Most CIOs are missing out on the competitive advantages that their data assets can generate, they don’t realise the value of these data assets and the opportunities to increase data value. Data assets are a key ingredient to ensure value and future growth of any modern business.
Business leaders need to understand the value of data as an asset and then implement a data strategy to realise the full value over time. It could be the most valuable asset for any company in a data-driven future.
They will have to build frameworks and create methods to discover and realise the potential of their data. This will be crucial to increase the value provided to all stakeholders, and to secure the future success.
The first step is to understand what type of data assets they currently have and how they are using them. This will help them mitigate risks, provide them alternative ways to grow the business and ultimately increase margins.
CIOs need to do an inventory of current data assets and determine how they are currently using the data, if at all. Many businesses don’t know how to effectively monetise their data assets because they don’t know where their data resides.
Modern companies are using advanced analytics to fully understand the value of their data. They are also licensing it to third parties who manage ecosystems and data exchanges. This helps companies aggregate and trade data to create even more value.
Some companies collect vast amounts of data, enabling them to provide better products and services to existing customers and also allowing them to enter new markets faster that their competitors.
Often, whilst collecting data for one use, businesses realise that the same data set is of interest to other companies or industries, thus creating an opportunity for a parallel business model. They can then sell that data asset externally.
Commercial use cases
It is critical for fleet managers to safeguard their assets, this includes not only their vehicles but also their drivers. The most serious costs are as a result of accidents, cargo damage, bogus claims, vehicle repairs and drivers’ health.
For years, fleets have relied upon aftermarket telematics to gather and transmit data from vehicles. Vehicles are now producing a wider variety of data from multiple vehicular sensors, components, and systems, and they can utilise high-speed data communication frameworks to transmit the data.
Connected vehicle data is fast becoming a best practice in fleet management due to its proven benefits, which include easy access and seamless integration to multiple OEM data, and quick return on investment.
Implementing a driver management system like LocoNav provides a holistic view of all drivers, their performance and the overall safety of all vehicle and assets. Better management techniques almost always result in more streamlined and in turn more profitable operations.
A driver management system can automatically download important fleet information such as fuel usage and telecommunications data. This way, one can get real-time data about the drivers and assets and identify areas for improvement. It is also a helpful tool to organise and manage drivers, thereby increasing efficiencies and lower operating costs.
The driver risk management system is capable of generating countless reports in real time. Customisable real-time reporting can be critical to running any business, so with vehicle tracking solutions, one will never be left out of the loop. It offers a wide range of reports to suit all the needs of an organisation.
A few types of reports that can be created using a driver safety management system include:
- Stop detail report: This documents every stop that a driver makes along the duration of a journey. It also notes the duration of every stop and verifies whether or not the stops are verified.
- Speed report: Get notified every time a driver exceeds the speed limit. It also provides a graph of speed activity throughout the trip.
- Route history report: With fleet operation efficiency relying strongly on route optimisation, a route history report can help identify problem areas and create the best possible route to avoid accidents, traffic and unnecessary stops.
- Asset activity report: This is a report of all assets’ activity at all times to ensure most efficient utilisation and deployment of resources.
- Location report: Assign a geo-fence to get a report of all unauthorised perimeter breaches with the exact dates and times.
- Mileage report: To make the most of fuel reserves and to cut down on the corresponding costs, a mileage report will help monitor vehicle mileage along various routes and terrains for effective maintenance scheduling as well as optimum fuel usage.
- Engine time report: This report records engine on and engine off times for every event that occurs during all trips. One can review this data to keep a check on unauthorised engine activity.
- Idle time report: This report will considerably affect fleet performance as one can review each time any vehicle is idling. This helps reduce fuel cost and unnecessary wear and tear caused by excessive idling, along with improving the fleet’s turnaround time.
Data can be used for an endless array of initiatives ranging from productivity, safety, maintenance cost, fuel consumption, scheduling, uptime, depreciation, compliance, driver retention and operating expenses.
Data analytics can help businesses identify new opportunities and also streamline current operations. It also helps CIOs identify potential problems before they occur. To succeed, companies need to adopt a data-driven approach to innovation, they need to understand the business drivers, align their financial planning with operational planning, connect their data and automate their processes.