The SmartIQ Transportation Intelligence Suite is a new service from SmartDrive Systems that is designed to transform what the company calls “massive volumes of data” generated by commercial fleets into “real-time actionable information, predictive analysis and prescriptive actions.”
Steve Mitgang, SmartDrive’s CEO, said that unlike traditional approaches that deliver “one-dimensional, historical views of data with limited value, or that require significant analytics investments few can afford,” SmartIQ taps into the company’s video analytics platform to provide what he called “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, SmartIQ helps provide better safety, operations and maintenance “insights” that materially improve fleet efficiency, according to Mitgang.
"From the outset SmartDrive believed that the combined power of video and analytics would transform the transportation industry,” he explained in a statement. “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 fleets of every size face today."
Mitgang pointed out that this new system creates “new opportunities” for fleets to move beyond “reporting” data toward information sharing and real-time insights fueled by new algorithms, predictive analytics and prescriptive action.
For example, he noted that recant analysis by global consulting firm Frost & Sullivan indicates that for every dollar spent on advanced analytics, fleets can expect an eight to 11 times return on investment (ROI) that will in turn help achieve a 2% to 3% reduction in total cost of ownership (TCO) per vehicle per year.
“SmartIQ Suite 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,” Mitgang emphasized. “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.”
He added that cornerstone of the SmartIQ system is its 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 key performance indicator (KPI) that is predictive of collision risk: For every 10% improvement in the SmartIQ Safety Score, there is an 8.2% reduction in collisions, SmartDrive said.
Additional SmartIQ features include:
- SmartIQ Packs, which deliver 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 provide 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 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."