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Posted May 21, 2019

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Fleet Insights and Analytics Driving the Future of Fleets 

Almost every business today is reliant on data to inform more choices and smarter decisions. Mobile phones, robust software systems, and credit cards are driving buying decisions, enabling control, and predicting behavior. While financial institutions and the stock market have been using these kinds of tools for years, the rest of the world is joining them and that includes the trucking industry. Fleet Managers are adapting to technology and becoming safer, more efficient, and more in control than ever before. Fleet insights are paving the way for better business capabilities that are not only helping in their own success but the success of the industry overall.

Top 7 Benefits of Fleet Data Analytics

  1. Data to track driving behavior and monitor safety
  2. Data to recruit employees with longevity and relevance
  3. Data from credit cards to show buying patterns and behavior
  4. Data to accurately forecast and budget fleet expenses
  5. Data for efficiencies on the road through GPS scheduling
  6. Data to streamline logistics and supply chain strategies
  7. Data to monitor and maintain truck maintenance

So, it is clear that big data is big business and fleets are taking advantage without being overwhelmed. They are able to differentiate the information they are gathering and prioritize how they apply that information. Fleet data is generated in two distinctive ways — on and off the truck. Fleet data generated on the truck can include vehicle performance, driver behavior, and environment insights through GPS and telematics. Fleet insights and data collected off the truck are usually generated from office operations systems and include everything from transportation management, insurance, and compliance records to vehicle maintenance and payment systems. Fleet data is then analyzed to provide the right direction and action that strengthen processes and business operations overall.

When It Comes to Payment, Fleet Analytics Is a MUST

When we think of fleet data, most would consider location data and telematics, and for good reason. Telematics has come a very long way in evolving the trucking industry. However, while telematics is taking advantage of tracking and scheduling, another side of software and data is generating OTR fleet analytics that continue to push the industry forward by evaluating behavior and trends. Payment leader WEX has combined OTR fuel cards with OTR analytics in creating an invaluable resource to help with controlling and anticipating the fleet spend along with so much more.

fleet manager using analytics to optimize team

From fuel card purchasing behaviors to industry trends and auditing tools, WEX will keep fleets informed, find savings, and streamline fleet operations, all through the OTR fuel card.

  • Find opportunities to cut costs
  • Accurately forecast and budget fleet expenses
  • Identify purchasing anomalies and misuse
  • Find out how you’re performing against your peers
  • Take the work out of fuel tax reporting

WEX has captured the value of big data and developed proprietary systems and tools that fleets of any size can take advantage of. WEX has the knowledge of payment and OTR analytics so that fleets can focus on the job and not the complexities of big data or fleet analytics. Below are just a few of the resources that have harnessed the power of fleet data, providing insights for better business.

4 Tools That Harness the Power of Fleet Data

1. Carrier TrendSource

Use the power of big data to evaluate freight volume and compare it against industry benchmarks.

  • Quickly spot trends and exceptions
  • Learn how your fleet is performing relative to your peers
  • Make better fuel spend decisions
2. Fuel Audit & Reconciliation

Get the data needed to take control of the OTR fuel expenses.

  • Track spending over time with real-time and historical analysis
  • Get specific, actionable feedback on driver fuel consumption
  • Ensure the best negotiated fuel discounts
  • Save time on auditing and reconciliation
3. Fuel Tax Reporting

The industry’s most accurate fuel tax automation software.

  • Our software tracks, calculates, and creates all required fuel tax reports, accurately and on time
  • Pass any audit—we integrate with mapping and routing providers to recreate actual travel routes
  • Seamless integration with most fuel card, dispatch, and GPS providers
4. SecureFuel

Manage and control fuel expenses for your OTR fleet by catching unauthorized purchases in real time—without interrupting your drivers’ operations.

  • Big data helps identify purchase irregularities and trigger alerts
  • No additional hardware needed; SecureFuel leverages your truck’s ECM
  • Universally accepted across 15,000+ truck stop locations\

Fleet analytics and insights in action

Fleet analytics and insights in action have made a seemingly complex idea like the study of data seem relevant and accessible. Now fleets can take advantage of all forms of data whether it is collected from the sensors on a truck, the telematics in a GPS system, or the spending feedback from a fuel card. Big data is about collecting all of the data you can get your hands on, from traditional numbers to things like text messages and video streams. Companies like WEX are leading by example and making data analytics part of their company culture.

This kind of information-based environment and strategy nurtures innovation and attracts partners and employees with a shared passion for the power of data. — Kurt Thearling, WEX, VP of Analytics

Fleet data, insights, and analytics have become just as valuable as the fleet itself. To that end, fleets are embracing the capabilities and looking forward to the future they bring.

 

 

 

RESOURCES:

https://www.wexinc.com/insights/blog/inside-wex/analytics-and-why-it-matters/

https://www.dcvelocity.com/articles/20160202-trucking-firms-use-data-analytics-strategies-to-avoid-driver-shortage/

https://www.ttnews.com/articles/fleets-look-predictive-analytics

https://www.forbes.com/sites/stevebanker/2016/10/18/using-big-data-and-predictive-analytics-to-predict-which-truck-drivers-will-have-an-accident/#88d20261cb0b

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