Recent reports suggest the more time and effort a trucking company invests in data and analytics, the more money the company saves.
Fleet Advantage posted the results of a survey Thursday that over a quarter of large fleets are reducing operating costs by at least $4,000 annually per trucking. Additionally, 30% of the respondents lowered operating costs by at least $1,000 annually per truck.
Fleet Advantage uses data analytics to help trucking companies manage lifecycle and other operating costs. It recently talked to over 700 transportation executives and managers of large truck fleets, asking them about what areas they use analytics in, and what results they had seen.
Five years ago, just 19% of fleet managers utilized analytics for strategic purposes. Currently, 61% of fleets use analytics on a regular basis to track everything from vehicle location to maintenance to fuel trends. In terms of cost-saving procedures, fuel tracking proved to be most beneficial.
19% of professors said that service, maintenance, and driver behavior tracking data are impactful areas of research. 87% of those surveyed said that they believe data and analytics will play a "key role in managing fuel costs and truck performance or feel that data will drive their business operations."
"The movement toward comprehensive business intelligence speaks volumes about this industry's thirst to truly leverage and maximize the technologically advanced trucks on the roads today," said Jim Griffin, chief technical officer of Fleet Advantage.
"It's notable that we've evolved from focusing on routes almost entirely to now analyzing every facet of trucking performance to identify where improvements can be made for the bottom line."