video cameras was considered a luxury, only available to the wealthiest fleets. But as technology has advanced and production processes have become more efficient, fleet managers have passed that stage of crossing the chasm into widespread adoption

                        Earlier fleet managers were using telematics software to handle timesheets, track vehicle movements, and check driving standards across all of their vehicles but with the widespread adoption of video telematics fleet managers can now assess risk and take important strides toward putting an effective safety program in place. Do you also want to add video telematics to your fleet but have some reservations? This article will provide you all insights about video telematics to help you steer clear of any misunderstandings you may have encountered when exploring about video telematics

                          Video Telematics
                          Video Telematics

                          With a technology to integrate cameras and analytics with fleet tracking, video telematics can be used as a tool to identify and modify risky driving behavior and serves a timely video evidence of critical incidents.

                            A video telematics solution should be more than a passive video recorder. Eagle-I’s AI-based camera has a built-in camera with a resolution of 720P by default (which can be extended up to 1080P) supports up to 4 remote cameras to monitor the outside, cabin, sides, rear, and driver of a vehicle regardless of it being in motion or parking. The AI-camera works on ADAS and DMS algorithms which serve as a virtual coach to avoid accidents and assist drivers in gradually improving their performance on the road by providing real-time, actionable alerts.

                            Driver Fatigue/Distraction Monitoring

                            Multitasking and driving can’t go hand in hand! No matter how skilled you and qualified driver you are, driving safely demands your all focus on the road. Some of the common distracted driving events or driver fatigue events detected by Eagle-I video telematics are smoking, yawning, drowsing, camera blockage. However, distraction detection technology is designed to respect driver privacy and it does not collect, store or use any biometric identifiers or biometric information (i.e., scans of facial geometry) to detect distracted driving behaviour

                            Driving Behavior Analysis

                            To provide a more holistic view, video telematics combines dashcam footage with vehicle analytics to detect risky events with the help of AI and notifies the manager in real time. With the help of video telematics fleet managers can be notified when the driver gets too close to the vehicle in front that they may collide. The sensor will not only beep and warn the driver but will also generate an alert to the fleet manager. Similarly in case of drifting and switching lanes fleet managers will get an instant alert.  Fleet managers can also set the alerts in case of forward collision, lane switch, over speeding, harsh braking, signal violation, or seat belt absence. Similarly, if someone other than the assigned driver is driving the vehicle, the driver’s absence event will be triggered. 

                              video telematics

                              Video telematics ensures fleet-wide insights and real-time customized alerts by providing the driver’s perspective of what’s happening in real-time, it can also serves as return on your investment by increasing driver engagement, improving operational visibility and powering insurance claims. To ensure safe driving culture and achieve your fleet safety goals, Eagle-I provides the facility to save video clips triggered by key events to the cloud for driver coaching, later review or evidentiary support. Data can be easily accessed and analysed through Eage-I dashboard.

                              Get your fleet outfitted with video telematics today and stay ahead-of-the-curve with the gold standard in trucking technology.

                              Interested in video telematics for your fleet? 

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