Do you remember the last time you had to wait outside your house or apartment complex and wait for a cab to appear magically? Alternatively, the last time you had to call up a taxi service provider and book a cab, say, at least an evening in advance? No, right?. That’s because we have an abundance of cab aggregators in the market today, who, with their utterly convenient apps, have made fretting over finding a taxi a thing of the past. No matter where you need to go, you are mere taps away from a cab waiting at your doorstep, waiting to ferry you to your destination.
This market is undeniably lucrative, which is why the number of service providers in this industry seems to go up rather quickly. While this is great for users, it does translate into a highly competitive market for businesses operating in this space. Thankfully, they have a profusion of data at their disposal. Also, yet they seem to struggle. Why? Simply because they haven’t found the right tool to help them leverage this data to glean insights to serve their customers better. Moreover, before you ask, the machine that we so fervently speak of is big data. Here’s a list of the many ways big data stands to help cab aggregators.
Analytics: Big data empowers the company’s analytics solution to process a literal abundance of data rather quickly, track and manage real-time data from several sources, and offer instant insights and metrics so as to enable executives and managers to make intelligent decisions that serve to boost the business’ growth and better tend to customers’ requirements.
Enhanced business model: A cab aggregator’s data team is tasked with several jobs, including using predictive modeling to improve business. In this context, big data lend valuable assistance by facilitating analysis of both historical as well as statistical data to deliver a significantly better customer experience.
Monitor driver performance: One of the most significant pain points users of taxi services experience is poor service delivered by drivers. As a result, cab aggregators are hard-pressed to figure out an effective and productive way to make sure that the drivers on their platform conform to specified standards and maintain a specific acceptance rate. Here big data helps businesses gauge drivers’ responsiveness and dependability by closely tracking and analyzing factors such as their cancellation rate, wait time, and more. It can then be used to address the problem areas — swiftly and efficaciously.
As you can see, not have we long left behind the age where finding a taxi was more of a game of luck, our new-age cab-hailing apps have evolved to a level where novel resources such as big data are playing an increasingly crucial role. Also, rightly so — look at the transformative impact of such tools on a taxi booking solution, and you would see precisely why such a combination is not only preferred but highly sought after by cab aggregators all over the globe.