The trucking industry is facing technological and business headwinds calling for proper truck insurance and a fresh outlook. Increasing operating costs, complex federal regulations and an aging workforce are the top issues for 2020. However, technology offers a new promise for the trucking industry.
Increasing Operating Costs
No one feels the pain of rising fuel costs more than the trucking industry. Fuel prices have continued to jump every year and some states are implementing their own tax hikes to fund local road maintenance and other projects. This creates an additional layer of complexity for fleet managers and drivers to keep track of.
Embracing advanced payment solutions that can manage both company and personal purchases will be a top priority for fleet businesses in the future. Prioritize using the most up-to-date technology and to enable fleet managers and drivers to manage their fuel costs, track tax payments state to state and reduce the time and inefficiency when sending driver payroll or settlements. This will make drivers more efficient on the road and allow for cutting back on unnecessary operating costs and inefficient processes.
Big Data & Analytics
The trucking industry relies heavily on data and analytics to track and manage fleet performance, spot fraud and maintain efficiencies. Yet the ever-changing federal regulations and tax compliance landscape require modern analytics that allow fleet managers to view and manage every critical aspect of fleet performance.
Fortunately, there are a number of cutting-edge tech solutions assisting managers in the countless data points coming in every day. This is key to identifying cost-saving opportunities or detecting inefficiencies that impact a company bottom line in real time.
For years, trucking businesses have felt the pains of an aging workforce leaving the industry for retirement. Meanwhile, younger workers, particularly Millennials and Generation Z, are entering the trucking industry with more technological experience, skills and education. Transportation businesses will have the opportunity to diversify their workforce, upgrade recruitment efforts to be more inclusive and modernize their tools and systems for the new generation.
In order to attract and retain younger drivers, these businesses must give employees access to user-friendly mobile tools and technology. Convenient mobile-friendly solutions enable drivers to save time and money on the road, boosting driver engagement and attracting more talent. Mobile apps work to integrate seamlessly with trucking companies’ infrastructure, while making it convenient for drivers to use through their smartphones.
Employee training programs that decrease the barrier to entry for new truck drivers, enhance their safety and address the growing presence of women and minorities entering the industry will be critical in 2020.
In 2020, compliance, driver shortages and technological challenges will continue. With the help of cutting-edge technology, a younger workforce and an eye toward data, transportation logistics, and truck insurance, businesses have a unique opportunity to transform their image and thrive in the next decade.