Advances in technology and the data that technology provides is creating concern and confusion in many companies, leaving them to ask, “What does the data mean and how do I use it?”
Any company that clings to a “going with your gut” mentality or allows itself to be paralyzed by inertia is simply deluding itself. Technology has reshaped not just the face of business, but also the way business is conducted. That applies to every function of a company, from transaction processes to asset procurement.
Last month, Patrick Gaskins, senior vice president of Financial Services of AmeriQuest Transportation Services, covered this issue in great detail in his blog for Monitor Daily, “Managed Solutions Make Best Use of Data and Equipment Dollars.” Writing about the “mountain of information” today’s trucks provide, including from telematics and additional monitoring devices, Gaskins notes that huge amounts of data need to go through a series of actions in order to provide information that’s relevant and actionable.
Pat Gaskins outlines three actions that can help organizations attain efficient and cost effective business growth:
- Partner with a Managed Services Provider
The talent to extract the data, decipher which pieces of information are relevant and which are not, and then analyze that data to formulate next steps does not always exist within the company’s own staff. Instead, the recommendation from Gaskins is that companies should seek to partner with a managed services provider that understands their business’s unique needs. As an example of this, Gaskins writes, “With a managed solution, a fleet manager can see what happens to fuel efficiency when he governs the truck to run at 62 mph vs. 65 mph.”
- Leverage the analysis
A managed solution allows companies to engage in “what if” scenarios and analysis. “What if interest rates rise?” “What if compliance issues change?” What if fuel prices decrease further?” Analysis can lead to actions that can maximize equipment efficiency, measure whether or not manufacturers are meeting their productivity claims, and determine the right timing for asset replacement. Utilizing the data gathered, providers could help customers “predict spend patterns, become more efficient, and avoid potential missteps in the future.”
- Access expertise and technology
In the past, companies could rely on industry averages or their “gut” or the “it’s always the way we’ve done things” philosophy. That is no longer reality, not if you want to optimize your working capital, maximize efficiency, and stay ahead of the competition. As noted above, however, not just any managed solution provider will do. Do your due diligence and find a provider with considerable expertise not just in your core business, but also in technology.