Connected vehicles have been in the limelight for some time now, for the most part trying to make their own case around the frugality of data. From fleets to service providers, vehicle data has highlighted benefits in all aspects of the auto industry. And while data in the form of mobile telematics has been in use lately, it is the difference that connected vehicle technology and the corresponding data brings that makes things exciting and innovative.
Vehicle manufacturers are among the wide range of consumers that stand to gain great value from this technology, as live and recorded feedback from the most realistic test field we call our streets. With three-quarters of all new cars expected to be connected by 2025, Original Equipment Manufacturers (OEMs) are looking at an era-defining business opportunity, that’s based on the foundations of data.
How data empowers OEMs?
Connecting consumers to convenient solutions and rewarding experiences remains the fundamental behind how OEMs operate. And with connected vehicles, data becomes the center of attention fueling these efforts.
New opportunities for OEMs and their customers
As with most new advancements in technologies, the concept of connected vehicles is only going to grow in the years to come. A significant penetration of connected cars opens up new revenue streams for the OEMs with opportunities to leverage vehicle data as feedback from the field and improve connected services. Vehicle data allows OEMs to learn the driver’s personal habits, behavior and preferences, anticipate their responses and innovate products that can give an edge in sales and customer engagement.
Network and drive customer relationships
Data from connected vehicles enables manufacturers build strong networks with service providers in the automotive ecosystem, to transform the overall driver experience. It lets OEMs reflect back and focus on technology, product design, targeted consumer needs as well as the customer experience, with areas to work on and improve. This also becomes a great opportunity for the OEMs to educate a new wave of car customers on the benefits and features of such connected vehicles and build brand loyalty.
Platform for growth
Connected car data not just empower OEMs to upgrade their existing line-up of products but also allows diversification of their core activities with the generation of subscription-based services. For a long time OEMs have struggled with engaging customers to prevent them from slipping away. By offering car owners value added connected features and solutions that make their driving experiences more fulfilling, such as road-side assistance, extended warranties and loyalty-based discount programs, OEMs can influence the choice of car customers to great extent.
OEM’s Slow Approach on the Road to Capitalize Vehicle Data
With amassing popularity as well as the benefits that surround connected cars, one thing is clear that not recognizing data potential means leaving money on the table for today’s OEMs. While many OEMs struggled with slow adoption at first, to remain the sole controllers of car data, they soon realized the lack of skills and resources needed to leverage this data and extract out its meaning, at their end.
Another major reason prevalent over the years had been related to inefficient sourcing of data, difficulties in managing immensely huge amounts, and keeping it safe with clear ownership details. Connected vehicle technology straightens out these challenges for the vehicle manufacturers, and provides them with a simple and unified platform to access all the automotive data they need, with informative insights and explicit consents.
Strengthen your Product Capabilities with CEREBRUMX
Embark on the journey to vehicle connectivity with CEREBRUMX for better business prospects and happier customers. Using AI-powered data analytics and our proprietary Augmented Deep Learning Platform (ADLP), we’ll help you make your OEM data digitally ready, and enable you to extract valuable insights from the vast and complex data landscape without complex processes. With CEREBRUMX, you get the flexibility to simply reap the benefits of data collected from your vehicles, to improve existing products, enhance customer experience and create new revenue streams.
CEREBRUMX believes in total consumer privacy and transparency when it comes to analyzing sensitive data. To ensure complete trust and uninterrupted business operations, we enable you to give the power back to the customers by letting them grant, revoke or edit consents easily, with our white label platform, CerebrumX Secure Consent.
For more information regarding connected vehicle data and the evolving ecosystem around it, Contact us or reach out to our experts.