Unlocking the value of vehicle data

Many players in the auto industry have overlooked the immense opportunities to monetise vehicle data, especially considering how other industries are generating huge value from data, says KeyTec CEO Michael Roberts. Tapping this data not only creates new revenue opportunities for the auto industry, but also increases brand loyalty and improves customer experience, he says.

Connected vehicles offer a range of cost and revenue benefits to fleet owners, car manufacturers, dealers, insurers and technology companies. Automotive connectivity is becoming a growing trend in fleet management, helping to ensure safer roads, more efficient vehicles, enhanced driver experiences and new revenue streams.

Easy access and seamless integration to extensive industry data is said to offer a quick return on investment and can be used for a number of initiatives including fuel consumption, scheduling, maintenance cost, driver retention, operating expenses, compliance and productivity.

Vehicle data has been used to improve driver behaviour, safety, fleet efficiency and customer service. Vehicle data can be used to proactively identify aggressive driving behaviours or to help boost driver performance, resulting in on-time departures and deliveries, improved service levels, route adherence and increased customer satisfaction. Data could also be used to optimise routing by geo-fencing customer locations and tracking vehicle stops.

Data can be used to implement driver training which could help improve driving and, in turn, extend the life of brakes and tyres, leading to cost savings in safety, maintenance and downtime.

Video telematics, vehicle and asset data company, Keytec, asserts that the use of vehicle data helps fleets owners analyse vehicle performance to determine optimal fleet age, helping to maintain a more predictable purchasing budget and improved maintenance management. Fleet owners can use data to track preventative maintenance compliance measures, and reduce vehicle maintenance and related downtime.

Repairs can also be scheduled proactively and inventory management can be optimised for dealers and workshops. Vehicles can also actively reduce maintenance costs by automatically adjusting settings based on data, helping to lower the wear and tear.

Advanced fleet management solutions, such as LocoNav from KeyTec, can be used to maximise efficiency of equipment and increased fleet productivity.

Fleet managers can use data to analyse fleet trends and optimise fleet utility, tracking fuel costs, fuel performance and potential fuel theft.  Advanced fleet management solutions can also help track the performance and productivity of drivers, helping fleet owners to ensure that delivery schedules are being met.

KeyTec emphasises that it has the expertise to unlock data generated from connected vehicles, in order to provide growth opportunities and value for businesses.