In the past decade, the world has been on the cusp of an explosion of Big Data and Analytics in the auto industry. This wave of progress encompasses all thought-leaders from major automakers like Tesla, BMW, Ford, Audi, and even Google. The players are playing with big money. Reports, from many reputed bodies, suggest that spending on Big data and analytics will reach $187 billion in 2019. According to them, Spending on Cognitive and Artificial Intelligence Systems globally reached $12.5 billion in 2017 alone. The spheres that have been crashing their minds are—autonomous driving, connectivity, electrification, and shared mobility. These exciting trends are anticipated to boost growth within the market for automotive, revolutionize the working of the auto industry, and head to a shift from conventional technologies and innovative business models.
Here is where big data has set foot:
A. The connected car
A vehicle equipped with internet that has fantastic features like assisted/autonomous driving, safety alerts, notifications about its surroundings, temperature control and much more. Most importantly it keeps track of the condition of the vehicle. Being such a hotshot, it is predicted that by 2020, 90% of new cars will have connectivity setup, making Big Data & Analytics a significant technology powerup that auto OEMs cannot bear to refrain.
B. Design and Manufacturing
With the advancement of analytics, auto manufacturers are now inclined towards using data related to real-world driving experiences across their customer segments, the user preferences, and service analysis to monitor and make accurate reports to enhance overall performance. Collected data on safety, fuel efficiency, battery life make Design & Manufacturing process more informed and results in upgraded transportation systems.
C. Predictive maintenance
Predictive maintenance is a future maintenance approach driven by predictive analytics. It studies the historical data to get useful insights and develop smart algorithms to detect failure patterns or irregularities. It helps in disposing of limited resources, maximizing device or equipment uptime, enhancing quality and supply chain process. Predictive Maintenance sents automated notifications about any future damage, increasing productivity and efficiency.
D. Automobile financing
With big data providing exciting and useful customer insights, companies have been revolting to provide the best consumer experience and are also striving precise customer retargeting. By combining customer history analysis with demographics & geography, organizations have launched ideal financing schemes best suited to customer requirements. This is not only helping them flourish but also helping the customers get a better experience. To make it further cost-efficient, Auto Manufacturers are weighing costs, reliability & quality of various components within their supply chain to determine the suitable fit for their automobiles using Big Data & Analytics. With all the weapons in hand, the glamour of marketing to is shining making it a worthy asset for the automobile industry.
Shortly, next-generation automakers will be evaluated based on the completeness of their solution and more five dimensions -Electric, Autonomous, Connected, Mobility Services and Information and not only by the physical, safety and performance attributes of their vehicles. This is why automakers and Tvarit AI are all fueled up to race with the assistance of big data and make the automobile industry nothing less than a sci-fi movie.