Geotab "Greening the Fleet" survey reveals the key benefits of investing in sustainability
69% of respondents reported that fleet sustainability data helped reduce operating costs in the past year. Data also shows benefits to regulatory reporting and EV transition.
ANAHEIM, Calif., April 27, 2023 /CNW/ - Geotab Inc. ("Geotab") — a global leader in connected transportation solutions — has released the results of its 2023 survey of U.S. fleet professionals. The study, conducted with Bobit Research Group, explores how organizations in the transportation sector are progressing on their sustainability plans, amid increasing pressure to address climate change. More than half of those surveyed anticipate their customers will demand an increase in fleet sustainability initiatives in order to continue to do business with them over the next 1-3 years. Quality data has become critical to tracking and assessing progress on sustainability goals, enabling organizations to make smarter decisions, improve regulatory reporting, and address "greenwashing" risk, along with transformation to electrification.
"Transportation is one of the largest contributors to global carbon emissions, and fleet managers have an essential role in tackling the challenge of carbon reduction and supporting the achievement of their organization's sustainability goals," notes Neil Cawse, CEO and Founder of Geotab. "By leveraging quality data intelligence for decision making, measurement, and reporting, fleet managers can have a significant impact on guiding sustainability actions that reduce cost, improve performance and create a better planet."
When citing key hesitations to starting sustainability actions, the top three reasons included overall cost, lack of data, and differing priorities. However, 69% of fleet managers executing sustainability plans reported that fleet sustainability data helped reduce operating costs in the past year, highlighting how those that take action see bottom-line benefits within a short period.
In a recent global survey of 3,000 CEOs, more than 80% expect investments in sustainability to deliver higher business results over the next five years. Geotab's "Greening the Fleet'' survey revealed the same confidence, with 66% of fleet managers responding they plan to invest more in sustainability initiatives over the next three years to meet customer and organization requirements, while only 3% plan to invest less. Without investing in sustainability, organizations risk being left behind.
Globally, 51% of CEOs consider sustainability a top challenge, as they face increasing pressure from boards and investors to take action. As companies look to achieve their climate targets, having reliable sources of data for decision-making and reporting is critical. Currently, 73% of fleet professionals surveyed use a fleet management solution and telematics data insights to track and manage the sustainability of their fleet, but only 24% of fleet professionals are leveraging telematics data to support regulatory reporting. With increasing regulatory pressure for accelerating action in carbon reduction, there is a clear opportunity to leverage data insights for transparent reporting, while reducing the risk of "greenwashing" challenges.
Fleet electrification is increasing at a rapid pace. S&P Global Platts Analytics has noted light-duty electric vehicle sales reached a record high of 6.3M units in 2021 up 102% year-over-year. Of the fleet professionals surveyed by Geotab, 54% have electric vehicles already in their fleet or on order. The survey also revealed that fleets that have started on their sustainability journey are already seeing environmental and social benefits, including reduced fuel use, CO2 emissions, and idling. As they continue to follow data-driven sustainable fleet practices and electrify, they may gain increasing ROI.
"Greening the Fleet" is a survey of 110 fleet professionals across the U.S. View the full survey findings:
https://www.geotab.com/fleet-sustainability-survey
For more information on how Geotab helps power the sustainability journey, visit:
https://www.geotab.com/sustainability-journey/
GEOTAB is a registered trademark of Geotab Inc.
Geotab is a global leader in connected transportation solutions. We provide telematics — vehicle and asset tracking — solutions to over 47,000 customers in 150 countries. For more than 20 years, we have invested in ground-breaking data research and innovation to enable partners and customers, including Fortune 500 and public sector organizations, to transform their fleets and operations. We connect to over 3.5 million vehicles and process more than 55 billion data points a day so that customers can make better decisions, increase productivity, have safer fleets, and achieve their sustainability goals. Geotab's open platform and Marketplace, offers hundreds of third-party solution options. Backed by a team of industry leading data scientists and AI experts, Geotab is unlocking the power of data to understand real-time and predictive analytics — solving for today's challenges and tomorrow's world. To learn more, visit www.geotab.com, follow @GEOTAB on Twitter and LinkedIn or visit the Geotab Blog.
SOURCE Geotab Inc.
Media Contact: Hanna Corrente, Manager, Strategic Communications & Public Affairs, [email protected]
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