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Technology innovations and progress in the 21st century have long made it clear that the future of the automotive industry is connected. Connected vehicle data forms the base for the entire Vehicle Data Value Chain. Yet, for many years, the only way vehicle operators have been collecting mobility data is through aftermarket dongles and OBD hardware, which comes with its share of installation complexities. Fast-forward to the most advanced times in automotive history and OEM-direct connectivity has reshaped the way we drive, utilize and experience connectivity in vehicles.
Improving on the challenges faced by external hardware-based applications, connected vehicle technology promises unparalleled benefits and heightened uptime. Connected vehicle data forms the base for the entire Vehicle Data Value Chain, and the industries within the auto sector stand to gain from each step.
Discovering the Demand Market and Future Expansion for Auto Businesses
Connected vehicle technology holds much significance in identifying the market demand and future expansion for auto businesses and likely outcomes, especially in the current, underdeveloped ecosystem with connected vehicle penetration still growing at large.
It gives automotive policymakers and strategic planners much-needed insight into the market demand for consumer-focused products and services, which comes in handy for an intelligent assessment of future opportunities and evaluating product viability. Mobility data analysis makes it possible for businesses to deduce if there is a demand for the kind of product/service they wish to sell, avoid function that are over-served and even identify new, underutilized revenue streams that rely strongly on, and wouldn’t have been possible without, the power of vehicle data.
Further, since market demand depends on a wide variety of factors and can fluctuate over time, being able to predict consumer trends in advance, and then analyze it, puts businesses in a better position to place their products and services.
Connected Vehicle Data Monetization
Once the need for a specific solution is identified, the next step in the vehicle data value chain involves leveraging the power of data. Connected vehicles, by their nature, generate large amounts of data pertaining to each and every aspect of the vehicle, such as speed, braking, swerving, driver information, weather data, digital signage, and much more.
Originally, this data collected through third-party apps and OBD devices didn’t make much sense to automakers, due to the low penetration of vehicles and lack of demand for data-based services, but also because the quality of data wasn’t up to par. However, the advent of connected vehicle technology has opened a new marketplace for meaningful data transactions that promise operational benefits both to the OEMs (that collect the data) and the automotive ecosystem partners (that utilize the data).
The modern drivers of today expect intelligent mobility solutions that’d solve their transformational challenges and make them worthwhile. Connected car data enables car manufacturers to increase revenue by monetizing the vehicle data they collect, securely, and auto businesses to use it to fuel a new range of consumer-facing mobility solutions.
Powering the Mobility Economy
The connected vehicle data sourced, through embedded technology and vehicle manufacturers, conforms to the highest quality standards which marks the key difference between the black box and OBD-sourced data. When paired with AI analysis, this data makes way for business innovation across the transportation landscape enabling industries, such as fleet management, auto insurance, maintenance and warranty service providers, and more, to create exciting data-based solutions aimed at enhancing the driving experience.
Sourcing vehicle data directly from the OEMs also present additional benefits to auto businesses including convenient processes, long-term mutual relationships, and data standardization. All these perks of connected vehicle data, which isn’t limited to telematics but includes CAN bus and driver behavior information, cumulatively empower the mobility economy through data-based intelligence.
Master Mobility Data With CEREBRUMX
CEREBRUMX is your go-to solution when it comes to dealing with connected vehicle data. With our enriched data processes, end-to-end privacy compliance, and the industry’s first AI-powered Augmented Deep Learning Platform (ADLP), we optimize the entire data value chain, from the collection, exchange, and leading up to execution. If monetizing vehicle data to create exceptional solutions for your customers is on your mind, then we can help you get ready access to industry-leading data, from millions of vehicles in real-time, in addition to AI-powered insights that’ll catalyze your business operations.
What’s more, with our white-label consent management platform, CEREBRUMX Secure Consent, we’ll ensure that you only work with safe and user-consented data that are vetted and ready for processing. Simply integrate our platform within your existing web/app architecture and offer CCPA and GDPR-compliant data privacy and security to your customers with confidence.
For more information regarding connected vehicle data and the evolving ecosystem around it, contact us or reach out to our experts.
