Gain actionable business insights from data
Data is information that you collect from our systems. For example, in a fleet management process, you might need data on driver behavior, fuel consumption, maintenance alerts, and more. Insights are the value you get from analyzing your data. You can use data analysis to identify trends and patterns in the retrieved information. Analytics help make sense of the data. Information is the product of distilling this data and giving it structure and context. This way, you won't stare at a bunch of random numbers on spreadsheets and documents. Actionable insights are where the miracle happens. This is the part where businesses use data analytics and discovery to take action and improve operational efficiency. There are many online tools available for understanding data. In the fleet vehicle tracking industry, software platforms are gaining popularity. Advanced technology is in place, with powerful insights and integrated analytics – all designed to give you the reports you need. Let's take a closer look.
Gain actionable business insights from data
Fleet managers can use a fleet management system or platform to gain and leverage actionable insights.
These are accompanied by advanced software technologies that help businesses strategize to make informed decisions.
You can choose Cartrack as your provider and gain actionable insights such as:
Identify challenges today. This will enable you to make changes instantly during working hours and throughout your business. When you put out fires quickly, your business can continue to grow as productivity levels increase.
Receive contextual metrics. Perhaps you need specific context for specific reporting requirements, such as the cost per job. Operational, administrative, and financial data costs can be adjusted so that you can analyze this specification. Receiving indicators of these three indicators, it is possible to determine the exact cost of each job and make price comparisons. Perhaps one of them is more important than the other, creating a cost imbalance, so you may need to make some cost changes there. In addition, you can compare accurate metrics to see if your route is optimal and understand how other costs affect your bottom line.
Use comparable metrics. Compare drivers and vehicle metrics to pinpoint price differences in cost per task, or differences in behavior and maintenance costs of the vehicles they drive. If one driver's vehicle is significantly more expensive to maintain than other vehicles, managers can assist with their driving behavior and support them when needed. Use it to assess driver productivity. Find out how much time your driver spends on the road and how much work they have done in the requested time.
Get the most important insights today. There may be an urgent issue that requires your immediate attention, prompting you to have a meeting with the parties involved. Let's say you don't have time to spend hours analyzing data; The platform will give you a visual view of your fleet's fuel consumption, unproductive idling, safety, and utilization on the dashboard, all with just one click. You can filter data by time or vehicle to increase flexibility and speed in pinpointing challenges. This way, you can get ready for the meeting without having to prepare much.
What is Data Insights for Business Decisions?
We know that actionable data can help you take immediate action and make business decisions.
However, we should extend it and end up using it in a way that works best for the business. In other words, use it to drive workforce optimization, which includes management as well as task, team, and change management.
Fleet owners need a solid business structure and strategy to lay the foundation for fleet managers, drivers, and all other employees. From there, we can create meaning from insights.
But let's start with the basics.
Actionable insight into business considerations
- Get the right people in your corner It's important to hire the right people who can understand data insights. Investing time and effort to find the wrong people is expensive, not only financially, but also in business processes. For example, a fleet manager should be hired based on fleet experience to understand the implications of the system data.
- Communication and team planning
The importance of communication and planning for businesses and teams has proven to be one of the most important task management strategies. With a fleet, it goes without saying that you have a diverse team that is often distributed everywhere. Therefore, you need to plan, manage, follow up on tasks, and create a space for them to perform well. One way to achieve this is to establish communication channels to increase driver productivity and ensure efficiency. The fleet software application provides this functionality.
- SET KPIS
These are used to evaluate the performance of the organization against its goals. They aid decision-making, assist in setting strategic objectives and enable effective processes. This will motivate employees and help them improve their performance.
- Internal action
Managers and teams need to create actions in task management and delegate tasks to team members. Set reminders and complete updates, and once the task is complete, they can move on to the next task. This is also part of the chosen communication channel.
- Competitive advantage
Companies should capture, manage, and analyze their data to improve their business intelligence. They can then seize the opportunity to outperform their competitors by providing excellent customer service.
How do you turn data into meaningful insights?
- Define your goals
Goals should be a top priority before choosing the right fleet management software. Goals give more meaning to everyday tasks and clarify the reasons behind company decisions. Without these, there wouldn't be much effort to lead to stagnation and effort to achieve. Steps that aim to achieve the end result are part of every business plan.
Fleet managers can set operational goals, such as saving fuel costs and increasing driver engagement. With that in mind, they can jump right into the part of the platform that offers this insight. Perhaps the marketing team's goal is to bring more leads to the business, which will require a higher budget. Saving fuel costs and working towards this goal will directly generate more revenue for the company.
If this does happen, then data will indeed be a meaningful insight into which goals can be measured.
Now you'll be able to ask the right questions and figure out which questions you want your data to answer. It will ensure that you don't spend your time on the wrong things before you unpack the data.
- Segment your data
Splitting the data into multiple parts can help you understand it better. The fleet software platform works in the same way as Google Analytics. You can customize the platform to suit your needs and extract the specific data you need for enough reporting. For example, maybe you have a management meeting about driver behavior and productivity. You can create segments for them on the platform and then just forward feedback on that.
- Use visuals to simplify your dataset
Visuals are a great way to represent your data in an easy-to-understand way. Especially when presenting, you can't use raw data to convey information, but you should use visuals to showcase your findings. Before you create the perfect presentation for your meeting, the software's reporting features will be the starting point.
- Discover the context
Without the right context, you either fail to understand the full story or get the wrong information. Depending on your predetermined goals, you need to understand the whole picture in order to create meaning from the results or visuals. You should ask questions like: Who in your fleet is responsible for this? Or why is this happening? In what way does it affect the business?
- Find out the right pattern
Up, down, and zigzag in between, which is common in your visual representation. From this, you can identify patterns or trends in the data about certain events. You can identify when there is an upward or downward trend, visualize the relationship between two factors, and more. They are all tailored to reveal the story behind the data.
- Identify hypotheses and action plans
Now that you've done your research, it's time to start developing an action plan. Perhaps, vehicle maintenance issues are a common trend in driver misconduct. Perhaps you need to delegate this issue to more team members who will dissect this reporting feature in more detail.
6 key attributes of actionable insights
We know you may move frequently. Want to quickly learn how to get actionable insights? Take these out there and take action.
CONNECT YOUR INSIGHTS TO ESTABLISHED BUSINESS GOALS TO DRIVE ACTION. ALIGN THEM WITH YOUR KPIS TO CREATE A SENSE OF URGENCY.
You need context or comparisons to provide insightful context to your data. Otherwise, there will be more unresolved issues than plans.
Deliver insights to the right people at the right time and in the right place. They need to reach out to key decision makers to take appropriate action.
If you want to highlight the actions, then you need to explain them in detail so that people understand. Explain why something happened to do more.
Provide interesting insights. There is no need for repetitive insights, but to give new developments, creating more growth and challenges. If we feel that information is constantly reinforcing rather than challenging and augmenting our existing knowledge, we will turn to information.
Insights need to be clear and easy to understand. People need to understand the reasons behind it and how it will help them. Visualization will help with the memory of information.
Need some meaningful insights? Cartrack offers hundreds of reports to boost your business. Contact us today and receive automated reports straight to your inbox to match your workflow.