Transportation industry is witnessing a great technological advancement throughout the industry. Improved fleet telematics, video intelligence and latest trucking management softwares etc are few examples that are driving the transportation industry to a new era. But the real goal of the transportation companies remains constant: that is safer, most productive and the cost efficient fleets. There are various factors that contribute to an efficient fleet and predictive analytics is the latest of them. Predictive analytics enhances the transportation company’s predictive capabilities considerably and hence helps them make better decisions quickly to gain the edge over their competitors. To understand the future of predictive analytics in the transportation industry, we need to understand the benefits of predictive analytics to the transportation industry.Read More
Predictive analytics will have a huge role in the transportation industry. To understand the role of predictive analytics let’s first understand what predictive analytics is. Most of the time people misunderstood the meaning of predictive analytics and expected it to provide them with accurate insights into the future. Predictive analytics depends on the existing data and recognizes the patterns to be ready for the future events.
You can see predictive analytics working in your daily life. If you order something from an ecommerce platform or just click on it, then they will show you the related items in the recommended section based on your search. This technology is a part of our daily life and now we will use it in the transportation industry.
Benefits of Predictive Analytics to the Transportation Industry
Predictive analytics provide operational insights to the transportation companies by going through the data and predicting the problems ahead of time. This will be very beneficial to the transportation companies.
Latest Fleet Telematics
Latest fleet telematics or other transportation management technologies are utilizing the data of repair, spare parts, engines to track the health of the trucks. This way they can track the bad or worn out spare parts of the truck ahead of potential breakdown. This can be utilized more effectively if we let the machine learn and analyze the huge amount of data. It will save us a massive amount of office staff’s valuable time.
This will help the transportation companies effectively utilizing preventive maintenance and save us a good amount of downtime.
Increases Driver Retention Rate
Drivers are key to a successful transportation company. By improving the drivers experience, you can retain your old drivers as well as attract better drivers to your company. Predictive analytics provide you with detailed information about the drivers at risk and help the staff to retain them on time. End result of this will be satisfied drivers and an efficient fleet.
By going through the truck’s operational data, predictive analytics can predict the driver’s turnover risk and help the transportation companies to get rid of the friction points while making sure your skilled drivers are satisfied and retained.
Safer fleet is the prime objective in the transportation industry. Latest video intelligence technologies are ensuring safe driving behaviors and highlighting the risks. The video recording technology provides a clear picture of the road conditions and the driving habits of the driver to both the driver and the personnel at the back office. They can both work on it together to improve it further.
Predictive analytics uses artificial intelligence to automatically determine the risks and help the back office to work simultaneously with the drivers to eliminate any areas of concern.
Better Route Management
Advance fleet management program provides the best possible route to your driver while completing a delivery. These trucking softwares also inform them in real time traffic issues on their way and in case of an accident or traffic jam, they can easily reroute them to another quicker route.
Predictive analytics take it a little further by examining the whole data of many trips and offer the personalised inputs about the best possible route depending on the timing of the year, month, week and day of the week.
Provide Real Time Insights and Enhance Customer Experience
Predictive analytics processed the huge amount of data involved in the day to day business of the transportation companies. By going through this data it offers clear business insights to the transportation companies about their business. Transportation companies can utilize this knowledge and implement it to improve the overall business practice.
Predictive analytics also help transportation companies enhance customer satisfaction considerably. By going through the ordering data of the customers and their preferences, predictive analytics can offer suggestions to help improve the customer satisfaction.
Video Credit – Rogo Moto
The Future of Predictive Analytics in the Transportation Industry
Predictive analytics is quickly becoming a key factor in the transportation industry. Transportation companies must adopt predictive analytics to boost their predictive capabilities.
With the evolution of predictive analytics and machine learning, the transportation industry is further utilizing it to take the advantage of the latest technology. There is a tremendous amount of data needed to be properly processed and interpreted for future usage and predictive analytics offers just that, therefore has a huge potential. Predictive analytics offers more than fleet safety, driver retention and maintenance of the fleet. Properly using artificial intelligence and machine learning can unlock the untold potential of predictive analytics.