This innovative tool use several techniques such as Data Mining, Statistical Modelling and Machine Learning to fetch relevant data to predict future outcomes. This data is then helping Fleet Managers make informed and correct decisions for the future.
Such powerful and multifaceted technology has become widely popular across industries such as Insurance, Finance and Retail, where companies are relying on Predictive Analytics to assess and manage business risk.
Tailored Driver Safety Training
Safe driving behavior results in fewer collisions and lesser insurance claims. But how to determine the likelihood of a collision simply by looking at a driver’s past record? Previous incidents of speeding and collisions can be indications of future tickets and claims, but they can’t give a comprehensive picture enough. A deeper assessment requires much more data.
Luckily for Fleet Managers, a reliable source of data can already be found into most of their vehicles. Telematics systems that track speeding, harsh braking and harsh acceleration are an excellent source of data for Predictive Analytics. Fleet Managers can identify such areas of risk and produce an overall and a category-specific score for each driver. These scores can be used solely for the usage of upper management, or they can be shared with drivers or even entire departments, divisions or locations, to have a friendly competition.
For Fleet Managers, accessing detailed information about each employee’s driving performance could help them to create safety training programs that are specifically tailored for their drivers, to improve their driving performance. By improving drivers’ performance, they will improve the overall safety scores for individual employees as well as the organisation.
Predictive Analytics can also be very handful to monitor vehicle health and improve maintenance standards. Indeed, the data gathered from the sensors located in vehicles can be analyzed to determine which vehicles or parts are most likely to need repairs, how often vehicles must have their routine maintenance done and whether parts inventories are properly stocked. The most advanced models can even predict failures before they happen! With no doubt, this level of insight could improve the reliability of the cars employees rely on for safe transport. On the long run, corporates could extend the lifespan of their fleet while reducing downtime and associated costs that include overburdened service facilities, lost work hours and non-delivery charges.
Predictive Analytics is one of many new-age tools that Fleet Managers and their partners can utilize to improve fleet safety, maximize performance and reduce their costs. Ultimately, companies will have to leverage on this new technology as well as other value-added innovations from the industry to drive their business forward.