Whether you’re working in a transportation, construction, equipment dealer, or rental company, you better be paying attention to big data analytics.
If you have not yet implemented big data analytics in your company, then this article will help you get off the fence once you realize the benefits you’re missing out on.
We also cover both how to implement big data analytics and examples of how to act upon data insights for logistics-based companies.
What Is Big Data Analytics?
Big data analytics is what you get when you combine big data (massive, frequently increasing amounts of data) with real-time analytics. This combination yields new insights into data that was previously lying untouched.
The insights provided by the analysis of big data will lead to better, faster decision-making and a much more intimate understanding of your business operations.
When your critical business decisions are backed by big data analytics, you can rest assured that you are making the right decisions for your company’s future.
Benefits Of Big Data Analytics
For Any Company:
- Gain a competitive advantage
- Optimized processes
- Increased profits through cost savings
- Increased collaboration between departments/teams
For Transportation Companies:
- Lowered fuel consumption
- Capacity & pricing optimization
- Optimized driving routes
- Ability to predict likelihood of accidents
- Predictive maintenance analytics
For Construction Companies:
- Real-time look at equipment performance (active vs. idle time)
- Lowered fuel consumption
- Reduced downtime
- Reduced costs through preventative maintenance
- Improved logistics through GPS asset tracking
For Equipment Dealers & Rental Companies:
- Real-time tracking of equipment
- Optimized utilization of equipment
- Lowered fuel usage
- Reduced downtime
- Reduced maintenance costs
- Better customer service
- Easier to find parts
How To Implement Big Data Analytics
The first step to using big data analytics is taking into account the various data sources at your company’s disposal and compiling them together into a list.
Don’t know where to start or don’t have any reliable data sources? Then you should look into GPS fleet management and/or GPS asset tracking.
Once you have your list, you’ll need a way to analyze those data sources.
The best way of doing this is by investing in a business intelligence dashboard, which takes your data sources, analyzes them, then displays them as easy-to-understand “tiles” on a single dashboard.
These dashboards can be fully customized to the user’s preferences, and display as little or as much information as the user wants.
Some companies (like DSi) even provide dashboards with predefined “tiles” that show you only the most essential information you need to know about your business operations.
How To Use Big Data Analytics In A Logistics-Based Company
If your business has already invested in real-time GPS tracking hardware and software, then you’ll have a wealth of data at your fingertips.
Data such as idling time, asset utilization, and the resultant fuel usage from these activities, can be automatically collected and analyzed so that you can determine which assets/drivers are performing better/worse than others.
This information can then be used to make data-based decisions, such as moving an asset to a location where it can be utilized better, recognizing repeatedly aggressive drivers, or optimizing routes/movements.
Another form of data that can be collected is scheduled maintenances, breakdowns, and malfunctioning parts.
Use this data to decide if/when it’s time to retire a certain vehicle or piece of equipment and to effectively “see into the future” by knowing which parts will break at which point so that preventative maintenance occurs on a precise, consistent schedule.
Another general benefit that any company will see with big data analytics is a visual, high-level overview of the entire company’s operations.
This allows for the expedited optimization of business processes based on much faster, more accurate decision-making, resulting in reduced costs and leading to increased profits.
The benefits of big data analytics rely fully on the extent at which they are utilized to make critical business decisions.
Essentially, big data is what you make of it.
But know this – every day more companies are investing in big data analytics, tracking devices, and other “smart” products, and reaping the rewards provided by these tools.
In order to survive, succeed, and remain relevant, businesses must adapt or die.
It is ultimately your own business decisions that determine which of the two directions your business takes.