These days, we have so much data in transportation & logistics. How do we turn this data into KPIS that make it more manageable and more importantly, make it actionable.
In this webinar, Metafora VP of Technology, Steven Godfrey chats with Bill Zenk, Principle & Practice Leader from TrueNorth Risk Solutions Group and Megan Thirtyacre, TrueNorth Data Analytics & Business Intelligence Lead. They discuss data strategy, data management, industry challenges with data, and Metafora's integration platform Socket.
In case you missed it, or just want a refresher, you can catch the full webinar hosted by TruthNorth Companies below, and we're sharing some of the key takeaways in this article.
Data Management is the practice of collecting, protecting, and storing an organization's data so it can be analyzed for business decisions.
An organization’s data strategy ties into your company’s overall business strategy and tech strategy and includes everything from the roles that support it to the architecture that organizes it and the processes that manage it.
We organize data strategy into these four pillars:
1. Business Strategy
How is the business going to use the data? Define how your data strategy will reinforce and advance your business strategy.
What are the key objectives? What are the KPIs and metrics that will need to be addressed? A quality data strategy aligns to measurable business objectives in both short and long term.
You’ll want to periodically review your data strategy and business strategy to ensure continued alignment.
2. Organizational Roles
3. Data Management
4. Data Architecture
Data management is about how to support the data in your environment and how to optimize the use and efficiency of the data. You want to make sure that data that is coming in or already lives in your environment is being used effectively.
Data Governance and Stewardship
Data Quality
Data Integration
Data architecture is equally simple and complex. Data architecture is focused on three things:
Metafora developed Socket to directly address many of the issues with integrations in transportation and logistics, and ultimately to enable carriers, brokers, shippers, and tech vendors to make better use of their data.
Socket is a configurable platform developed to enable easier, faster integration between shippers, brokers, and carriers, and technology providers while offloading maintenance and management of the integrations.
With Socket, you get to offload these otherwise time-consuming tasks, so you that you can focus on the outputs of your data: the visualization, the insights, the stuff that really matters.
Loss Analysis Data
Accidents per million miles (MM)
By company
By location
Loss frequency by type
Loss severity by type
Driver Turnover Analysis Data
Driver Turnover Ratio
By company
By location
Drivers added
Drivers termed
Revenue per Truck Data
By company
By location
By month
Total revenue
Compliance, Safety, Accountability (CSA) Analysis Data
Violation points per truck by location
# of violations
# of inspections