In the 21st century, data is king. But while many companies and industries are adept at collecting data, mining actionable insights from that data is more of a challenge. Big data can be a divining rod that points the way to success… or it can be a cumbersome rod for executive’s backs. That’s where Business Intelligence (BI) solutions come in. It can help users to sift through large volumes of data to get the insights they need. But for businesses to make the most of them, they need to be specific and tailored to the needs and priorities of the industries they serve. In the transportation industry, for instance, data is crucial to the harmonious management and deployment of vehicle assets.
The ability to track vehicles and obtain complete visibility of location data is a tremendous boon to professionals within the transportation and logistics industry such as asset managers and transportation planners. In this post, we’ll look at the growing field of Location Intelligence (LI) and how it benefits the transportation industry.
What is Location Intelligence?
Location Intelligence is a form of Business Intelligence that combines business and location data to inform strategy and increase operational efficiency for businesses in the transportation sector. In its simplest form, LI tracks the locations of vehicle assets so that fleet managers, transportation planners and the like know where their assets are located at all times. However, LI encompasses a much broader range of transportation analytics than that. It harnesses large volumes of geospatial data that goes way beyond traditional telematics. LI leverages not just GPS data but transactional data, footfall traffic data, sociodemographic data, and POS data for better rounded insights by...
Connecting the dots between your data
Where LI comes into its own is in unifying data from seemingly disparate sources and combining them using Big Data techniques to create the actionable insights that drive strategy. It connects the dots both figuratively and literally, associating geographical and location data with points on an interactive map.
This easy and accessible interface allows strategic decision makers to visualize the factors that influence operational performance and efficiency.
But what might this look like in real terms? Here are some of the ways in which the proper implementation of LI can improve business operations for the transport industry:
Enhance control over transportation spending
All transportation service providers abhor waste. But when businesses don’t have full visibility over their spending, sometimes waste is unavoidable. LI, however, provides the data that makes it easy to track where spending is going and address the ratio of cost to distance. It also facilitates faster decision making so costs associated with delays are avoided. Costs and logistical difficulties can occur as a result of a lack of address standardization, and LI can help here too. By using algorithmic cross-referencing, address parsing and validation, combined with accurate GPS data, LI can prevent time wasted by drivers searching for invalid addresses.
Li is highly proficient at helping strategic planners to perceive and avoid location related risks such as areas of high traffic, closed lanes, out of commission bridges or tunnels or suboptimal road conditions. By tracking location data that could potentially delay transportation or damage vehicles.
Improve route planning and traffic flow
Superior route planning is at the heart of Location Intelligence for the transportation sector. Whether you’re transporting valuable cargo or passengers, long delays or hazardous conditions can add unnecessary risk factors which can impede smooth workflows and create a black mark against your business’ reputation. With a growing percentage of the global population living and working in heavily built up urban centers, the ability to navigate optimized routes that avoid traffic jams and ensure the smoothest possible traffic flow to avoid delays.
Effective route planning also helps to improve fuel efficiency, thereby further reducing unnecessary overhead costs and protecting the metric that matters most for transportation businesses (and all other businesses)... their margin!
Adding clarity and transparency to supply chain logistics
No matter where your business fits into the supply chain, your operations will likely have a direct impact on the productivity and profitability of other businesses. LI not only helps to ensure efficient operations, it also makes sharing data with third parties easier. So users can help keep the whole supply chain running smoothly inside and outside of the part they play themselves.
The scope and granularity of data collected ensures that every second of a driver’s time is used efficiently inside and outside of the vehicle. For instance, the number of available parking spots, whether the delivery destination has stairs or an elevator and any potential impediments to access can all be taken into account at the route planning stage. So businesses can promise accurate delivery times to those on the other side of the supply chain.
Strengthen brand building by improving results
Whatever it is you transport, like any business, you face a legion of competitors vying for trade from the same prospective clients. In this climate, there’s more pressure to deliver specific and measurable results than ever. Leveraging Location Intelligence effectively improves transportation efficacy by identifying pain points and providing the data that can help transportation planners to overcome them. This allows for a more effective (and cost effective) operation, allowing transportation service providers to remain affordable and competitive while still protecting their margins. LI also allows providers to deliver transparency for their clients, keeping them in the loop and building value into every transaction.
Deliver consistently outstanding results at reasonable prices and clients are more likely to reward you with their loyalty. So you can build a brand that you can be proud of.