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The automotive industry faces constant pressure to innovate, maximize profitability, as well as improve operational efficiency. This is where big data comes into play, opening up a world of endless opportunities for automakers.
Applying big data in the automotive industry is not a new concept, yet there has been a greater shift towards it over the past few years. The impact of big data in the industry is enormous – from connected vehicles, to production lines, to the management of dealerships and manufacturers.
Below are some examples of how big data can help transform the automotive industry:
Connected Vehicles --
Over the years, cars have changed to reflect today’s connected world. Consumers expect their vehicles to have the same capabilities as other connected devices. Big data analytics have transformed the driver experience by capturing real-time data from both inside and outside the car. This data, in turn, can be utilized to improve driver and vehicle safety as well as the overall driving experience.
It is predicted that by 2019, the connected car market will reach around $130 billion. With it being such a lucrative market, automakers are trying to get ahead of the curve by embedding car technology within their vehicles. General Motors is one example by trying to introduce high-speed connectivity throughout his vehicle fleet.
Improving Vehicle Manufacturing --
By capturing data in the design and early production stages, automakers can identify any potential flaws or errors, thus preventing expensive do-overs or future recalls. In addition, by analyzing data from warranty repairs, carmakers can do cost-performance analysis and determine that parts that require frequent replaces. In the long run, this can help them save money.
Data obtained from consumer sentiment and driver usage can influence features in future car designs. Big data can help ensure efficiencies in design, production, and manufacturing.
Auto Dealers and Big Data --
When researching a car, many consumers start their search online. Car dealers are taking advantage of the amount of data online to help better understand their customers and improve the customer experience. Dealers can analyze geographic data, for example, to determine what people are looking for. There are an increasing number of tools available for dealers that can help them measure and analyze consumer shopping data.
Targeted Marketing –
It has been said that connected vehicles has unlocked increased opportunities for marketing analytics. The reasoning is that cars may be able to share information with other smart devices – such as cell phones and tables – and in turn provide useful information for marketers. Marketers could be able to obtain information on consumer preferences, habits, and needs.
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