Importance of detailed reports & analytics in your taxi business performance

In this information era, the success and longevity of a business depends on how it can collect, process and interpret data from multiple sources. Effective reporting and analytics beyond the collection of the data itself, involving a broad spectrum of reporting techniques to provide management with valuable information to make insightful taxi business decisions.

However, as a business collects more data, the difficulty lies in actually finding the time to review the information and draw conclusions that will help grow the business. And if a business is using a manual reporting system that is full of errors then it may cost it a lot.

So, if you are still managing reports of your ride hailing business manually, then this is the best time for you to get rid of the manual system by running your business in an automation mode by developing an advanced on-demand ride-hailing solution. A ride-hailing solution will provide you with important reports that can help you maintain accuracy in your daily operations.

But before you start, you should gain a deeper knowledge of taxi hailing business reports. In this blog we will discuss with you the various reports used into a ride hailing business. We will also show you how these reports can help you grow your business.

Types of reports used in a taxi hailing business

The key to a business’s success is constant performance analysis and introspection. Taxi businesses who want to flourish rapidly must incorporate tools and services into their taxi dispatch solution that provide detailed and intelligent analysis reports of their business performance.

Accurate reports and analytics can help the ride hailing businesses to eliminate outdated techniques of in-house operations. Here are the types of reports that you need to consider at the time of your taxi dispatch app development:

Request Analytics your taxi business performance

Request analytics is divided into three parts: database report, time base report and location base report.

Database reports will provide you the record of ride requests as per date. While time based reports will display the bifurcation of rides as per different timings. On the other hand, location based reports will show you the frequency of ride requests generated from different locations.

Furthermore, request analytics will also show you the cancelled, rejected and completed rides. You can see all these things in the graphical format too.

Track your taxi business growth with efficient revenue reports

Revenue reports are one of the most important parts of reports and analytics. This report helps you to know your business position at any point in time.

In revenue reports you can see multiple income sources such as ride commission, subscription, driver cancellation charge, passenger cancellation charges, acceptance charges, and wallet transfer charges.

Besides this, you can also check out various expenses under this option such as promotion amount, reward amount and referral amount. By tracking your expenses you can control unnecessary expenses if there will be any.

Keep a tab on the earnings of your drivers

A ride hailing solution allows you to track your driver’s daily, weekly, and monthly earnings. You can check out the earnings of every driver individually by sorting him by his name. This will give you a bird eye view of driver’s earnings along with enabling you to monitor their performance.

Apart from this, you can also download the reports of driver earnings as an excel file. You can save this excel file for further records.

Corporate expense reports for taxi business

This is the most essential report when we talk about the corporate ride hailing. Here you can see the number of total requests made by your employees. Along with this, corporate expense reports will show the cancelled, rejected, and completed rides by a driver.

Besides this, you can see the number of rides missed because of the driver’s unavailability. You can view the corporate expense reports both in the numerical form and graphical form.

4 ways report and analytics offer better outcomes to ride hailing business

Getting important data about your customers, prospects, and current projects will not only help you get better revenues, but also help you gain their trust. Thanks to the data analytics feature of a taxi-hailing solution, all this data can now be transformed into key information about your clients.

You will benefit from empowered reporting solutions, which means a more proactive approach for your company’s future direction, growth and well-being. Your clients would more likely choose you over your competitors as you have established a meaningful relationship with them. There are few more benefits of having a detailed reports and analytics system for your taxi dispatch business which are as follows:

Better decision making

Ride hailing companies are under constant pressure to gain a great customer base along with optimising customer relationships. Furthermore, the overall accuracy of managerial planning, budgeting, and forecasting in a ride hailing business largely depends on the completeness of the availability of data that is used to make those decisions.

By having a reporting system in place that provides both relevant and accurate information, ride hailing businesses can use innovative decision-making tools to make key decisions that can lead them towards success. Along with this, customers can permit data sharing to let the companies form relevant interactions and provide them with a seamless experience across all touchpoints.

Optimized customer experience

Inefficient management of business operations can create a myriad of issues for a taxi service provider, which includes a significant risk of damaging the customer experience and brand loyalty.

That is why taxi businesses need to integrate business analytics to optimize their relations with customers. Taxi businesses can use reports and analytics to track the spending habits of customers. Also, they can track a customer’s preferred channel of contact to ensure that all outbound communications are carried out successfully on that channel.

Along with this, taxi business owners can use business analytics to get an in-depth insight into drivers, rides, customers and aid in the determination and decision making.

Detect frauds and risks effectively

Efficient data and analytics capabilities offer optimum levels of fraud prevention and organisational security. Ride-hailing companies require such mechanisms that allow them to quickly detect potentially fraudulent activity and anticipate future activity, as well as identifying and tracking perpetrators.

Using statistical, network, path, and big data methodologies for predictive fraud propensity models. Leading to alerts will ensure timely responses triggered by real-time threat detection processes and automated alerts and mitigation. Data management, alongside efficient and transparent reporting of fraud incidents, will cause improved fraud risk management processes.

Get actionable insights to design attractive loyalty programs

Customer Loyalty Programs take a lot of different forms which you can harness to get actionable business insights. The report and analytics feature helps you to understand your customers at a deeper level. You can know the current performance of existing customer loyalty schemes, and track its aspects that need improvement.

Moreover, you can set and change the discount limit, promo code validity, activity status, etc. This information helps you make informed business decisions and seamlessly scale your taxi dispatch business.

Conclusion

To conclude, we can say that the reports and analytics feature is useful for you to get detailed insights into your business and make informed decisions. With the help of taxi-hailing solutions, you can ensure seamless experiences for both riders and drivers. Therefore, you should invest in taxi hailing app development to enhance your proficiency in performing operations.

I hope this blog has provided you with a detailed overview of the reports and analytics feature. Keep following this space yo get insightful updates. Thank you for reading this blog.