3 Essential Principles For Implementing a Fleet Analytics Process.
Fleet & Asset analytics is a developing discipline that has real potential to affect how companies perform over time. Technology and market research firm Forrester Research predicts that companies will increase their investments in data and analytic technologies during 2016 to gain better insights and improve decision-making. However, only 29% of enterprise architects surveyed as part of this research thought that their companies currently did a good job utilizing their data.
The main reason behind low adoption and utilization of data is the information architecture. Information in its raw form has the potential to be harmful, lead to incorrect decisions, or go completely unnoticed, costing businesses the opportunity of improving their tactics, execution and long term strategy. For information to take a positive direction towards organizational change and deliver business value, you need to architect it in the right form-factor.
In every company, information architects hold powerful roles. They are responsible for understanding organizational goals, and mapping those goals to leading indicators that guide the overall direction of a company’s investment and execution. As part of this important mission, it’s critical for these information architects to understand how they can start information gathering, flow and architecture, and how to present that back to the business stakeholders and end users. To help these individuals design their analytics and decision-making processes more effectively, here are three essential principles. These principles are taken from an approach called value-based design: a systematic approach for creating analytics and dashboards, with focus on roles, action points, key value indicators (KVIs) and KVI drivers.
- Principle 1 – Displaying the value. This involves looking at how an individual, team or organization is doing with respect to their goals. For new projects, this is a clean slate and a chance to ask users what defines success for them, what information they want to receive, and how they want to receive that. For example, a fleet manager may want to see trends over time for maintenance programs, whereas a field superintendent might want to see how her / his region is performing against corporate goals and as compared to other regions.
- Principle 2 – Diagnosing the cause. Following on from the first principle, it’s important to look at the reasons behind the performance or lack thereof). For example, whether the regional performance was due to utilization activities or had it to do with unexpected repairs. Getting these answers helps the analytic team and users collaborate and look for more opportunities to make use of data. This cause and effect analysis helps set the strategy for moving forward and empowers users to decide what activities to prioritize over others.
- Principle 3 – Deciding to change. After these two steps, now comes the fun part. By looking at the previous analytic results and discovering their root cause, it iis now possible to see how future decisions can be improved. Gradually, this would lead to sharing best practices across different fleet initiatives and eventually deciding to share the insights with broader teams of sales and service to align the whole company on activities that are directly linked to hard revenue or sales performance.
With these three principles, any organization should be able to create fleet analytics and insights that matter. The ultimate goal of designing dashboards with a value-based design in mind is to deliver guided analytics for each individual or group of individuals that follow a simple Display > Diagnose > Decide information architecture.
Start your optimization journey today by contacting Storm Telematics and we will assist you in identifying the correct solution for securing and optimizing your fleet and material assets. You may access our Online Calendar to schedule a lunch (on us) or a conference call, as we remain on standby to deliver quantifiable value to your organization.