Press Release Summary:
Unlike traditional approaches that deliver one-dimensional, historical views of data, SmartIQ Transportation Intelligence Suite transforms massive volumes of data generated by commercial fleets into real-time actionable information, predictive analysis, and prescriptive actions that drive measurable value. Suite offers management KPIs, reports, and dashboards for managers; interactive visualizations for advanced analysis; and ability to export data and integrate into existing intelligence stack.
Original Press Release:
SmartDrive Systems Launches SmartIQ Transportation Intelligence Suite; Platform Harnesses Big Data to Create Breakthrough Fleet Insights
Investment in Advanced Analytics Solutions Can Yield Up to 3% Improvement in Truck Total-Cost-of-Ownership
SAN DIEGO, -- SmartDrive Systems, a leader in driving performance solutions that reduce collisions and improve fuel efficiency, today announced the introduction of the SmartIQ Transportation Intelligence Suite, which transforms massive volumes of data generated by commercial fleets into real-time actionable information, predictive analysis and prescriptive actions that drive measurable value for their businesses. Unlike traditional approaches that deliver one-dimensional, historical views of data with limited value, or that require significant analytics investments few can afford, the SmartIQ Suite brings the power of real-time transportation intelligence to every fleet. The foundation of the new suite is SmartDrive's video analytics platform, which combines a rich variety of data, in high-volume and at high-velocity, to provide the missing intelligence link for fleets--definitive driver performance data combined with vehicle systems data. With entirely new performance metrics and predictive analytics specific to transportation, the SmartIQ Suite delivers breakthrough insights across safety, operations and maintenance that materially improve fleet efficiency.
"From the outset SmartDrive believed that the combined power of video and analytics would transform the transportation industry and we designed our data architecture to meet the unique and demanding analytical requirements of this real-time operating environment. This vision makes it possible for us to address the growing data challenges that fleets of every size face today," stated Steve Mitgang, CEO of SmartDrive. "SmartIQ creates new opportunities for fleets to unlock the value of their technology investments by moving beyond reporting toward information sharing and real-time insights fueled by new algorithms, predictive analytics and prescriptive action."
Transportation intelligence delivers new, untapped opportunities for fleets to improve efficiency, reduce costs, and improve overall financial performance. According to analyst firm Frost & Sullivan, for every dollar spent on advanced analytics, fleets can expect an eight to 11 times return on investment and a restructuring of total cost of ownership (TCO) of trucks that yields a two to three percent reduction in TCO per vehicle per year. While fleets have invested millions in technology over the last five years with the goals of improving safety, optimizing fleet operations and improving the bottom line, the real-time data stream generated by millions of sensors and disparate on-board and back-office information systems has, until now, delivered a siloed "data dump" that makes insights difficult, corrective action challenging and savings slow to realize.
The SmartIQ Suite is a distinct, new class of solution that links driver behavioral data to the enormous amount of data sourced from a multitude of separate vehicle systems, manages that data efficiently, and analyzes it at scale and in real-time. While drivers present the single largest opportunity to reduce avoidable fleet costs, measuring their performance has previously relied on vehicle data and historical driver information that are subject to interpretation and often leave more questions than answers. A cornerstone of the SmartIQ Suite is the SmartIQ Engine, comprising intelligent algorithms, predictive models, and advanced analytics developed from SmartDrive's proprietary database of over 140 million analyzed and scored driving events, and delivering transportation intelligence focused on improving outcomes. The SmartIQ Safety Score, for example, is a numeric KPI that is predictive of collision risk--for every 10 percent improvement in the SmartIQ Safety Score, there is an 8.2 percent reduction in collisions. By associating recommended actions, measuring whether they happened and if they were effective, this closed-looped prescriptive analytics approach delivers insights at their point of maximum value.
Designed to meet the needs of experts and non-experts alike, the SmartIQ Suite offers: actionable operational metrics, management KPIs, reports and dashboards for managers; interactive visualizations for advanced analysis; and the ability to export data and integrate into an existing intelligence stack. Fleets have the flexibility to align the SmartIQ Suite to their overall transportation intelligence strategy and adapt it over time, as their needs evolve.
The SmartDrive SmartIQ Suite is composed of:
-- SmartIQ Packs--the Fundamentals pack delivers reports and data visualizations conveying performance metrics, SmartIQ Scores and a variety of operational management reports, and is included in every SmartDrive program; the optional Pro pack goes deeper for the experts, leveraging market-leading Tableau Software to incorporate interactive visualizations, "what-if" analysis, and advanced analytics
-- SmartIQ Streams--data feeds of driver, vehicle and driving performance data collected by the SmartDrive video analytics platform for consumption by third-party intelligence solutions
-- SmartIQ Services--professional services for custom analytics and visualization development by transportation intelligence experts
"Transportation intelligence is a big idea whose time has arrived. There is tremendous opportunity to address long-standing industry challenges, especially in areas of safety, with proactive intervention. To do that, solutions must create value from the explosion of fleet data and make those insights accessible to all fleets," stated Transportation Advisor Don Osterberg. "By applying video analytics to driver behavior and combining that with an approach to data science that is tuned to transportation, SmartDrive is generating a step-function change that will materially impact fleets across their operations."
Osterberg formerly served as senior vice president of safety, security and driver training for Schneider. He recently joined SmartDrive's board of advisors and will lend his significant industry experience and expertise to the continued enhancement of SmartDrive solutions for safety and operational efficiency. His distinguished career in commercial transportation spans several decades and he is a recognized authority on carrier safety, having held leadership roles with organizations including the National Safety Council, FMCSA Motor Carrier Safety Advisory Committee, American Trucking Associations Safety Policy Committee and American Transportation Research Institute's Research Advisory Committee.
"Transportation intelligence promises to be a game changer," added Mitgang. "Today's fleets face challenges ranging from margin pressure and the shortage of qualified drivers to skyrocketing legal costs and the risks associated with distracted driving. By predicting outcomes, prescribing action, measuring results and providing closed loop reporting, SmartIQ helps level the playing field for fleets dealing with the complexities of today's operating environment."
The SmartIQ Suite is available today, with the SmartIQ Pro Pack available as part of an early adopter program.
About SmartDrive Systems
SmartDrive Systems, the recipient of Frost & Sullivan's Customer Value Leadership Award for Video Safety Solutions, gives fleets and drivers unprecedented driving performance insight and analysis, helping save fuel, expenses and lives. Its video analysis, predictive analytics and personalized performance program help fleets improve driving skills, lower operating costs and deliver significant ROI. With an easy-to-use managed service, fleets and drivers can access and self-manage driving performance anytime, anywhere. The Company, which is ranked as one of the fastest growing companies by Deloitte's Technology Fast 500(TM), has compiled the world's largest storehouse of more than 140 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, Calif., and employs 450 people worldwide.
For more information on SmartDrive Systems, please visit www.smartdrive.net.
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