Business Intelligence

Predictive Analytics: The future of business intelligence

Overview

Over the last decade the trucking industry has witnessed an unprecedented growth in telematics technology, especially safety-related devices and the terabytes of data they produce. The challenge many operators face today is how to make sense of that data and transform it into useable information that can lead to actionable decisions. While extracting data that is hours or days old, publishing it into reports or viewing on dashboards that merely aggregate and average may be useful, this doesn't provide clear guidance on what users should do right now to improve business performance. These reports simply present a summary of the past, while what is needed is actionable insight into the near future. Fleet managers need to know what’s going to happen--they already know what’s happened.

Can Predictive Analytics be applied to trucking?

The goal of intelligence-led monitoring is to use past information to anticipate the future – and act on it, to prevent accidents or drivers leaving employment. In our experience, predictive analytics applies particularly well to transportation. Dupré Logistics predicts which drivers are likely to have an accident in the next 28 days with 90% accuracy and has reduced their number of annual accidents by 53%. Over the same three-year period, Dupre increased their number of drivers by 42%. C.R. England can tell which drivers are 100 times more likely to leave employment in the next 28 days and has reduced driver turnover by 17%. Maverick offered coaching to drivers who are 70 times more likely to experience a workplace injury and reduced their number of claims by 65%.

What is Predictive Modeling?

Predictive modeling is part of predictive analytics and is used to determine the probable future outcome of an event or the likelihood of a situation occurring by analyzing large amounts of historical data. By using pattern recognition, software modelers can identify the recurring patterns in past events and then use those patterns to develop a model to predict the near future. For example, by scoring today’s data against a historical model, a company can make a realistic and often highly accurate prediction of what’s about to occur.

Safe, reliable and happy drivers: A proven solution to CSA, profitability and productivity.

With the ever-present driver shortage and renewed focus on safety in the trucking industry through the recent CSA legislation, many companies are considering opportunities to improve fleet safety and compliance. Carriers need near real-time information to simultaneously manage safety, compliance, retention, recruiting and productivity. The bottom-line solution to maintaining a safe and compliant fleet while growing in this competitive market, is developing a better understanding of how drivers think and act, anticipating their decisions using predictive analytics, and then attracting and retaining those drivers that fit your business model.

Typically, commercial fleet operators look at driver-related data in isolation of the very dynamic operating environment that a driver works in, and it’s this ever-changing environment that impacts driver behavior more than anything. FleetRisk not only uses fleet data about drivers, trucks and loads, but adds external data such as weather, census, traffic and lifestyle to better understand the relationship between drivers’ operating environment and their behind-the-wheel actions.

Current FleetRisk Advisors Models

FleetRisk Advisors has developed proprietary technology that seamlessly aggregates client data into one enterprise class data warehouse called Transportation Risk Analytics Center (TRAC). From this, FleetRisk’s expert modelers look for the risk signatures within that data to produce the predictive modeling solutions for driver fatigue, safety, retention, recruiting, and worker's compensation.

To learn more about how FleetRisk Advisors can assist your company, please visit us on the web at www.fleetriskadvisors.com or send us an email at sales@fleetriskadvisors.com.