How is Fleet Factoring a Disruption in the Trucking Industry?
Most people think of Tesla driverless trucks or Uber for Freight when considering disruption in the trucking industry, but the truth is that transformation is happening in every aspect of business, signaling an overall disruption like never before seen, and it comes in the form of technology. While it is true that the digital technology behind the self-driving truck and Uber Freight has the potential to transform the industry inexplicably, it is also true that the same technology is being used to address that transformation and concerns that follow. Trucking companies across the globe are developing business strategies that include investment to combat the idea that trucks will one day have no need for a driver. Fleet managers are embracing the path forward and looking to investment in things that will help. Investments including stronger communication systems and more robust payment networks, and yes, even automation and artificial intelligence. But in order to stay aligned with the strategies, companies require funding and often times, that funding can be found in powerful fleet factoring solutions.
The State of the Industry
The trucking industry has long helped the perception of old school transport — an antiquated, paper and pen industry. Some smaller and independent owned fleets still rely heavily on relationships and old technology like emails and sometimes even faxes. Logistics and booking can be precarious and vulnerable to mistakes with a lot of people involved and inconsistent communications. However, as technology is entering the industry with the ELD mandate it is also helping with weight controls, freight quotes and expense management. The industry has started to recognize that the disruption is not a negative and that it is actually responsible for efficiencies that make their job easier. No matter the size of the fleet, they are embracing the technology for the day to day sustainability, but more importantly for its vital role in the growth of their fleets.
When Tesla introduced their first self-driving truck, the impression was formidable. The design was impressive and the vehicle remarkable but what was most intriguing was the software behind the hardware. Today, that foundation has been very much successful in facilitating all kinds of changes from mechanical in logistics to financial in software. It seems like there is a computer in everything that we use for business today including the vehicle. Digital technology is driving advancements in vehicle transmissions, satellite communications systems and payment networks. However, fleet managers and owners are recognizing that no matter how large the fleet, the investment to keep up is critical, and they are turning to fleet factoring to enable them.
Disruption Starts with the Infrastructure
Certainly many fleets are turning to companies like FleetOne Factoring for immediate cash flow, but are also realizing that effective and forward-thinking strategies include the fleet factoring process. Experienced and reputable fleet factoring companies facilitate the very disruptions and innovations that these companies require in keeping up with the rest of the world. There was a time where trucking companies could never have imagined same-day capital available for use on anything that was required. Today, companies like FleetOne offer that and so much more, and for some it all starts with the infrastructure. To be truly innovative and to address the disruption taking place with autonomous technology, fleets are required to take on some automation themselves. Many of them are expanding operations through the use of fleet factoring funds. They are developing automated logistics capabilities and robotics. They are also applying digital technology to their management systems in EFP software and they are turning to companies like EFS for help in reliable payment automation and expanded networks.
Innovative technology at the Heart of Fleet Factoring
Besides making the process easier, fleet factoring also relies on the tools and mobile technology that is expected today. FleetOne has developed an end-to-end electronic document handling solution called FleetDocs. FleetDocs allows a driver to use a smartphone to capture images of all paperwork and translate them into business-ready documentation. It enables easy organization of documents and receipts without the need of a scanner or an overnight ship. It provides a reliable, efficient and smart way to manage business all from the cab of a truck. This powerful tool can be accessed by desktop computers for fleet administrators or mobile app for drivers. The benefits make it easier for both to manage documents easier than ever before.
Drivers benefit from an easy to use smartphone application that:
- Maximizes image quality automatically
- Allows for multiple images to be combined in one document
- Securely transmit documents directly to our online portal or send by email
Fleet Administrators benefit from:
- High quality compressed documents that shippers will accept
- Automatically compile supporting documents by load and create invoices
- Electronically submit invoices and supporting documents for quick funding
While the disruption in the trucking industry continues, resources like fleet factoring can provide more than one way to keep up. More importantly, the fleet factoring process can allow for more than just quick cash. It can allow for the necessary funding to expand operations and meet objectives for the future and growth.