The data science revolution has transformed entire industries, and continues to do so. The ability to use analytics, machine learning (ML) and artificial intelligence (AI) to glean actionable insights from data is a must-have skill for many professions these days.
Despite this, when you think of data science, you probably imagine the world’s largest technology companies using advanced algorithms and complex computing systems to gather information about their customers. But this isn’t just limited to tech giants like Google and Meta. In fact, data science is being used for everyday tasks in industries like trucking where optimising a business’ productivity can make or break its profitability.
Below, we’ve highlighted 4 ways data science keeps HGV companies profitable.
1. Predictive Analytics and Forecasting
Predictive analytics and forecasting can help you close the gap between your actual costs, expenses and revenues. This will allow you to pinpoint when it’s time to replace or repair your LGVs and HGVs or equipment. A good example of how this is done is with predictive maintenance software.
Predictive Maintenance: When is my equipment going to fail?
Predictive Analytics: What kind of revenues can I expect from this market?
These are important questions for any transportation company because they’re directly linked to profitability – but many companies don’t have access to the data required to answer them.
Using predictive analytics allows trucking companies (and other businesses) to make better decisions about their fleet management practises, which directly impacts their profit margins over time.
2. Tracking Equipment and Assets
Data science can help trucking companies track the location of their equipment and assets. This is important for safety, maintenance, efficiency, and profitability.
With real-time data on equipment and assets, you can use GPS technology for tracking purposes so that managers know where all their vehicles are at any given moment.
This helps ensure safety on roads by making sure drivers don’t get lost or distracted while driving; moreover, it also helps managers keep an eye on how long each trip takes so that they can plan future routes accordingly (and thus save money).
The ability to track equipment and assets is extremely important. This can be done with real-time data and analytics, allowing you to identify problems before they occur.
You can even use predictive models that will help you reduce costs. For example, if a certain piece of machinery is not being used often enough, it may make sense not just to sell the machine but to lease it out instead so someone else can utilise its services.
This ensures that your assets are being used efficiently while also increasing profitability for your company in the long run.
3. Expense Management
Tracking expenses is the first step to reducing them. Data science allows you to monitor your ins-and-outs in real time, so you can see exactly how much money is being spent and on what.
This will help pinpoint areas where money may be leaking out of your business, examples of this could include drivers idling too long, or inefficient routes adding additional travel time.
With this information in hand, you can take action and make changes that will save both time and money for your company!
4. Maintenance and Repair
Most companies don’t maintain their vehicles and equipment as well as they could. There are several reasons for this, including a lack of awareness about vehicle health, compliance with regulations and standards, or even just the usual challenges of keeping track of what needs to be serviced when.
The solution? Data science. By collecting data on all of these metrics, then using predictive analytics to forecast maintenance needs before it happens, you will know exactly when your LGVs and HGVs will need service or repairs.
Once you have an idea about when your LGVs and HGVs will need maintenance work done thanks to predictive analytics, it’s time for another application: scheduling software that helps ensure that your fleet is always ready for duty at any given time—and won’t fall behind schedule due to unexpected issues or breakdowns along the way.
Like many other industries, the transport industry is changing, and data science is helping it stay profitable. Companies can use the latest technology to better track their equipment and assets, manage expenses, and better predict maintenance needs before they happen.
This means savings on expensive repairs or replacement parts. With data science at your disposal, you can keep your LGVs and HGVs on the road for longer periods of time with less downtime
EMDECS can help you stay profitable and ahead of the competition. Click the button below for a complimentary, no obligation demonstration.