Fleet managers have big data but fail to use it
Source: FleetAnswers In the fleet management world, data is everywhere. Telematics, diagnostic codes, tracking options for cargo and more provide vast amounts of data to the fleet manager. In fact, Big Data is a catchphrase in the industry, showing the perceived value of information. Yet according to recent surveys, that data is not being used to its best advantage. In fact, only about 4 percent of businesses across all industries, including fleet, are able to extract the full value of the information they have available to them. For fleet managers spending time and resources gathering that data, this information is concerning.
Vast Majority of Businesses Are Not Managing or Utilizing Data Effectively
In a survey from PwC and Iron Mountain, two-thirds of businesses surveyed claimed they were not able to extract any value from the information they had at their fingertips. A full 23 percent, nearly a quarter of those surveyed, could derive no benefit from their data.
Not finding value in the data likely stems for poor use and application of the data. The survey asked companies how whether or not they believed they were making the most out of their data. In North America, 75 percent of business leaders surveyed said that yes, they felt they were making the most of the information they had.
Yet a closer look found that one out of five companies did not employ data analysts to assist with finding value in information, and a full 23 percent of companies lacked the data interpretation and application skills to determine a "return on information." Nearly one out of five stated they did believed the organization knew the data it held.
Application for Fleet Managers
These numbers are interesting considering the push for more big data in fleet management. Fleet managers have an astounding amount of data available to them, and using it effectively If companies have data, and they do with recent technological advances, how can they learn to actually use that data effectively?
One of the problems is the fast amounts of data coming in through telematics and other data collection platforms. Finding a way to organize and analyze that data is not always simple, yet it is essential to ensuring that the fleet properly uses the data at its fingertips.
Organizing the data into visual reports is one way to make it more usable. Flexible reporting options with companies like Utilimarc, which give fleet managers visual graphs and data points to consider, allow fleet managers to utilize data, set their own benchmarks and compare their fleets to similar fleets across the country, ensuring that they are maintaining efficient practices.
In order to remain efficient, fleet managers are going to need to find and implement the tools they need to make use of the data they are receiving. With tools like those available through Utilimarc, fleets can pull value from the data they have, improving operations and making their investment in telematics and similar systems a worthwhile one.
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