Fleet Factoring Embraces the Benefits of Data Science
It is not a surprise that technology and innovation are constantly changing the way we do business and that is particularly true in the trucking and transportation industry. The digital landscape shows progress and transformation in everything from logistics and compliances to payment and financing. The speed and efficiencies offered in the digital payment arena have also helped to bolster fleet factoring. The innovations that we are seeing applied to finance have also generated an enormous amount of data — data that is used daily to make business bigger and better.
Data science is an interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from data in various forms, both structured and unstructured, similar to data mining. — Wikipedia
The practice of data science enables business to analyze information from tools that they have access to or that they already have, in order to employ more powerful solutions and or products. By analyzing the data collected from things like website behavior, ERP systems and market research, fleet factoring companies are providing better resources and richer opportunities for their customers. Here’s how.
Fleet Factoring Finding Better Partners Through Analytics
1. Services and resources: Factoring data can provide reliability and demand for the service as well as information on the resources that a potential or existing vendor has. By analyzing this information, a fleet can monitor the overall productivity of their vendor and make modification if necessary.
2. Company financial history and credit: Factoring data can show vendor financial health and credit history as well as the quantity and quality of assets. That information can help to guide growth strategies for the fleet depending on the size and strength of the vendor’s balance sheet.
3. Business Behavior: Factoring data analysis can reveal the credibility, responsibility and reliability of a vendor based on specific business behavior. Because it is important for fleets to align themselves with credible partners, this data can be invaluable.
Data can be collected from internal fleet resources as well, and then used to inform their own business strategies. Factoring data can provide insight into fleet financial stability and potential for growth. Based on credit and financial data, fleets can identify where and how they can diversify. Factoring data can also identify where cash flow is needed most. Determining the largest expenses and biggest demands over a long period of time can give critical direction to the business and business strategies for growth.
FleetOne Tools and Solutions Built for Analytics
FleetDocs gives factoring clients state-of-the-art software to streamline their accounts payable efforts along with the added benefit of performance data to help with organization and efficiencies. This is how it works.
WEB ACCESS FOR DESKTOP USERS
- Electronically submit invoices with supporting documents for quick funding
- Automatically compile supporting documents by load and stores images
- Create invoices or upload invoices and supporting documents from your billing software.
MOBILE APP FOR DRIVERS
- Easy-to-use scanning app for Android or iPhone
- Snap a picture of a BOL with built-in image quality enhancements that shippers/brokers will accept
- Communication to your drivers that the image was accepted
FleetOne also offers a fuel card that goes even further to provide benefits to drivers and data to fleet managers. The FleetOne Edge Card helps to control fuel costs and grow the fleet by harnessing the power of access and data.
BENEFITS FOR DRIVERS
- Largest nationwide fuel discount network at over 3,600 sites
- No fuel transaction fees in the FleetOne EDGE network
- Universal acceptance at over 8,000 truck stops nationwide
- Free fuel card funding with FleetOne Factoring
BENEFITS FOR FLEET MANAGERS
- Control, validate and audit the fuel spend
- Monitor and maintain Fraud Protection
In short, what we have found is that clearly, data relies on machines. Because data science collects information from machines across all industries and all services, it can be overwhelming. But if a focused strategy is put into place, the data that is collected can provide very specific direction depending on what the company goals are. The real benefit of the data analysis is meant to maximize sales, monitor productivity and better satisfy the customer demands. If factoring companies like FleetOne can help to identify better customers while providing tools and cash flow that help strengthen operations, there is a potential for stronger relationships and even more growth.