Harnessing the Power of Big Data

This is accomplished by defining an Information Strategy that consists of a realistic and achievable roadmap that includes building a scalable and secure data infrastructure:

• An EDW is a starting point to ensure the fleet decision maker can interact with all data in a timely fashion. An EDW also ensures that the data itself is up-to-date, clean, accurate, and that there is no overlap in information, reinforcing the “one version of the truth” philosophy. This singularity is essential in making informed decisions so the decision makers can rely on the data they are reviewing.

• Security is also paramount, because cyber crime is a real threat that continues to grow each day any major financial services company and retailer today can attest to this as the number of data breaches hit an all-time high, in 2014, and continues at a rapid pace. It is vital to find a trusted partner, whose EDW has securities in place to protect important data assets from subsequent liability and exposure.

Fortunately, fleets do not have to walk alone. Many of the major fleet management companies have invested heavily in their technology infrastructure. Also, fleet data exchange is a common practice among customers, manufactures, fuel, maintenance, accident management, compliance, and telematics companies.

Once big data is collected and stored in the EDW, the effective use of that data depends on the ability to take immediate action. The data should be actionable and easy to comprehend with little or no analysis, and since corporate cultures vary, some fleets may benefit from outside expertise that has analytical capabilities to help drive positive change.

It is essential that fleet data be consolidated and distilled into analytical views in order to proactively manage total cost of ownership. This can be a time-consuming process. Some fleet managers may have the capability and time to produce their own custom data interface. However, many managers can benefit from custom data dashboards and reports prepared by industry experts. These dashboards and reports enable the fleet manager to control such critical assets as drivers and vehicles, as well as fuel and maintenance spend. With correct reporting, key performance indicators such as miles per gallon (MPG), cost per mile (CPM) and total cost of ownership (TCO), can be monitored against industry bench marks to ensure effective action is taken.

In addition to the importance of monitoring real-time performance, many fleet professionals can benefit from access to experts in predictive analytics. These analysts are often found at strategic fleet management companies. Analytics professionals can assist a fleet in determining what the future may hold and how to best meet upcoming challenges. Fleet managers should select predictive analysts based on their ability to not only understand the big picture of data, but also to issue actionable recommendations that drive positive change based on experience. This experience, coupled with the right analytics, result in sound and actionable recommendations a fleet manager can put into practice.

Big data does not replace human judgment. Analytics-driven technology combined with personalized fleet management expertise leads to success in translating big data into actionable steps. These steps allow an organization to optimize fleet performance and meet organizational goals. Even highly experienced fleet managers can benefit from working with analysts from a strategic fleet management company to increase efficiency and take their fleet further.

"To streamline the process, data needs to be architected, modeled, and organized at the enterprise level in order to provide a total view of fleet operations."

Headquartered in Hooksett, USA, Merchants Fleet Management provides customized, total fleet management and leasing solutions for businesses and government agencies. Founded in 1962, the firm offers solutions like Value Leasing, Strategic Fleet Consulting, Fleet Maintenance, Fleet Share etc.