Digging Deeper: How much money can we save?
Today is the first in a multi-part series highlighting the major benefits of BANF’s technology; this will hopefully help the reader to gain greater insight into how significant BANF’s technology can and will be. We begin with the ways that BANF’s cutting-edge technology can reduce costs.
Tire and Maintenance Costs
As of 2022 the costs of tires across the board have increased by 10-15% with no signs of a letup anytime soon. A regular pain point for fleet managers has become even more dire. Any solution that can provide some relief must be considered. BANF has the innovative tire sensing technology to lower these exorbitant tire costs. BANF’s early tire defect detection can allow these tires to hopefully be refurbished or retreaded before they have to be replaced. This early warning system can alert the fleet manager as soon as small defects start to show and allow for an efficient, cost-effective solution. We can easily see a minimum of 10% savings due the measurement of uneven tire wear by BANF's tire sensing system. Autonomous fleet managers will find this especially beneficial as the tire replacement cycle will be reduced to a mere 2.5 months due to continuous 24/7 usage.
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Fuel Costs
?In addition to rising tire costs, 2022 has also see rising fuel costs; with current US prices in the range of 5 USD per gallon. Again, any solution that can reduce this huge expense should be considered. A crucial aspect of BANF’s comprehensive tire sensing technology is that of vehicle motion. To be specific, this includes wheel alignment, tilt and tire pressure. As the vehicle is in motion these aspects can change and impact fuel efficiency and BANF’s system can fully monitor these and notify the fleet manager as to the appropriate changes that should be made to help reach an optimal level of operation. In addition, the vehicle’s weight is also measured carefully. A further aspect of this is the measurement of the wear and tear of the tire’s side thread. Telematics can, of course, help with fuel efficiency and BANF’s tire sensors can enhance telematics to an even greater degree. Overall, these vehicle motion criteria can provide a wealth of data that can greatly enhance fuel efficiency. Fuel costs can be reduced by a minimum of 15%.
Insurance Costs
?The third area we’ll touch on is related to truck accidents. The early tire defect detection not only reduces tire costs and helps avoid truck tire-related accidents but also the expense that comes from such accidents. The insurance rates can be astronomical, up to 70,000 USD per accident. This only covers the cost of repairs and any associated injuries; there are a number of other factors that could make this number go even higher. Again, the early tire defect detection comes into play here, helping to avoid tire-related accidents. The tire sensing technology also includes road condition evaluation which is another area that could contribute to accidents. BANF’s technology can bring about significant savings year upon year if we only consider this area of insurance and other expenses resulting from avoidable accidents. Bottom line, BANF's technology can easily provide at least 5% savings in insurance costs.
It should be evident that there’s money to be saved by using BANF’s tire sensing technology, to find out more please reach out on LinkedIn. We’re also on Twitter!