Avoid Fleet Pitfalls with Predictive Analytics
Technology has reshaped the future of fleet in remarkable ways. Not only are vehicles getting smarter, but the resources behind these vehicles are making the fleet management industry more innovative than ever.
Knowing every recordable detail about how your vehicles are operating can be a major asset to your fleet strategy, but it can also be overwhelming. The average fleet of 300 vehicles generates more than 15 million telematics data points annually. While they can help make your fleet more efficient, they can also overwhelm you if you aren’t sure how to tackle all of that information.
Fleet Solutions magazine recently tackled this topic in its financial management article, Predictive Analytics – Optimizing Data to Get the Most Out Of Your Vehicles.
ARI’s Assistant Manager of Business Intelligence and Analytics Matt Costolo talked to Fleet Solutions about how to maximize the value of vehicle data across a variety of fleets. In the article, Matt provides valuable insight into how to analyze key performance indicators (KPIs) and lifecycle cost to predict trends and determine smarter decisions, a valuable and reliable way to build a fleet.
Matt explained how ARI’s variety of KPIs allows us turn data points into defined and actionable results. ARI analyzes data pulled from mileage, downtime and average time between maintenance appointments to build customized preventative maintenance schedules for customers, honing our data systems to nail down specific needs for each type of vehicle.
“If the data indicates a likely spike in maintenance costs at 125,000 miles or six years in service, we’ll work with our clients to get ahead of that curve and remove units from service prior to those anticipated spikes,” said Matt.
Matt also explains how a lifecycle cost analysis (LCA) can help customers find the value behind their fleet purchases. By running a LCA, customers can determine the next best move for their ordering cycle and tackle issues before they arise.