Data mining? What does that have to do with plumbers, HVAC techs, electricians, or any other service company? How does “data mining” help improve fleet management and increase profitability?
First, what is “data mining”?
Data Mining – collecting and analyzing large amounts of data to establish relationships and patterns of behavior.
Large corporations have used data mining for years to determine customer habits and to meet these habits or desires in the marketplace. Retailers use data mining to determine marketing strategies; the result, increased profitability.
Companies also use data mining internally to establish and streamline company practices, such as purchasing, human resources, and maintenance. In the age of slimming profit margins, this has become essential to assure continued profitability.
In the past, the benefits of data mining were largely reserved for larger companies with in house analysts or the resources to hire an outside firm to measure their company meta-data. Today, with the advent of network transactions and cloud-based computing, data mining is now available to the small business owner or entrepreneur.
For service companies, most business is done out of the office. Whether you are a handy man, an electrician, an HVAC or landscape engineer, or a contractor; you rely on your fleet of service vehicles to get the job done. Most small business owners don’t have time to compile and analyze data related to their own company. How can you as a small business owner make sure that your current business practices are as efficient and profitable as possible?
Over the next few posts, we’ll look at how a good fuel management program can bring the benefits of data-mining to the small business owner. We’ll look at how data-mining fuel usage data can help you maximize fuel efficiency, manage fuel accounting, and make informed decisions about your company fleet.
Stay tuned to learn about how you can maximize the fuel efficiency of your company fleet.