The transport industry is currently
undergoing ground breaking transforma-
tion, thanks to the seamless integration
of Artificial Intelligence (AI) technology.
One domain where AI has managed
to make a lasting impression is in the
realm of fleet payments, providing
businesses with innovative methods to
manage transactions, curtail costs, and
fortify security measures.
Arguably, one of the most prominent
advantages that AI bestows upon fleet
payments is its ability to automate
and mechanise tasks that were once
performed manually.
These tasks include the time-con-
suming process of invoice processing,
the detail-oriented task of expense
reporting, and the critical task of fraud
detection. By employing AI, these tasks
can now be executed with speed and
precision, thereby allowing fleet man-
agers to devote their time and energy
towards more strategic endeavours.
Historically, fleet payments were
characterised by their labour-intensive
nature, fraught with endless hours of
paperwork, manual reconciliation, and a
high susceptibility to errors.
However, with the advent and inte-
gration of AI, a new era of automation
has been ushered in, effectively
streamlining and optimising payment
processes, while alleviating the burden-
some administrative workload.
“Fleet managers can heave a sigh
of relief and feel a sense of calmness
as they witness the seamless handling
of payment scheduling, invoicing, and
reconciliation by AI-powered systems,”
says Derick de Vries, Executive Head of
Standard Bank Fleet Management.
Moreover, one of the significant ad-
vantages of AI lies in its ability to provide
real-time insights into fleet spending.
Through the utilisation of AI-powered
analytics tools, fleet managers can more
efficiently gain access to a wealth of
information regarding fuel cards, tolls,
and maintenance costs. By tracking
and analysing this data, fleet managers
can identify areas where substantial
savings can be made and optimise their
operations accordingly.
The AI algorithms employed in the
analysis of vast amounts of data are
significant. These algorithms possess the
capability to consider numerous factors,
including fuel prices, route efficiency,
maintenance schedules, and even
real-time traffic conditions, in order to
dynamically adjust pricing.
This dynamic pricing mechanism not
only reduces operational costs but also
ensures that companies pay an equitable
BUSINESS
‘Fleet managers can heave
a sigh of relief and feel
a sense of calmness as
they witness the seamless
handling of payment
scheduling, invoicing,
and reconciliation by
AI-powered systems.’
AI revolutionises fleet
payments for businesses
BUSINESS FLEET AFRICA | October 2023
WWW.BUSINESSFLEETAFRICA.CO.ZA