Issue link: https://maltatoday.uberflip.com/i/846769
maltatoday, SUNDAY, 9 JULY 2017 IV Business & Finance BY JONATHAN VELLA CEO OF EXPRESS LOGIGROUP, TRANSPORT AND LOGISTICS POWERHOUSE IT is undisputed that technology is chang- ing the concept of trucking, just as it has transformed and sometimes also disrupted so many other industries. It has improved vehicle performance, vastly increased the amount and type of data that trucking busi- ness must constantly evaluate, whilst also changing the role of the driver per se. Along with that, these innovative technologies can and should be viewed as cost-saving or rather an essential tool for the fleet manager and fleet owners. While we're still a few years away from having an industry that runs on self-driving trucks, there are many technologies that exist today that not only help businesses grow their bottom line, but enhance the lives and safety of drivers – ultimately shrinking shortages and improving retention. The Rise of the Electronic Log Device The electronic log device (ELD) mandate is the single greatest change to the trucking industry. The ELD synchronises with a ve- hicle engine to automatically record driving time for easier and more accurate hours of service recording. This not only streamlines the accurate tracking and managing of records of duty status, but also creates a safer work environment for drivers. From what we've seen of its impact to-date, we can expect a 10 per cent reduction in utilisation across the industry. This will result in a levelling of the playing field – making it easier for LTL carriers to compete with TL carri- ers. It will also help to eliminate the single greatest barrier to industry growth – driver shortages. While some have raised concerns that the ELD could worsen the driver shortage by managing and limiting work hours, others see it as a boon – creating a better experi- ence for drivers who otherwise would have been overworked and attracting others to the industry. This would be a huge benefit for companies that have had to hold off on growing their fleet due to the driver shortage. Improve Safety, Improve ROI Improving driver safety is an impor- tant priority of its own and should al- ways be a top concern for businesses. It can, however, also have the side-effect of improving a company's bottom line. There are a number of driver-focused technologies available today that can help trucking businesses identify and address risky behaviour. For example, face recognition software can help to detect driver fatigue while wearable devices can monitor vital signs. This not only helps to remind driv- ers when it's time to rest, but can also catch other risks affecting drivers before they cause issues on the road. In addition to technology that monitors the driver's health, there are also sys- tems that focus on improving driving. Collision warning and lane detection systems alert drivers to issues, increas- ing reaction times and in turn avoiding potential accidents. All of these advances contribute to lower insurance expenses and fewer claims that have to be paid. Businesses should not underestimate the value of such risk-abating technologies – it's estimated that lane detection technol- ogy should provide a threeto- one cost benefit payback, with return on invest- ment in just four to 12 months. The Importance of Analytics Access to new data streams is great, but are only truly valuable when there are systems in place to actually analyse inputs and take action based on insights gener- ated. This can be as simple as analysing video to prove that a driver was not at fault in an accident, or as complex as review- ing all the elements of driving to improve performance. By making sure that investments are made in analytic systems as well as con- nected truck technologies, trucking busi- nesses can make more significant changes – not only identifying and eliminating risky behaviours, but instituting practices for the best driver performance. While some business owners may hesitate to invest in new technology because of upfront cost concerns, others will jump in quickly only to realise limited benefits because they can- not maximise their use. It's important for owners to work with their team and advisers to determine which technologies can offer them the best return on their investment – which can do the most for them today to provide new insights and improve driver performance. Setting up dashboards and monitoring key performance indicators such as mainte- nance expense per kilometre driven can lead to true operational effectiveness and increased profitability, when approached from this perspective. About Express Logigroup Express Logigroup is a transport and logistics powerhouse serving business with dedicated freight solutions which over- come cost and time. Its experience in the transport and logistics sector is coupled with the ongoing investment in human capital and innovative transport solutions. It pride itself on being small but effective – its customer is centrally positioned in every aspect of our decision-making process. Not just trucking Access to new data streams is great, but is only truly valuable when there are systems in place to actually analyse inputs and take action based on insights generated