It’s a fact of business today that you need to rely on Big Data to run an energy-focused company as efficiently as possible. According to a December 2016 report by McKinsey & Company, Big Data’s potential keeps growing, and companies must integrate an effective analytics strategy to their corporate vision to make better and faster decisions.
Even when just focusing on one part of your company’s operation, such as your company’s fleet of vehicles, data can be overwhelming. In a given year, a fleet of just 300 vehicles can generate up to 1,200 transactional data points from maintenance alone with another 30,000 from fuel transactions and a massive 15 million from telematics.
The trick is to not get lost in the numbers.
In the fleet industry as well as the energy industry, more companies are entering the Big Data game in an effort to yield valuable insights about how their operation flows and what they can change to make it more efficient.
Here are four smart steps for creating a tactical plan to harness the power of Big Data.
Big Data can produce a potentially overwhelming amount of information that generalize what is going on in a fleet, but that usually results in more questions and more headaches. But by developing an effective analytics strategy, establishing goals, taking quick action and managing outliers, a fleet can quickly transform into an efficient and less costly operation.
Don Woods is the director of information technology at ARI in Mount Laurel, New Jersey, the world’s largest family-owned fleet management company, managing nearly 1.5 million vehicles in North America, the UK and Europe. Visit www.arifleet.com.