Penske Truck Leasing recently unveiled Catalyst AI—an artificial-intelligence platform that delivers real-time insight into fleet performance.
The platform marks a shift away from traditional industry benchmarking, empowering fleet managers with actionable intelligence intended to optimize fleet performance by using dynamic comparative data, the company said.
“Catalyst AI was born from our vision to harness the power of AI to meet the needs of today’s fleet managers,” Ann Walsh, Penske senior vice president of digital and customer data, said in a news release. “By integrating over 57 billion data points with AI, our patent-pending algorithm and industry expertise enables fleet managers to better optimize their operations using leading-edge technology.”
The Catalyst AI platform compares a fleet’s performance to similar fleets across Penske’s live database of “hundreds of thousands” of vehicles in real-time, enabling leaders to benchmark their fleets using apples-to-apples comparisons, unlock fuel efficiency opportunities, optimize utilization, and business performance using targeted insights, Penske reported.
New industry research found 77% of transportation professionals tend to rely on historical, annual forecasting, and industry benchmark reports to inform their fleet planning and procurement decisions. For fleet managers, this process is often manual, time consuming, and relies on data that may not holistically compare to their specific fleets.
Penske is ushering in a new era in fleet management by enabling fleet managers to evaluate fleet performance. At the heart of Catalyst AI is an algorithm that identifies the most-similar fleets by evaluating key dimensions of fleet operations and composition. This process creates a unique “fleet DNA,” enabling highly customized operational KPI benchmarks tailored to each fleet’s specific performance needs.
“With innovation at our core, Penske is committed to developing solutions that drive efficiency and performance for our customers,” said Sherry Sanger, Penske executive VP of strategy and marketing. “Catalyst AI addresses the critical need for comparative, real-time insights in fleet management.
“This cutting-edge technology enables businesses to unlock new efficiencies, reduce costs, and ultimately, sets a new standard for fleet performance.”