POWER OF DATA BLOG

Lytx™: The Power of Data Blog

Changing Driver Behavior
Jun 13/2016 Published by:

Knowledge is power. It’s a globally accepted fact pre-dated back to the 1600’s accredited to English philosopher, Sir Francis Bacon. Even Albert Einstein is quoted saying, “Any fool can know. The point is to understand.” To understand is an interesting perspective. It implies complete contextual knowledge. Knowledge that encompasses a situation or problem and provides the confidence to say, “I know exactlywhat the solution is.”

Knowing exactly is the nut that Big Data has been trying to crack since it nudged its way into the minds of C-suites around the world. Understanding business critical patterns and trends revealed by Big Data can be a “make it or break it” for companies. Even the mass public can see data mining becoming more mainstream. LinkedIn, Facebook and Twitter all provide some sort of data analysis of how posts are performing with users’ networks, and with it can decipher the content most likely to help grow the right following.

Insight with Big Data technologies has led us as close as businesses have ever been to attaining this exact understanding. Forward to today, we’re now living in a world where we not only know the data, but can use it to predict what happens next.

Predicting data has received considerable attention in the past six months. Forrester has conducted reports on the topic, Gartner put it on its “Hype Scale” for emerging technolgies, experts have written their analysis of the impact this will have on varying markets and “what it means” for businesses.

So what is predictive analytics? Forrester defines it as the following:

Software and/or hardware solutions that allow firms to discover, evaluate, optimize, and deploy predictive models by analyzing big data sources to improve business performance or mitigate risk.

It’s interesting to read through the collection of information, break-downs and implications that predicting data has on Big Data. Typically, it trickles back to foreseeing consumers’ buying habits, leveraging the information to increase dollars for retail and commerce and ultimately improving a businesses’ bottom line.

Lytx™ is a specialist in harnessing the power of data. This is the service we ultimately provide our customers and their drivers every day. While our customers have seen tremendous ROI after using our technology, we see an even higher value: making the roads safer and saving lives through the power of data.

Consider these facts:

  • AAA recently reported that there were 34K traffic deaths in 2012 (5.2 percent increase since 2011)
  • More than 2.3 million people suffer serious injuries from crashes annually
  • 95 percent of all collisions are due to driver error
  • World wide collision costs equal roughly $518 billion per year
  • Vehicle insurance fraud costs $110 billion globally every year

The surprising reality is that 90 percent of vehicle collisions and collision-related costs are preventable. The solution lies in capturing and analyzing the data and distilling it into insights that predict and ultimately prevent future collisions from occurring.

Lytx™ technology monitors nearly 100 identified risky driving behaviors in vehicles across the globe amounting to billions of analytic events. The knowledge and insights we derive from that data is used to avoid accident-prone intersections, analyze distractions and change driver behavior to make our roads and communities safer every day.

As Einstein said, “Any fool can know. The point is to understand.” Lytx helps its clients to not only understand, but predict and prevent future collisions. This knowledge will save millions of dollars and lives, and we are committed to seeing the number of collisions be measurably reduced by the insights that Lytx derives from big data.

That’s big data that can make a big difference.


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