Return on investment (ROI) is one of the most important metrics to track when it comes to running a business. It becomes especially important for businesses that are constantly on the movie, such as fleet management.
As a fleet company, you always want your ROI to be positive as it directly impacts your profit and growth in the long run. Process mining has emerged as one such technique that boosts the operation structure of your fleet to make it more efficient and drive ROI through it.
In this article, we look at process mining’s role in fleet performance improvement and how it boosts ROI in the long run. Keep reading to know more.
A survey interviewed 1,200 fleet managers, executives, and other related businesses. 45% of the respondents claimed that they achieved a positive ROI with the help of fleet management solutions.
Infusing your fleet management solutions with the power of process mining helps you boost it for maximum impact.
Process mining is the analysis of operational processes to provide insights into data-handling workflows. When applied to fleet management, it will work to optimize the fleet management processes for maximum efficiency.
You can apply the data-driven approach of process mining to all fleet management tasks, such as:
- vehicle maintenance,
- tracking vehicle maintenance,
- leasing and financing of the fleet,
- fuel management,
- supply chain management, and
- driver management.
Here is a free dvr form to help stay ahead of your vehicle maintenance and management while applying the principles of process mining to optimize the process. The cloud and mobile-based solutions enable fleets of all sizes to automate fleet operations and manage asset lifecycles.
By using process mining, fleets can automate in-house and outsourced maintenance management, receive recall alerts, and track fuel and vehicle inspections along with parts, vendors, etc.
When businesses talk about process mining, the most pointed goal and benefit they aim to derive from it is the operational efficiency of their fleet, stock, and processes. A process mining tool examines your processes in their current state and posits various ways to improve them.
It does it by streamlining fleet processes to optimize them in the long run. It will collect comprehensive data about your fleet-related processes and process that data to present valuable insights into the current state of your operations.
There are various ways process mining helps you elevate your operational efficiency once it presents the insights. They are:
- Gathering data about the elements a process needs and crafting an optimized process with them. This would be considered crafting the process from scratch regardless of what you have been doing in the past.
- Adjusting the already existing process by adding or removing steps as deemed necessary. This keeps the existing format while optimizing it for maximum efficiency.
- Strengthening existing processes by providing tools or different methodologies for the same steps. This also keeps the existing process while boosting it.
You may choose whatever path suits you best depending on your budget. The first option will require more resources and time to execute as it’s a complete overhaul of your existing process. Go for it if you have the budget and your current processes are in complete shambles.
The other two options are easier on your pocket as well as keep your existing processes. Choose them if your current framework doesn’t require a complete overhaul, only uplifting.
Over 54% of companies admit that they’ve experienced a cyberattack within the previous year of their operation. Enriching your fleet operations with the added cover of data protection creates a seamless workflow.
Such a workflow is not marred by continuous and unexpected cyber attacks and can operate at its full potential. This again aids in operational efficiency and further in boosting ROI through fleet performance improvement.
It should be noted that process mining does not directly protect your data, rather it provides data that arms you in the deployment of data protection protocols.
When you bring transparency to your fleet processes, you’ll be able to create a more formidable structure around them with no lapses that serve as a breeding ground for fraudulent activities. This becomes the basis for creating impenetrable security protocols.
Here are some of the most common ways fleet management uses process mining for data protection:
- Examining data breaches — Process mining helps evaluate data breaches the moment they happen to prevent fraudsters from reaching the data stores of your company. It does so by mapping out both high and low-level operations and capturing the interaction between the two to protect commonly attacked spaces first.
- Creating smart grids — Smart grids are energy measures that help maintain a sustainable energy infrastructure across your organization. Their role is to help you avoid user errors and equipment failures as they are the points used by fraudsters to get into your framework.
- Network traffic monitoring — Process mining helps you monitor your fleet operations to find anomalies that may end up being operational or security failures. It uses both real-time and historical data to match patterns and identify lapses.
- Breaks down complex processes — By conducting investigations of complex processes, you’re able to find suspect behavior more easily. This is especially helpful if you have a large number of fleets running at the same time, making it difficult to examine every process.
- Quality Assurance (QA) tests — You may run a QA test on every process of your fleet management operation with the help of process mining. It will help you identify errors and bugs. Eliminating them improves the efficiency of your processes.
Understanding fleet lifecycle is crucial in getting the most out of them and improving your ROI. Process mining extracts comprehensive and extensive data about your fleet vehicles — both real-time and historical — to help you decode the accurate lifecycle of every vehicle.
When you have comprehensive and accurate data about your fleet’s vehicles, you’re able to use them more efficiently. You can deploy vehicles to tasks that are more suited to their capabilities as well as where they are in their lifecycle.
For example, if you have a vehicle that is a few years old, you can use process mining to determine different information about it such as:
- How many miles it has traveled up till now.
- How much maintenance work has gone into it and if it is below or above par.
- If it has been involved in accidents in the past.
All this information in combination gives you a much more comprehensive understanding of the vehicle. So, while it will be alright to put a truck that has traveled moderate miles on a long trip, it will not be advisable when you find out that the same truck has suffered major accidents.
Using vehicles based on their lifecycle adds to your operational efficiency as you become much more confident in allocating tasks to them. You make informed decisions that lead to an increased ROI.
Process mining, in its very nature, is designed for continuous optimization of your processes. It continuously monitors every process that you perform and automatically scans them.
It looks for opportunities for improvement and then makes proactive recommendations to its end users. This allows you to tweak and make changes on the spot as and when needed. You don’t have to wait until a fleet operation is completed to do that anymore.
This ends up making your operations more optimized and efficient as well as saving costs. This directly boosts ROI as it tremendously boosts your fleet performance.
While automation is a boon for management businesses such as fleet businesses, not every process can be automated. Many processes require the input of humans at different stages.
This is especially true for fleet management businesses that require humans to drive various vehicles and to communicate with other humans in the head office.
Process mining helps you identify processes by the degree to which they can be automated in your fleet operations.
Process mining provides a digital twin of your processes which you can study and identify hotspots for automation or other improvement opportunities. Your IT team can test the changes within the digital twin, using it as a prototype.
This provides a risk-free option to incorporate automation in your fleet operations while not compromising human management.
The ROI is a crucial metric for all businesses, especially ones that are always on the go. It gives you a clear idea about how smoothly you’re operating in terms of the revenue you make on your investment.
The use of process mining provides valuable insights into how you operate your fleet to manage it better. It helps you decode processes and optimize them for maximum efficiency, directly boosting your ROI.
Focus on analyzing processes to identify points where they can be improved. Study vehicle lifecycles to allocate their uses better. And incorporate automation to elevate operations mindfully.
Let us know in the comments what you think is the role of process mining in fleet management and driving ROI.
- Why Do So Many Students Become Freelancers? - November 22, 2023
- Streamlining Business Processes: 4 Tech and Online Tips Entrepreneurs Should Follow for 2024 - November 21, 2023
- Driving ROI: Process Mining’s Role in Fleet Performance Improvement - November 16, 2023