Rise of Big Data and Business Intelligence in Fleet Management
In today’s world, almost all innovations in the automotive industry are based on electronics and IT systems. The number of smart vehicles, which are connected to the Internet, is increasing. These smart vehicles send and receive data via the cloud which has become the turning point for fleet managers in gaining real-time information. Fleet managers can not only exchange relevant information with the driver but also collect real-time fleet usage information.
Within the IT system, big data and business intelligence (BI) are the most important tools which are speedily impacting every aspect of fleet management. On a daily basis, fleets generate a large amount of data right from telematics and GPS to fleet health status to road conditions. With the help of big data and BI, fleet managers are able to not only manage current operations but also predict future trends and events.
Safety and cost-savings the biggest advantage of big data
Big data has totally changed the way fleet managers collect and use data from the fleet. The growth of big data in fleet management has led to rapid evolution of information and decision making for fleet managers. Automation of fleet management technologies along with connected devices monitoring fleet and performance of drivers have led to the generation of significant insight into how the overall fleet is performing in real time. Big data is helping with higher cost savings, greater safety and risk mitigation, and most importantly making road trips safer for drivers.
Telematics, which collects and transmits all the data related to driver behavior and fleet health, can now be used by fleet managers to get different types of insights. Fleet managers can check all the data to identify patterns and correct serious problems either in the fleet or with the driver. The managers can make guided decisions based on real-time data and alert a driver, for example, if the truck’s tire pressure is too low, if the fleet needs a maintenance, or if the driver needs a training. When fleet managers have access to all the fleet data it will automatically lead to an overall better-performing fleet.
According to an article by Automotive Fleet, accidents account for around 14% of fleet expenses. So, using big data for predictive analysis can lead to fewer accidents. Predictive maintenance helps fleet managers in understanding the lifetime value of parts and fleets, which helps in saving resources and cost. Late deliveries, paying drivers for overtime, replacing vehicles, etc. can add up the cost but by minimizing downtime fleet managers can reduce the cost to a great extent.
Business intelligence adding value to fleet operations
With the help of business intelligence (BI) tools decision-making of fleet managers have improved a lot which in turn has made fleet operations even more efficient. Rather than just tracking and reporting, BI tools focus more on trending information. Business intelligence puts fleet managers in control of information and insights which are being generated from fleet data. BI tools give access to trends, patterns, underperformance within the fleet operation, etc. instantly. Some of the true benefits of business intelligence are:
- Real-time informed decision-making
- Support fleet operation management and transformation
- Improvement in fleet performance
- Cost saving and reduction in downtime
Big data and business intelligence inspect all parts of fleet operation to provide fleet managers with accurate information to make informed business decisions, right from day-to-day minor decisions to the most urgent matters related to fleet operations. Get in touch with Latium for more information on how big data and BI can help you with your fleet operation.