LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global fleet management services market is expected to grow at a CAGR of close to 24% over the next five years due to the availability of sophisticated software applications.
The research report titled ‘Global Fleet Management Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Fleet management services refer to efficient management, planning, and integration of fleet operations depending on the resources available,” said lead Technavio procurement expert Angad Singh. “Major aspects to be considered for fleet management are vehicle maintenance, safety, and compliance; workforce management; and operational costs and effectiveness,” added Angad.
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Cost Saving Opportunities in the Fleet Management Services
The adoption of cost optimization levers can help buyers of fleet management services realize cost savings and achieve category management and value benefits, including a reduction in procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the fleet management services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Data analytics and Big Data systems are becoming an essential tool in fleet management as telematics generate a large amount of data about vehicle status, road condition, and can be used to predict future events.
Fleets are generating a huge amount of data and companies are looking for efficient storage systems. Cloud-based data storage enables buyers to reduce costs in managing data centers that can be easily accessed from any remote location.
Optimization of procurement practices saving aspects
Buyers should engage with suppliers that provide analysis of fuel consumed and maintenance and repair costs to implement appropriate vehicle replacement cycles. For instance, Donlen provides service for fleet maintenance and streamlining purchase order system.
Buyers expect their drivers to follow timesheets and maintain good behavior while traveling. This helps to reduce overtime, prevents misrouting, and increases operational visibility.
Bundling of services saving aspects
Advances in the technology used in the fleet management sector are bringing rapid changes in the industry. These are transforming fleets in terms of fuel efficiency and reducing costs. These technologies also help in monitoring vehicle performance ranging from tire pressure to automated data capture to generating reports of every aspect of a vehicle.
Buyers prefer continuous checks for vehicles and workforce monitoring methods to evaluate performance and identify measures to be taken to increase productivity. They require service providers to provide past information about equipment, inventory, and activities using their records.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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