The global dashboard camera market is expected to grow to USD 7.5 billion by 2027, according to a report by Grand View Research.
With the evolution of what has come to be known as “fleet tech,” more and more trucking businesses are investing in their safety program for fleets.
Proactively installing dashboard cameras across fleets is a gamechanger for businesses. It is saving companies millions of dollars, ensuring the safety of drivers as well as the security of fleet vehicles.
AI-powered dashboard cameras come with several state-of-the-art features. They enhance safety and precision, and enable superior navigation, especially in tough terrains.
Smart technology is also helping businesses reduce accidents, make the roads safer, and save lives. Recent news reports have also captured how dashboard cameras have helped truck drivers navigate their way out of crashes, sometimes missing airplanes by just a few seconds when they were forced to make an emergency landing.
Here’s a look at how dashboard cameras create value. They are an investment and not a cost for any modern fleet management business.
Data Never Lies
For any fleet management business, the price of inefficiency is astronomical. It results in fuel wastage, accidents, job losses, as well as delayed business outcomes.
One of the major advantages of having dashboard camera systems across the entire fleet is that video footage and data contribute towards powerful analytics.
Everything from the most advantageous routes, driving and traffic patterns, and other types of critical data can be spliced and diced, to help make the overall system more efficient. Data also helps back many of the theories that a company might want to test but are unable to execute as experiments come at a cost.
For example, Samsara’s AI dash cams analyze roads for high-risk behaviors, accidents, and crashes. These insights help raise the overall efficiency of fleets. The Internet Of Things (IoT) business is at the cutting-edge of AI-powered technology, supporting all kinds of businesses, including large-scale fleet management conglomerates.
Videos Offer Hard Evidence
In times of accidents, it’s often difficult for fleet companies to prove that it is not the driver’s fault. There are several cases when the at-fault driver conveniently blames the truck driver for lack of evidence.
However, over the last two to three years, the presence of dashboard cameras has helped exonerate several truck drivers and also save businesses millions in liability costs. Video footage helps to resolve insurance, healthcare, and legal disputes swiftly. Insurance companies now accept video documentation when settling claims.
With the presence of a dashboard camera in the vehicle, videos of such incidents are uploaded immediately onto a cloud. This empowers the fleet admins to instantly review and offer instructions that can save lives.
Some dashboard cameras are so sensitive that they even work well in low-light conditions. This is a critical feature, especially since fleets often travel overnight to their destinations, and are at more risk during these hours.
Focused Support For Drivers
Dashboard cameras are equipped to offer in-depth data on driver performance. Based on these insights, companies are able to invest in the right training tools, as well as focus on specific areas that need improvement.
Additionally, technology empowers companies to practice on-road coaching in real-time by providing the right alerts and high definition coaching tools. This helps truck drivers improve skills, knowledge, and techniques.
Corrective measures can also be implemented quickly in case a driver violates a protocol. For example, if a driver texts while driving, the dashboard camera system helps identify this behavior early on.
One of the most important value-additions is during emergencies when swift communication is possible between drivers and admins. Drivers can SOS for support and can access instant support, advice and directions, paving the way for quick resolutions.
Securing The Fleet
A fleet of trucks cost companies a pile of money. Additionally, the cargo in transit not only comes with the actual cost of goods but a liability cost, in case it gets stolen or damaged.
Dashcams help safeguard vehicles against thefts and vandalism, especially when trucks are parked and the driver is away. However, just because the vehicles are not running does not mean the camera is in sleep-mode.
Hence, in case of such break-ins, the entire incident gets recorded, and admins can intervene by calling for help immediately. The videos can also be submitted as evidence for police investigations in the future, as well as against insurance liabilities.
Improving The Bottomline
The biggest outcome of leveraging dashcam technology is that companies are able to save millions of dollars by reducing costs, through multiple interventions.
- Businesses are able to bring down the number of insurance payouts.
- The at-fault incidents are coming down as companies invest in driver training interventions in a very focused way.
- Driver retention is another big win. Companies can prioritize training and corrective measures instead of losing personnel due to a lack of access to data.
- Cargo thefts usually occur when in transit and amount to a loss of USD 60 billion worldwide, according to a report in Transportation & Logistics Magazine. GPS tracking helps companies know exactly where their vehicles are stationed at all times, thus reducing the occurrence of cargo and vehicle theft.
- By choosing the best routes based on the data collected over several months, companies end up saving on fuel and building a more environmentally sustainable business.
Invest In Tech Early On
Contemporary AI dash cams are extremely sophisticated and offer a seamless experience and ease-of-use to employees. Since all the data is stored on a cloud, the company does not have to worry about arranging their own servers for data storage. The cost of investing in such a system is far less than the cost of inefficiency traditionally experienced by fleet owners, despite best practices followed.
Today, the prospect of saving on costs, time, and jobs is an attractive trifecta for fleet management businesses. It encourages more businesses to invest in technology early on, thus empowering them to serve their customers better.
Businesses, instead, get to focus on solving the bigger issues at play for their customers, become fiscally strong, and be pioneers in their sector.
