Big Data: What is it and Why it Matters?

The term big data has steadily gained popularity and awareness over the past few years. But you may be surprised to hear that the concept of big data has been around for decades, and BSM has been collecting and making sense of it for over 20 of those years.

What is big data?

Big data is just that-it's extremely large data sets that can be analyzed to reveal patterns, trends, and associations, especially in relation to human interactions.

As it related to telematics, big data is any data you're collecting from your fleet, from GPS tracking devices and sensors. However, this is only part of the definition! The real value of big data comes from what you do with the data.

Data analysis and action

The value of big data lies not in the amount you have, but what you do with it. With big data, you can take data from any source and analyze it to find answers to your organization's key concerns.

The patterns identified can help your organization with:

• Future planning
• Risk management
• Cost savings
• Customer service

How big data applies to fleets and telematics

Telematics solutions collect and store big data and extends the value and the usefulness of that data by analyzing it. This allows you to make smart business decisions that positively impact your bottom line. Solutions like myGeotab, a fleet management software available through BSM Technologies, will transform the data into actionable insights.

So how does it work? Let's look at the Geotab GO8, an in-vehicle GPS vehicle tracking device, and the myGeotab platform to illustrate:

1. Collect the data

The Geotab GO8 is a plug-and-play, in-vehicle device. It records every data point you would expect from a telematics device: operational data, usage, and behavioral data.

2. Process the data

At the end of each day, every data point (upwards of 1.5 billion of them!) is processed into myGeotab, Geotab's cloud-based fleet management software solution. Every time the driver accelerated, braked, and idled, you name it, it gets processed into myGeotab. But then what?

3. Analyze the data

The data in myGeotab gets organized for analysis by the innovative algorithm. The result? A set of robust, actionable insights unique to your fleet and your organization. These insights empower you to optimize your business by reducing operating costs, increasing driver efficiency, develop new service offerings, and encourage smart decision making that is data driven.

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BSM, in partnership with Geotab, is pleased to offer such a robust solution to our customers. With big data, your organization can predict and adapt to the evolving business environment, and that's a competitive advantage you don't want to pass up.

Up next

You don't want to miss our expert insight Q&A feature next week where we'll dive into big data-driven business decisions.