Big Data is a commonly used term to describe the influx of large data sets brought on by advances in technology and Internet. It is increasingly important for business to collect and use available financial, logistical, and operational data to better compete in the marketplace. Asset and fleet management is an area where Big Data can be used to help describe problems in safety and costs and then prescribe a solution.
There are four Vs that are common characteristics that are often associated when describing the quality of Big Data, they are:
- Volume: The total amount of collected data, static or growing. Data sets are growing at an exponential rate and the scale of data poses challenges on not just how to monitor it but also how to use it. For example, integrating data from fuel cards, RFID, weather, and maintenance into a fleet management software analytics engine provides greater insight on assets but more data to work with.
- Velocity: This refers to the speed of which chunks of data are being collected and processed. Data now streams at unprecedented speeds. Additionally, we now have the opportunity to use large flows of data in near real-time. This will positively impact the time it takes for organizations to react to problems and quickly optimize their assets.
- Variety: The different types and formats of data being collected and monitored. Data today comes in all types of formats: Structured, unstructured, sequenced, un-sequenced, binary, numerical, strings, and more. In corporate fleets and asset management this could mean a wide array of sensor and machine-to-machine generated data from vehicles, assets and equipment.
- Veracity: The certainty that users have in the data and how accurately it conforms to the real-world facts. With such large volumes of data coming from an increasing range of different sources, it becomes much more difficult to be certain of the quality of insights derived from it.
One other “V” characteristic that is often overlooked in the analysis of Big Data is the Value of data. Businesses that are able to derive valuable insights from a vast amount of data will be able to create new and significant value in optimizing their fleet and assets from a performance perspective. Telematics and RFID is now a significant source of data that contributes not just to the volume of data but also the velocity, variety and veracity of data sets that need to be managed. It is synonymous with a vast spectrum of real-time fleet & asset data: from location, fuel consumption, driver behavior, to maintenance, and more.
Big Data is becoming a major part of the business improvement process and a powerful tool for organizations that manage their own enterprise fleets and asset base. It is a necessity in prescribing changes to increase the possibility of success and maintaining success in multiple areas including safety, productivity, and financial. In the future, organizations need to be increasingly capable of measuring data and establishing tailored KPI measurements from different sources and then transforming that data into relevant and profitable business decisions. Deploying a Descriptive, Diagnostic, Predictive and Prescriptive analytics strategy will propel your organization to a level optimal efficiency.
Begin optimizing, analyzing and emphasizing your assets today by contacting Storm Telematics’! Access our online Calendar and schedule a lunch (on us) or a conference call, as we are on standby to deliver quantifiable value to your organization