VEHICLE leasing and fleet management companies will become Mystic Megs as ‘big data’ enables fleet forecasts to eliminate cost and operational uncertainty for fleet and leasing customers.
Craig McNaughton (left), corporate director of Lex Autolease, explained management information currently provided to leasing customers typically reflected on what had happened to vehicles during their operating life cycle.
However, ‘big data’ would allow contract hire and leasing companies to “pre-empt, predict and prioritise”, he said.
Explaining that leasing companies needed to be “agnostic” in terms of accepting data feeds from multiple sources, he said they would also need to also take a multi-layered approach in analysing all the data sourced.
“We need to agree a format for data so that customers can analyse elements of their fleet performance and see where they are doing well and where they can potentially improve,” said Mr McNaughton.
Today best practice dictates a whole life cost approach to vehicle decision-making, but the new technological age and the arrival of ‘big data’ would “industrialise” the amount of information that was available resulting in a “data lake”.
That meant significantly more data being fed into whole life cost calculations resulting in the more accurate determination of “optimal business mobility solutions”, he said.
- Lex Autolease’s Craig McNaughton was speaking at ACFO’s spring seminar, ‘Big Data – Big Seminar’.
