Tracking key data points in real time can drive fleet management success

In our modern high-tech era, effective management is largely a matter of paying attention to data. The best way to optimally run a staff is to get all the numbers on their performance, figure out what's working and what's not and adjust accordingly. This is especially true in fleet management, as key data points like distance travelled and fuel consumed can be particularly telling.

What you ideally want to do as a fleet manager is get data on your team's performance in real time.

In this vein, what you ideally want to do as a fleet manager is get data on your team's performance in real time. If you're going off of old information that might no longer be relevant, it's far more difficult to make impactful decisions that actually improve your business.

Getting real-time data is therefore a key challenge in fleet management today.

The rise of "dynamic data"

Understanding data is crucial in fleet management. For example, if you know how much money your business is putting into car fuel consumption, you can weigh the risks and rewards that come with each route your drivers take.

If you're evaluating this by looking at information from months ago, however, you're sure to make mistakes. That's not how business is done in 2016. According to a research paper on data collection from Peter Lubell-Doughtie, a professor at Columbia University in the United States, the latest trend in analytics is "dynamic data analysis." What makes dynamic data different is it's collected and updated in real time.

In other words, the moment your driver fills up a tank of petrol at a station, you should be able to tabulate instantly how much they're spending and how much distance they're covering per litre. If you can't, you're squandering value for your business.

Shorter lag times lead to success

Right now, very few fleet managers are using data that's truly dynamic. Few people in any line of work are doing so, really. The latest survey data indicates that lag time is a key problem in data analysis.

Are you working with the most current numbers available?Are you working with the most current numbers available?

For example, Gartner found in 2015 that only 20% of companies use or plan to use streaming data processing technology. The others are adding up numbers after the fact. Similarly, Forrester's Global Business Technographics Data And Analytics Survey found that 36% of firms are using streaming analytics.

The numbers may vary, but the principle is the same - a majority of firms today are leaving money on the table by missing analytical opportunities.

Smartfleet offers powerful data reporting

When it comes to your fleet management program, you don't want to miss anything. What you want is a powerful solution that can give you access to real-time statistical updates on how your fleet is performing.

Luckily, that's exactly what Smartfleet has to offer. We have an industry-leading solution for fleet management that provides instantaneous data and a host of options for analysing it and adjusting accordingly. Last month's data is old news - discover what you can gain from current, dynamic knowledge.