When it comes to the word “Big Data”, you might think of the following words: data science, engineer or machine learning. It might seem like big data has no impact on your business. Big Data is a game-changer for you to improve critical fleet decisions.
Big Data is a common buzzword and bringing massive industrial changes across the board, especially in fleet management industries. Big data has transformed fleet industries from post-problem solving to proactive and predictive problem-solving measurements.
What is big data?
Big Data is a large volume of data that can be used to address business problems by analyzing and extracting information from said data. For fleet management companies and organizations that manage fleets, these data points are collected by GPS Fleet Tracking Platforms, IoT(Internet of Things) and integrated vehicle sensors. The information from those sources includes driver performance and behavior, vehicles/assets locations, fuel usage/costs, maintenance and other key telematics data.
Why is big data important for fleet management?
Big Data is extremely important for organizations and their fleets. Utilizing Big Data enables fleet managers to make informed decisions about daily operations, such as driver performance and behavior, vehicles/assets locations, fuel usage/costs, and maintenance. Big Data mainly helps cost savings, risk mitigation and driver safety. Thanks to this technology, Fleet managers no longer require relying on spreadsheets or paper records. All data, such as engine status, vehicle speed, vehicle location, number of stops, fuel consumption, trip history, tire pressure, ETAs and more are saved in a cloud-based fleet management platform. With this insightful data, you can perform predictive analysis to prevent any future risks and reduce costs.
What is predictive analytics and why you should use them?
Critical decisions for corporations are based on data today. Predictive analytics is one of the value-added features that make predictions about future outcomes using historical data with statistical modeling, data mining, and machine learning.
Fleet management predictive analytics is an ideal tool for
- Driving risk analytics
- Equipment usage analysis
- Fleet productivity schedules
- Future maintenance schedules
How can fleet industries benefit from predictive analytics?
Most advantages of using predictive analytics are accident prevention and driver safety. According to Automotive Fleet, a primary cause of preventable fleet accidents is driver distraction, which accounts for 25-30% of all fleet-related accidents. Costs caused by accidents typically represent 14% of a fleet’s total expenses, not including soft costs such as downtime and lost employee productivity, according to Automotive Fleet. This is a huge opportunity to cut fleet costs and prevent future accidents by taking advantage of Big Data.
Predictive analytics can improve the following;
Improve driver safety and behavior
Combining Big Data with telematics enables fleet managers to monitor and manage driver behavior and safety. This data includes driving route, real-time location, harsh braking, harsh cornering, harsh acceleration, fatigue, idling, and other risky driving behaviors.
Fleet managers can evaluate this data to see the drive’s pattern and behavior and provide additional coaching if needed.
Without accurate and detailed data, it is difficult to know why delivery is taking longer than expected, or why certain routes are consistently causing problems. Having real-time data, like traffic, weather, or accidents can help fleet companies save time, improve customer service, reduce vehicle idling/wear and reduce operational costs efficiently.
Improve maintenance and vehicle life cycle
Wouldn’t it be amazing if you know vehicle maintenance issues in advance and receive notification automatically when to act? That could be a huge help to save costs. By leveraging Big Data, you can monitor vehicle health and diagnostics such as engine status, fuel level, and mileage. With predictive analytics, your fleet management platform allows you to automate your regular scheduled maintenance work by tracking vehicle operation in real-time, by sending notifications to your team for a truly preventative and proactive approach. As the result, predictive analytics helps you mitigate the risk, assess costs, and manage fleets to reduces costs and improve life cycle management.
Enhance fuel costs
Fuel costs are one of the largest components of total expenses. The fuel data collected from integrated IoTs’ sensors is transmitted to fleet management software and based on the data, you can detect fuel thefts or unreasonably large fuel burn incidents. According to the data from our customers, using fuel management decreases 90% of fuel thefts, 15% of fuel costs and optimize 30% of fleet efficiency.
As of June 12th, 2021, fleet vehicles are required to use ELDs (electronic logging devices) to record driver duty information. These devices can be integrated into fleet management platforms and provide all data so that fleet managers track driver schedules and comply with the regulations.
Big Data needs an advanced and comprehensive fleet management software
Big Data is a huge benefit when being integrated with advanced and comprehensive fleet management platforms. Integrated sensors and telematics data don’t work on their own. An advanced fleet management platform sorts, analyze data and creates insightful reports which help with business decision-making.
LVM Track offers the most Comprehensive & Advanced Fleet Management platform available for your Vehicles, Trailers, Machinery, and Equipment, with over 2.9 million+ tracked assets globally. Our software is easy to use, fully customizable, and advanced. With our Fleet Management platform, you see all your assets on one screen in a simple to operate, powerful application. Our in-house development team is always developing leading-edge technology to allow us to exceed our clients’ expectations.
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