Report: Big data saving some carriers $4k annually per truck

Over one quarter of respondents said data analysis is reducing operating costs by $4,000 annually per truck, according to a survey of transportation managers and executives from Fleet Advantage.    Data analysis is saving some trucking carriers $4,000 annually per truck, according to a survey of transportation managers and executives from Fleet Advantage.
   The truck fleet business analytics, equipment financing and lifecycle cost management services provider’s latest survey showed 26 percent of respondents realize that level of cost savings from their company’s use of data in optimizing operations.
   According to the same survey, approximately 81 percent of those polled had no analytics strategy for their fleet operations just five years ago.
   As technology has allowed carriers to capture more and more data from newer heavy-duty trucks, 80 percent of fleet executives said they currently analyze that data to track operations, including fuel trends, vehicle performance, ECM data, and routing and logistics information.
   The Fleet Advantage survey found 61 percent of industry professionals are now monitoring and tracking this kind of data on either a daily or weekly basis. 
   In addition, 25 percent of fleet professionals said data has made the most impact on managing fuel costs, and 19 percent of respondent also noted improvements in service and maintenance and driver behavior as a result of data analysis today.
   Of those surveyed, 87 percent of fleet professionals expect data and analytics to play a key role in managing fuel costs and truck performance in the next five years.
   “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,” Fleet Advantage Chief Technical Officer Jim Griffin of the report. “It’s notable that we’ve evolved from focusing on routes almost entirely to now analyzing every facet of truck performance to identify where improvements can be made for the bottom line.”