Data analytics is an ever-expanding practice that is becoming more important than ever. McKinsey Global Institute claims that data-centric organizations are 19 times more likely to be profitable, 23 times more likely to obtain new customers and 6 times as likely to retain their customers. As businesses pursue growth and seek competitive advantages, they need to be able to access and interpret data in a transparent and autonomous way.
The automotive and mobility industries see billions of data points every second, so making insights derived from that data available to key decision-makers is essential. This requires advanced solutions to store, organize and visualize that data in ways that are user-friendly and don’t require advanced data engineering
knowledge.Transparency is of paramount importance to Launch Mobility, and that is why they partnered with Factored machine learning and data engineers to provide comprehensible data analytics tools for their users to enable them to build their own reports, generate their own insights, and ultimately understand their platform’s data.
Data takes you places
In the emergent mobility sector, operators are continuously refining their services to find product-market fit. Access to data and analytics is not simply about giving rise to revolutionary processes or huge institutional change. Having access to your business’s data is a must-have that provides insight into what you’re doing and when, what’s going well, what might need to improve, and why.
Transparent and autonomous access to the data that your business is generating enables you to differentiate yourself from competitors and develop a clear business strategy.
Important factors to consider when granting transparent access to data
Being flexible, data-friendly and intuitive is central to what Launch Mobility does, so providing easily digestible and accessible insights for their clients is a priority.
Our combined approach is two-pronged in that we need to offer both transparency (making sure that Launch Mobility’s clients can see all the data that their businesses are producing) and also a straightforward data analytics infrastructure that doesn’t require programming or advanced data science training to gain access and insights.
To provide the most secure and digestible data analytics tools possible for Launch Mobility’s clients, we first had to consider the following:
- The need to grant each client access to their own data while keeping data from other clients safe and wholly separate.
- The requirement for the solution to handle many concurrent, compute-heavy queries.
- The need for data to be accessible to non-technical analysts.
- The importance of the data being fully transparent for each client.
How we built data analytics infrastructure for clients
We established an analytics engine specifically suited for delivering business intelligence with a simple no-code interface. This interface, available in the LM Mission Control™ management portal, grants customers access to a very rich, unified data set from their operations. Armed with this data, operators can test hypotheses and make decisions confidently.
We built a multi-tenancy setup that establishes an isolated data environment for each customer. This environment provides customers with peace of mind, knowing that their owned data will be stored securely. Isolated data environments are essential for ensuring that no sensitive information is accessible more widely than it needs to be—only those who truly need access to that data will have it.
The engine connects to Launch Mobility’s modular data platform, enabling services to scale without infrastructure or business logic restrictions.
Why transparency and data analytics infrastructure matter
So, we’ve reiterated the idea that autonomous and transparent access to business data is vital for the overall success of a company but what tangible differences could data analytics tools make to businesses?
First of all, here are some examples of the business insights that Launch Mobility’s customers gain from consumer activity data in the mobility sector:
- Where reservations for specific transport types are coming from geographically and the value of each reservation.
- Whether there are surges in demand in certain geographical areas at specific times of day.
- Where and when there are instances of downtime; what’s happening with specific vehicles and how they can best be put to use in the areas that need them.
Once an organization has access to this information, it can go about generating reports, interpreting insights, and implementing action points to improve business processes, operations, and performance. Some of the impacts of these actions might include:
- Reducing business costs by efficiently reallocating underutilized vehicles.
- Reducing the environmental impact of vehicles, thanks to more efficient resource allocation.
- Improving overall customer experience by having access to the right vehicle at the right price and time.
Ultimately, the business insights and actions engendered by data analytics tools can facilitate enhanced mobility services that aim to improve quality of life, as well as a business’s bottom line.
While moving from point A to point B is an age-old endeavor, the efficiency of mobility is in constant evolution. Launch Mobility, alongside Factored engineers, accelerates that evolution by putting the power of data in their customers’ hands. The new analytics engine gives users the edge in building higher performance mobility solutions. Utilizing LM Mission Control™ to track and interpret the information that’s being generated allows customers to adopt data-centric practices and streamline their operations.
To find out more about how Factored could help your business build intuitive data analytics tools, get in touch: https://www.factored.ai/book-a-meeting/