Using Data To Compete Better: The Power Of Fleet Analytics

Making better use of data can give you a competitive edge – basic fleet tracking shows your fleet as dots on a map, but to really get a jump on the competition you need to join the dots – get the bigger picture with data analytics. Data provides increased visibility into all aspects of your operations, identifying issues before they become problems and highlighting opportunities to do things differently. Use cases vary from one industry to the next but here are some good examples of how fleet analytics could make your business more competitive.

First up, use your data powerfully. Analytics can help with a range of things. Here are three key ones to get you started:

• Fuel management – fuel can be a significant proportion of your costs. Using analytics to track fuel economy, cost and even theft helps to provide a clear picture of fuel consumption. You can drill down to individual drivers and vehicles, as well as look at the data across your fleet.
• Lease management – using analytics allows you to predict how far each vehicle will travel, then track the actual usage. Then you can adjust leasing arrangements for vehicles going over or under their allowance.
• Asset utilisation – are your assets being used full time (or nearly full time)? Or are they sitting idle for significant periods of time? Do you know for sure?

Once you've got this sorted, there are further opportunities to enhance your business competitiveness.

Tracking KPIs

You can configure your fleet management system to track key performance indicators (KPIs). For example, fuel usage and efficiency will be a key concern for companies with a big fleet travelling long distances. You can extract data on the fuel usage of every vehicle in the fleet, then focus on changing driver behaviour (such as reducing speeding or harsh braking), or improving your maintenance programme so engines run more efficiently.

Improving productivity

It's so easy to make decisions based on assumptions – the old 'gut feel' – but using the data will allow you to make informed choices on important metrics like asset utilisation and driver performance. With the ability to track exactly when vehicles are arriving and departing from sites, you'll be able to isolate activities where time is wasted and refine your operations to eliminate them. If you're managing a fleet of plumbers, you may want to minimise the time they spend on the road and generate reports about time spent on site.

Effective planning

A key advantage of business analytics is generating predictive intelligence. With the data to tell you what you're doing right, and showing you what issues you still need to solve, you're in a better position to plan for the future. If managing lease arrangements is a key challenge, use analytics to compare usage against contracts and adjust accordingly as vehicles come up for renewal. You can also use historical data to inform company policy – maybe you notice that drivers are not taking enough breaks on long journeys, exposing their personal safety and the business to unnecessary risk. Armed with this knowledge you can implement policies around scheduled breaks and use the data being generated to enforce them.

Are you convinced?

Data analytics can help streamline all areas of your fleet, providing you with an opportunity to improve productivity, reduce inefficiency and maximise profits.

Download our ebook: How To Build Competitive Advantage With Fleet Analytics!