We live in an age of technology that makes vast amounts data and analytics available to us, and sometimes it can be overwhelming. This holds true for the amount of data available to fleet managers today. However overwhelming it may be, ignoring this massive amount of useful, albeit slightly intimidating, data can be detrimental to the efficiency of your business. So, how can we leverage this data without getting bogged down by the unimportant information? Fleet Financials decided to interview a few fleet management professionals to get their advice. Union Leasing’s own Jeff Hurrell weighed in. Jeff looked back on his experience as a fleet manager to contribute some especially excellent points to the article entitled How to Leverage Constantly Evolving Fleet Analytics.
While having a lot of data is great, having accurate data is even more important. The biggest challenge however may be successfully managing this data and using it to make data-driven changes to your fleet. In the article, Jeff discussed how a lot of data doesn’t necessarily mean improvements to your fleet’s performance. He stated:
“[L]arge volumes of data can result in hours of analysis with no real return in the way of fleet operational and cost optimization. Data and analytical models should align with corporate fleet goals and provide measurable and meaningful results.”
So what are fleet managers expected to do with all this data? Well, a good place to start is to define your fleet’s goals and determine what data should be used to monitor progress toward these goals. This will help discover how to best use the data available to you. In the article, Jeff said:
“Financial performance exceptions should be evaluated for significance and the ability of the fleet manager to influence those metrics.”
Of course, the goals and metrics will vary widely from fleet to fleet. Once the goals are clearly defined, it’s time to assemble a team who will be responsible for gathering, monitoring and analyzing relevant data and proposing their suggested solutions. Focusing only on the data that is relevant to your fleet’s goals, and not getting caught up in the clutter of unnecessary data simply because it’s available, will prove to be advantageous as you strive to meet your fleet goals Jeff reiterated this in the article by saying:
“Fleet managers should continue to remain focused on key metrics and cost trends that have been effective in the past to manage fleet costs. Endless streams of data and numerous graphical views can create a confusing environment without necessarily producing actionable strategies. As new data points evolve, careful consideration should be placed on how this data should be used.”
Jeff brings a lot to the Union Leasing sales team’s collective experience, and his perspective from being a fleet manager is a valuable asset. To read the rest of Jeff’s insights as well as input from other fleet management experts check out the full article from Fleet Financials.