Telematics for a High-Tech Fleet Safety Boost

Posted by EOX Vantage on Jul 7, 2021 1:15:00 PM

Published in Rough Notes | April 2021 issue
By: Lori Widmer

The old days of fleet safety program management are over. Thanks to telematics, an entire industry lifecycle has been established around driver behavior and, more important, improved safety and loss exposure. From dashcams and devices that measure braking, speed, and turning to data analysis, training, and insurance, telematics now encompasses the entire driver experience from a safety perspective.

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Topics: Digital Transformation, Rough Notes

Straight-through processing meets consumers’ need for speed

Posted by EOX Vantage on Jul 2, 2021 1:38:13 PM

Interviewed By Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation

While immediacy has long been high among consumer demands, the pandemic has created

a heightened expectation of speed to market. This has opened the door to increased automation, with options such as straight- through processing helping to facilitate the immediacy and ease consumers’ want while providing the data and decreased labor outlay companies are seeking.

Smart Business spoke with Mike Fieseler, vice president of business development at EOX Vantage, about how automated tools, such as straight-through processing, are helping companies satisfy consumers’ need for speed of purchasing.

HOW HAS COVID AFFECTED AUTOMATION’S ROLE IN CONSUMER PURCHASING?

The pandemic has led some consumers to adopt different attitudes, and has given others different expectations, toward web- based purchasing. It’s also altered daily rhythms and habits. For example, many people faced obstacles shopping at stores during the pandemic. The circumstances sent many of those people online, where they could browse, buy and then pick up their item at curbside or have it delivered to their doorstep. That’s likely changed buying habits because, absent a walk through the store, consumers might not do as much impulse buying as they once had. That could affect how retailers market certain products that rely on impulse buys.

HOW CAN AUTOMATION HELP COMPANIES ROLL OUT NEW PROGRAMS AND SERVICES?

With automated solutions, companies can start to gather a lot of data. That helps them make business decisions faster and roll out the changes faster. It can help companies better understand where their customers are or where requests for services are coming from. It can also be used to gather demographic data to better understand a company’s customer base. And then from that data, stronger, more effective marketing programs can be assembled that are better tailored to certain segments of people in certain areas with specific solutions.

Mobile apps, which can be tied to a suite of automation services, offer companies a lot of advantages. Apps can provide companies with a lot more data on consumers than can be gleaned from a traditional website, enabling companies to develop and modify solutions to better fit the user experience.

WHAT IS STRAIGHT-THROUGH PROCESSING AND WHAT BENEFITS DOES IT OFFER?

Straight-through processing is a method used most of all by insurance, financial services and other similar companies to speed up and achieve better quality client interactions by automating processes — in effect, sending a transaction ‘straight through’ a system instead of having to manually manipulate it at various points. Among its advantages are consistency of decision making and less human intervention. Both of these can improve the customer experience in part because they speed up what might otherwise be a lengthier process. Modern transactions conducted through smartphone apps and the web can be completed in minutes.

This speed and consistency has proven particularly beneficial to the insurance industry. For example, customers don’t want to apply for a policy and then be forced to wait 30 days for a review of their application and a response. They want it immediately. Companies that can do that are not only more likely to win business, but they’re also likely to retain it. In the past, before web-based applications and innovations like straight-through processing, an insurance applicant may have applied for a policy with one insurance agency, then shopped around for policies at other agencies while they waited for a response. It’s likely that in some instances, the customer would choose to go with the agency that could get them approved the fastest, and not necessarily with the first place they applied.

With straight-through processing drastically reducing customer wait times, applicants are much more likely to stick with the first place they apply because the process is easy, and acceptance comes quick. Straight-through processing keeps customers happier and leads to a higher percentage of retention than there had been through the previous methods. It’s also a cost saver, reducing the labor that would otherwise be required to accept applications.

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Topics: Digital Transformation, Smart Business, EOX Vantage News

Optimize Your Data Standards: Strategies for Old, New & Projected Data

Posted by EOX Vantage on Jul 1, 2021 10:45:00 AM

Published in CHART Exchange | April 2021 issue
Author: Mike Fieseler

A common theme we've heard over the past few years is that data has become king in the insurance industry. It hones decisions, drives new business and guides new program development.

Plus, we know that consumers now expect faster turnarounds, coupled with enhanced customer interactions and added value offerings from insurers. Effectively employing data can be the key to success in meeting these new standards.

