It’s challenging to think of any industry or company today that isn’t utilizing “Big Data” in some form or fashion. In the transportation fleet industry, people at all levels are leveraging Big Data and how it influences and impacts everything from operational strategies, logistics, procurement, and more.
By its very definition, Big Data is comprised of large volumes of data that overwhelm an organization on a daily basis. However, it’s not so much the amount of data that’s emphasized; but rather, it’s what organizations actually do with the data. This interpretation of data and putting it to use is where many companies today fail at achieving the most value from Big Data.
Herein lies the growing challenge for private fleets and for-hire carriers. While they operate a fleet of hundreds (or more) trucks, they may lack the tools and resources needed to accurately monitor and analyze the volume of data they receive to make timely and critical decisions that can affect their total cost of ownership (TCO) and lifecycle practices.
What’s worse, some of these companies still can’t leverage the data. According to a recent industry survey1 , even though Big Data has been increasingly utilized across virtually every industry, approximately 33 percent of transportation fleet executives said they do not have a software platform that allows them to manage their fleet’s TCO all in one place.
Business Intelligence (BI) offers a solution to this dilemma for transportation fleets. Everything from vehicle utilization, determining an asset’s optimum lifecycle, truck maintenance and repair (M&R), financial decisions such as lease versus buy and logistics can be properly determined using technology platforms that leverage, catalog, and analyze the data, offering a distinct competitive advantage. Furthermore, Business Intelligence can be a disruptor in numerous applications throughout organizations. BI is also providing innovative philosophies that drive and shape organizational financial and asset management strategies at the C-Level.
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