By Benjamin Raizel
The era of artificial intelligence is here, and companies from tech to trucking are racing to deploy AI throughout their operations.
For transport and other large-scale industries, the new technology is helping operators tackle a wide range of long-standing challenges, from road hazards and resource depletion to complex regulations across markets.
Artificial intelligence is proving to be a gamechanger in particular for fleet management, as providers like MiX Telematics (NASDAQ:MIXT), which has operated in the space for a quarter-century, harness AI to benefit their enterprise customers in heavy industries like transportation, oil and gas, construction and agriculture.
The Florida-based Software-as-a-Service company has taken to using AI and predictive machine learning to help its enterprise customers operate more safely and efficiently, including by optimizing route planning and dispatching. MiX’s technology has put the company at the forefront of the increasingly sophisticated fleet and mobile asset management space in 120 countries, which enables customers to standardized services across their fleets and markets.
For example, its flagship video telematic technology, MiX Vision AI, automatically detects risky driving behavior such as harsh braking, acceleration or cornering, which are not only dangerous to the vehicle and driver but also wasteful of fuel and other resources. MiX officials say its unique video technology provides genuine fatigue detection in drivers at a new standard of precision.
MiX also uses AI internally to monitor for anomalies in telemetry and video data and to generate insight from customer feedback, among other uses.
The result, the company says, is less risk, lower operating costs, smaller environmental impact and overall better performance. Along with promoting safer driving and fewer accidents, MiX’s technology also helps cut down on insurance costs.
“Our unique tech capabilities, global footprint and decades of experience in telematics provide unparalleled benefits for fleet and mobile asset operators who increasingly prioritize safety, sustainability and efficiency,” MiX Telematics CEO Stefan “Joss” Joselowitz said.
MiX Telematics’ services have proven beneficial to customers across the transportation industry, including McGill’s Buses, a major Scottish bus company that has seen rates of harsh braking and speeding among its drivers plummet since implementing MiX’s technology.
“Combining access to driver performance data with MiX Vision AI’s in-vehicle camera footage allows us to investigate the causes of incidents and take steps to minimize the risk of them recurring,” Tom Millar, McGill’s quality control and telematics manager, said. “The engineering telemetry has given us increased visibility of engine diagnostics so we can prevent breakdowns and reduce the potential impact on both customers and the business.”
Looking ahead, MiX plans to further expand its AI applications in the near future, like automating fault resolution and incorporating cloud-based machine learning to automatically detect the context of on-road incidents, among other initiatives.
The company’s tech advantage and its steady profits put MiX ahead of the curve as companies across fleet management and other industries pile into AI. A recent report from consulting firm McKinsey predicted that 70 percent of all companies will be using artificial intelligence by 2030, a shift that could create an additional $13 billion in global economic activity.
For now, customers are already validating the benefits of MiX’s tech and its global capabilities: The company recently surpassed one million active subscribers and recorded a 10 percent increase in year-over-year revenue.
Read the full article here
