With its capacity to help corporations save money, target consumers and make smarter decisions, Big Data has become an invaluable tool for big business. Big Data can arm companies with data on real-time usage, logistics, customer trends, pricing, efficiency, safety and other metrics.
Big Data is now moving to small business as the technology costs associated with gathering that data are becoming more affordable. Thanks to companies like Fleetmatics—a provider of GPS tracking and fleet management solutions—smaller companies can refine their processes through targeted use of data, which may make the difference between success or failure.
We spoke with Jim Travers, the CEO of Fleetmatics, to discuss what Big Data means for small businesses, and how Fleetmatics’ banking relationship with Citi is helping them bring their own customers around the world maximum benefits from data.
What are some of the challenges facing small businesses that might be solved by better understanding and managing their data?
Our customers use the data collected from our solutions to inform a wide variety of business decisions and processes. For vehicle-dependent businesses such as handymen, plumbers, roofers and delivery services, for example, they’re looking at idling vehicles, wasted fuel, inefficient route selection and unnecessary overtime payout. These are all factors that can be detrimental to success and growth.
How can data solutions help small and mid-sized companies?
Business owners need information to reduce costs and improve productivity, and they need that information in real time because they’re out in the field managing their business. They need access to information 24/7 very intuitively and rapidly, whether through a mobile device or from a desktop in the office. By optimizing their businesses with data, small businesses can prevent things like long routes and superfluous trucks on the roads. With the right access to data, using tools like ours, even the smallest organizations can acquire the business intelligence they need to be as competitive as possible.
Why is it important for Fleetmatics to have a global banking support as you pursue the goal of helping your own customers?
We want to help companies of all sizes, not just in the United States where we currently have tens of thousands of customers, but around the world. As a rapidly growing global company, Fleetmatics needs a bank with the savvy to help us expand, and Citi has the capability to help us to go into different countries and set up shop. Citi also provides us with access to the capital markets and both guidance and banking services as we add new products and services and go into new markets, so that ultimately, we’re able to help more businesses.
How are you now seeing data inform and even transform decisions and business processes for your customers around the world?
We’re providing information in a very intuitive, actionable way to allow business owners to rapidly make the changes they need to make. By accessing data in a digestible, manageable platform, these businesses can save money, maximize existing resources and better serve their customers.
We’re proud that we are changing the way our customers are doing business in a positive, effective way. The result is bottom line improvements to the small and mid-sized businesses that really are the engines of the global economy and support for companies of all sizes that can benefit from Big Data.
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