4 Trends Reshaping the Industry
The transportation industry has experienced unprecedented volatility and unpredictability in the past two years. The industry has been disrupted by fluctuations in demand, soaring energy prices, economic uncertainty, and the global pandemic. As we find ourselves halfway through 2023, it is evident that this year is no exception.
Here are four key trends reshaping the transportation industry and the technologies that will underpin them.
Embracing Sustainability as the New Norm: Sustainability and energy transportation have been gaining momentum on corporate agendas for several years. Now, governments are taking a more interventionist approach, introducing legally binding targets that require businesses to dramatically reduce their greenhouse gas emissions; a prime example is the European Union's "Fit for 55" package. Bans on sales of fossil fuel-powered vehicles are also on the horizon, with bus operators leading the charge toward electrification. The aviation and maritime sectors will face increased pressure through revised energy taxation.
Prioritizing Safety and Reliability Technological: Advancements come with higher expectations for safety and reliability. Consequently, trade bodies and governments are strengthening frameworks to engage with transport providers and protect internal and external stakeholders. Vision Zero and Safe Systems approaches to road safety, inspired by air transport regulations, are being adopted by many countries, including developing ones. This zero-tolerance approach to safety is beneficial for all, but it increases operational complexity for operators, both now and in the future.
A Focus on Asset Management: Maximizing the value of physical assets is increasingly crucial for transportation operators. To achieve this, many operators are adopting the international standard ISO 55000. This standard helps identify best practices and assess and improves asset management performance, contributing to a State of Good Repair. However, ISO 55000 implementation is just the beginning. In 2023 and the years to come, a greater emphasis will be placed on asset investment performance, asset performance management, and asset work management.
Leveraging Smart, Real-time Data for Informed Decision-Making: Data visibility has become increasingly valued across all industries, including transportation. Real-time collection and sharing of information between different business units are crucial for improving operational efficiency, reducing costs, and enhancing the quality of services provided to stakeholders and customers. Optimization of maintenance, fuel management, and automation of repetitive processes can deliver significant cost advantages. To achieve this, operators must have the ability to collect, centralize, and act on data.
2023: The Year of Enterprise Asset Management (EAM)? As the four trends mentioned above continue to unfold, there will be an increasing focus on how transport operators manage their assets and use data to deliver improved efficiency and customer service. Enterprise Asset Management (EAM) emerges as a key solution for transportation actors to harness data and consolidate insights from multiple sources. EAM empowers operators to achieve reliability, safety, and efficiency by reducing unplanned downtime and extending asset lifecycles.
To learn more about how your transit agency can increase reliability, safety, and efficiency, download the industry whitepaper, "What if you could increase reliability, safety & efficiency in your transit agency?."
Hexagon is a global leader in sensor, software and autonomous solutions. We are committed to a simple, yet powerful purpose: putting data to work to empower an autonomous future and we’re putting data to work to boost efficiency, productivity and quality across industrial, manufacturing, infrastructure, safety and mobility applications. Hexagon's Asset Lifecycle Intelligence (ALI) division empowers its clients to transform unstructured information into a smart digital asset to visualize, build, and manage structures and facilities of all complexities, ensuring safe and efficient operation throughout the entire lifecycle.
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