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Topics: CHART Exchange, Digital Transformation

Simplify Your Systems for Driver Retention & Enhanced Operations

Posted by EOX Vantage on Jun 23, 2021 2:00:00 PM

Increasing driver retention is one of the holy grails of fleet management right now. We hear a lot from our transportation clients about the importance of finding and keeping good truck drivers. One approach we’re pleased to see gaining traction is the simple philosophy of treating drivers fully as people in a demanding occupation, rather than as commodities or monetized assets.

Driving, as a job, requires a lot of time, effort and attention. The idea is to respect the drivers and their time, treat them well and make life easier for them. Here are a couple ways to simplify the driving life that also have the effect of improving your operations and hopefully your profitability.

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Topics: Enterprise Operating System, Digital Transformation, Transportation

Driving Toward Safer Roads with Data

Posted by EOX Vantage on May 5, 2021 11:00:00 AM

Published in CCJ Digital | May 4, 2021

Fact #1: Vast amounts of actionable data are available to trucking companies and more is compiled all the time and from all over the place. It comes especially through telematics, but also from ELDs, dashboard cams and TMS components, even outside sources like from the company's own insurers, motor vehicle records, VIN databases or federal safety collections.

Fact #2: Today's transportation industry is placing an ever-stronger emphasis on safety. Companies prioritize and make investments into ways to improve training, avert nuclear verdicts, mitigate risks and manage insurance premiums.

Let's bring these two facts together by suggesting that data can and should be used to address all these safety concerns.

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Topics: Digital Transformation, Transportation

Signs That It's Time to Update Your Legacy Systems

Posted by EOX Vantage on May 4, 2021 1:45:00 PM

Interviewed by Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation

Legacy systems are relied upon to perform an organization's day-to-day work. But, in many cases, technology has improved drastically since companies first implemented those systems, leading to a point at which the tasks those systems perform could strain those systems beyond what they can handle. This opens the door to failure, user frustration and more.

"When your system no longer supports scalability, you lose the competitive advantage in the market," says Nishan Kumar, project manager at EOX Vantage.

Smart Business spoke with Kumar about how to recognize when it's time to address the problems caused by older legacy systems, and how upgrades can improve workflows.

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Topics: Digital Transformation, Smart Business

How Automation is Making a Difference Within Organizations

Posted by EOX Vantage on Mar 16, 2021 2:45:00 PM

Automation looks to solve problems that arise through manual reporting, an often tedious process that's prone to errors. It also enables organizations to supply the same information to multiple parties or segment it based on their relationship to the data.

"The big thing for organizations now is trying to get clean and consistent information," says Varun Badarinath, senior product engineer at EOX Vantage. "Manual processes tend to create errors that affect data integrity, a foundational component of decision-making. Automation works to get things standardized so data is timely and consistent."

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Topics: Digital Transformation, Smart Business

Bridging the Gaps - Eliminate the Data Silos in Transportation

Posted by EOX Vantage on Mar 10, 2021 2:30:00 PM

Gap analysis seeks to find and correct the reasons that drive differences between desired/projected outcomes and actual results. The gaps for each company will naturally be different. When we think of the transportation industry taken as a whole, these are a few examples of typical gaps:

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Topics: Digital Transformation, Transportation

Go from Paper to Digital for Trucking Success

Posted by EOX Vantage on Feb 16, 2021 2:15:00 PM

If there's one industry that generates a lot of paperwork, it's trucking. The piles of paper include bills of lading, registrations, inspection reports, insurance documentation, receipts and accounting files, just to start.

There seems to be no end and it has become a commonly cited pain point that bogs down daily operations. Efficient document management is quickly becoming a vital survival strategy.

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Topics: Digital Transformation, Transportation

How Data Collection Automation can Lead to Better Decision Making

Posted by Mike Fieseler on Jan 22, 2021 1:15:00 PM

Interviewed by Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation

The typical data collection process within companies is often fraught with challenges. Just the magnitude of it can create issues when it comes to formatting, reading and interpreting data. And data can also quickly become dated either because of issues with the consistency of collection or where visibility relies on manual entry.

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"Companies often make real-time decisions based upon reports comprised of old, "stale" data," says Mike Fieseler, vice president of business development at EOX Vantage. "That's akin to managing in the rearview mirror."

Fortunately, there are now a variety of ways to automate gathering and consolidating that data. 

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Topics: Digital Transformation, Smart Business