Data Science Can Help Improve the Efficiency of your Fleet
There are a variety of data-focused solutions available to fleet managers wanting to improve fleet efficiency. Four of the most commonly utilized tools are described below, ranging from basic reporting to more sophisticated systems which use data to predict and optimize fleet performance.
Reports and Dashboards
Successful fleet managers clearly define fleet efficiency goals and track relevant key performance indicators (KPIs) by utilizing reports and dashboards. Interactive dashboards allow managers to examine these KPIs in consolidated, high-level views, or they can drill down to see detailed metrics as needed. Sources of data for these metrics range from telematics devices installed in vehicles to driver history/motor vehicle reports. Having access to such reports and dashboards enables managers to assess fleet productivity and to determine areas for improvement, ultimately saving time and money. Likewise, personal performance scorecards allow drivers to track their own performance, encouraging them to be safer drivers, reduce idle time, etc., as they can see how their personal performance compares to other drivers within their fleet, and how their actions contribute to overall fleet efficiency.
Although reports and dashboards summarize what has happened, they don’t necessarily explain why something has occurred. Different types of diagnostic analysis are used to identify the root cause of issues discovered within fleet data. Regression and correlation analysis, as well as clustering techniques, offer advanced methods for detecting relationships between metrics. These approaches help pinpoint the sources of problems, without the need for the fleet manager to manually sift through dashboards. StrategyWise has worked with a variety of organizations to understand underlying operational fleet issues, including one client that wanted to reduce their redelivery rates. StrategyWise developed a model to help determine the primary causes of redeliveries, leading to the client implementing controls to mitigate the issues, reducing fleet-related costs and improving the delivery experience for their customers.
When fleet managers want to forecast future trends, they turn to predictive analytics. Using simulation models or advanced algorithms are just two of many ways to predict likely potential outcomes. Predictive vehicle maintenance is a common application of predictive models for fleets – being able to forecast vehicle failure helps fleet managers address vehicle maintenance proactively, reducing downtime and total cost of ownership.
Real-time Optimization Systems
Various solutions exist which support real-time decision-making, such as those assisting fleet managers with determining the optimal quantity and location of drivers at a certain time. Additionally, optimization systems are used to determine the best routes for drivers along their journeys, based on profitability, safety, and time. Advanced technologies such as machine learning typically are used in these tools, allowing millions of complex decisions to be automated, quickly and precisely selecting the options with the best outcomes.
StrategyWise has extensive experience developing and deploying each of these described tools, resulting in improved fleet efficiency for our clients. Contact us today to learn more.