Highlights of the Case Study:
|Client||A leading bank in Asia Pacific was struggling with reducing costs and optimizing route planning.|
|Business Challenge||Our client wanted to adopt a suitable big data analytics model that would enable flexible transport routes for its cash vans, optimize route planning, and estimate traffic congestion on transport routes.|
|Impact||Quantzig offered a big data transportation analytics solution that enabled the client to optimize fleet utilization and drive efficiency. The client used these insights to make mission-critical decisions in real-time and reduce operating costs.|
Game-Changing Solutions for the Banking Industry
Transportation data analytics is increasingly being used in the banking industry to conduct cash-in-transit (CIT) operations, with a view to ensuring safety and efficiency. Most banks’ logistic operations are adversely affected by transportation costs and rising traffic. However, big data analytics solutions help banks to manage their cash-in-transit operations. Technology is unlocking a domain of conceivable outcomes to capitalize on big data transportation analytics in the banking industry. The adoption of big data analytics in the banking industry is enabling simplification of logistics and better productivity with effective utilization of resources.
The Challenges of the Client
Our client is a leading bank in Asia-Pacific that wanted to develop flexible transport routes for its cash vans. The client was struggling with eliminating unnecessary delays by determining optimal routes, reducing transportation costs, and minimizing the dependency on manual intervention.
The client approached Quantzig for its tailor-made big data transportation analytics solutions capable of analyzing transport routes, optimizing route planning, analyzing the efficiency of the current transportation system, and monitoring future network scenarios. The client also wanted to estimate traffic congestion on roads to improve the performance of logistic operations.
Quantzig’s Big Data Transportation Analytics Solution for Banks
Quantzig’s experts deployed a big data analytics solution that extracted information on transportation routes, network constraints, population data, service timings, and cost data. Additionally, the solution created by our experts provided a flexible architecture to extract information from geotagged network data. The client used the big data analytics solution to navigate and eliminate the challenges of its logistics operations. The client could find the nearest police station in the city with a GPS tracker attached to the freight vehicle, enhancing the security of the freight vehicles.
Impact Analysis of Quantzig’s Big Data Transportation Analytics Solution
The solution offered by Quantzig helped the client to develop flexible transport routes for its cash vans. In addition, our big data analytics solution enabled our client to extract data from stationery and moving sensors, such as GPS data from vehicles or flow and speed monitors in the roadway. The extracted data helped the client to further evaluate the process and precise insights. Besides these benefits, Quantzig’s solution impacted the client’s business in the following ways:
- Increased fleet utilization by 15% to 20%.
- Coordinated and integrated all IT systems to boost productivity and lower risks
- Reduced cash-in-transit (CIT) and idle time
- Optimized transport routes
- Enhanced the development of network optimization solutions
- Increased profit margin by 3%
Quantzig’s big data analytics solution helped the client to reduce costs and optimize route planning. This solution enabled the client to analyze the transportation system efficiency and predict future network scenarios. Our team also identified discrepancies in the client’s distribution process and provided multiple channels to overcome this challenge. We were thus able to help improve the performance of the client’s logistic operations. Tracking and enhanced traceability are the primary motivators that attract the banking industry toward transportation analytics. For instance, by using anti-theft GPS sensors to track the fleet positions, operators can gain a real-time view of the entire fleet and individual goods. Transportation analytics solutions thus help streamline the overall logistic operations and enable cost savings in the long run.
A Broad Perspective on the role of Big Data Transportation Analytics Solutions in the Banking Sector:
Over the last five years, the use of big data transportation analytics has grown significantly in the banking industry due to a rise in the financial and security risks associated with currency transportation. The increase in transportation costs of cash-transit vehicles employed for currency transportation and increasing vehicle traffic serve as huge deterrents to logistical operations for banks, making it essential for the banks to opt for big data transportation analytics. Minimizing transportation costs is vital to streamline processes and balance the books. Therefore, banks have started implementing big data transportation analytics solutions to reduce transport costs, improve route planning, and better estimate traffic bottlenecks. Quantzig’s big data transportation analytics solutions also effectively help banks to combine transport data with other databases and facilitate real-time monitoring.
- Improved transport system efficiency by optimizing transport routes
- Anticipation of traffic bottlenecks enabled better route planning, which, in turn, led to reduced transportation costs
- Improved the overall performance of logistics operations
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