Chances are that your business is sitting on a goldmine of untapped data and resources that could drive long-term, sustainable growth. In today’s world, nearly every organisation collects vast amounts of data across departments like Finance, Operations, Sales, Marketing, HR, Customer Service, R&D, Manufacturing, and Logistics. While this data is valuable, the true hidden gem lies not in the data itself, but in how you link it to your strategy and the insights you can derive from it.

Step 1: Define and clarify your strategy

The first step in unlocking the value of data is to define, clarify, and articulate your organisation’s strategy. What are you ultimately trying to achieve, and why? For example, if you're in the local government sector, your goal may be to create a safe and healthy community. If you’re in utilities, it may be focused on sustainability and stewardship.

Regardless of the industry, ensuring that everyone in your organisation understands how their role contributes to the overall strategy is critical. When your team knows the bigger picture and their part in it, you’re already one step closer to harnessing the true value of your data.

Step 2: Identify what you need to know

Once your strategy is clear, the next step is to identify the key information that will help you make informed decisions. What data do you need to understand the current state of your business? What insights can help you identify and address potential blockers in your strategy?

Taking the time to define the questions you want to answer will simplify your data analysis process. Knowing exactly what you want to know will enable you to navigate through your reports more efficiently and extract actionable insights.

Why data matters

Understanding the importance of data is fundamental to making better business decisions. Relying on gut instinct or biased decision-making is no longer effective. Data-driven decision-making provides several benefits, including:

• Reducing bias in decision-making.
• Relying on evidence rather than intuition.
• Improving organisational performance.

Step 3: Applying data to decision-making

Now that you understand the importance of data, let’s explore different ways to apply data-driven decision-making in your role. Here are three common scenarios where data can make a significant impact:

1. Confirming or disproving a hypothesis
   For example, you may suspect a link between driver behaviour trends and specific days of the week or seasons.
2. Benchmarking performance
   Data can serve as a benchmark to assess performance, especially when aiming to improve or reach a specific goal or KPI.
3. Uncovering problems or opportunities
   Use data to identify inefficiencies in business processes, find ways to cut costs, or uncover opportunities for innovation.

Using data in fleet, safety, mobility, and field force management

Let’s consider how data-based decision-making can be applied in key business areas such as fleet management, safety, mobility, and field force management (managing employees who work outside of a traditional office setting).

Fleet management

• Which vehicles are being used, and which are sitting idle?
• Do I have the right number and types of vehicles for the tasks at hand?
• Are non-powered assets like equipment in the right place when needed, and easy to locate?

Health and safety

• Are drivers staying safe on the roads?
• Do driving trends indicate any potential risks?
• Is there a correlation between driving conditions and accidents or incidents?

Mobility

• Where are employees going, and how often, and at what cost to the business?
• What information are staff using to choose optimal transportation modes?
• What data do administrators need to make cost-effective decisions and optimise workflows?

Field force management

• Are field operations running smoothly and optimised for efficiency?
• Is information from the field reaching the office in a timely manner?
• Do field-based staff have the necessary tools, information, and training to perform their jobs effectively?

Step 4: analyse your data

Once you’ve defined your key questions, the next step is determining the best approach for data analysis. Your IT department might be equipped to handle data queries, or you may choose to outsource the project. Alternatively, you could work with suppliers to access data via APIs, reports, or data models.

Collaborating with experts

If you need support in navigating your data, Smartrak is here to help. Our team can assist in defining your data strategy and offer expert insights on how to make the most of your data to support your organisation’s goals.

Conclusion: unlocking the value of data

Unlocking the hidden value in your data begins with defining and clarifying your strategy. Aligning your data analysis with your strategic goals provides a clear framework for uncovering insights that will drive growth. By understanding the power of data and its potential applications, you’ll be well-equipped to make smarter, more informed decisions.

At Smartrak, we welcome the opportunity to work with you to uncover how data can help answer your questions and support your strategy. Contact us today to start the conversation.