Get smarter faster about business problems with mobility data insights
Data as a service is becoming increasingly valuable to a broad range of companies. Consumer data, and the insights derived from that data, is helping forge new and more meaningful connections between brands and consumers. Driving behaviors, too, derived from mobility data, are a treasure trove of insight into how and when people move about their worlds, arming businesses with information to anticipate and proactively plan rather than just respond to how consumers behave and hope for the best.
This is not news to companies that rely on transportation data to make smarter decisions about their products, processes, and marketing initiatives. For example, insurance companies, departments of transportation, auto manufacturers, and the gig economy have already dug into the glittering depths of mobility data. It has become an integral part of innovating and delivering services consumers need and have come to expect.
But what might be surprising to other industries — from retailers to financial services — is that mobility data and insights can also quickly help optimize their business.
Like what, you might ask? Investor relations, business planning, such as staffing, inventory and revenue forecasting, and short- and long-term operational strategies can all be positively impacted with the use of driving data. Continuous insights derived from mobility data can help a variety of businesses solve problems faster, identify opportunities sooner, and tightly streamline operations.
How much faster? With Arity’s Data Services, as one example, business leaders can access a tremendous volume of data, more than 400 billion miles and counting, that empowers them to answer challenging questions eight weeks sooner, in some cases, than other data resources.
What Business Problems Can Driving Data Services Help Solve?
Let us take a closer look at a few pertinent example questions from different industries that driving behavior data can help answer:
- Auto Aftermarket: What do the traffic and crashes look like and how do they vary per county or region to know how much inventory and staff is needed at certain times of the year, and how much revenue to expect?
- Retail: What do the traffic patterns look like in specific areas to plan store hours and staffing needs at a county or even individual store level? And based on traffic patterns, where are the most optimal store locations?
- Government: How does one better understand more real-time driving activity and behaviors to respond to community needs, such as speed limit changes or pothole hazards?
- Autonomous Vehicle Development: How can driving behavior and trip data be leveraged to decrease risks, minimize human error, understand roads quickly, and discover insights on the key differences between humans versus machine driving?
- Insurance: How are driving patterns and driving behaviors changing at a localized level? Do these changes help explain loss trends and support potential rate level adjustments?
- Financial Services: What can help make for smarter portfolio decisions based on where, when, how, and how often people are driving?
The sheer volume of data that is gathered, but also how it is gathered – whole trips and all the behaviors that occur going from A to B versus only endpoints – uniquely positions Arity to help business professionals answer these and more questions that not only enable smarter business decisions, but in the end a smarter, safer, and more useful transportation ecosystem for everyone.
This article is the first in a series from Arity that will deep dive into how mobility data services can help expedite the answers to pressing questions of six key industries: Auto After-Market, Retail, Government and Departments of Transportation, Autonomous Vehicle Development, Insurance, and Financial.