While vehicles are indeed individualized transportation platforms, it is the attributes which they are capable of recording and sharing with a centralized decrypting entity that makes for a truly personalized experience.
Software-driven vehicles and connected vehicle data hold tremendous value for the consumers, and the promise to improve transportation. Data collected from millions of vehicles on the roads, and the ecosystem around them, fuel these aspirations that make the cars we drive ‘connected’.
Putting Consumers on the Centre-Stage
Connected cars and data have put the consumers at the centre of the value chain. With vehicles that are capable to record information, and send it back to dealers, OEMs and third-party service providers, consumers enjoy the benefits of diagnosing problems, easy repairs as well as value added services that make their experience worthwhile. This data is leveraged to provide improvements in safety, performance and the overall vehicle design pipeline to enhance the consumer’s driving experience.
Producing Opportunities for Innovation for businesses
Connected car data makes automating maintenance decision-making easy. Data can be collected and analyzed to match use cases relevant to service, repair, and maintenance services of vehicles, and thus employ predictive maintenance to save high costs and offer enhanced customer satisfaction. This includes real-time data on health indicators such as mileage, tire pressure, ambient temperature, oil levels, and mechanical problems, so as to offer better assistance and roadside support.
Data curated from connected cars and fleet can be used to monitor the efficient operation of logistics and rental car companies. From ensuring good health of fleet vehicles and ensuring healthy usage patterns, to saving maintenance costs and reducing the total cost of ownership (TCO), connected car data can provide real-time insights. The data can be further used for fleet navigation, driver safety monitoring, vehicle safety, and management as well as for replacement based on demands.
The insurance industry is one of the biggest consumers of connected car data feeding on huge amounts of data to accurately measure risk profiles and driving behaviours, to offer drivers with personalised premium plans. As a result, responsible drivers pay lower insurance premiums in comparison to rash drivers. Further, advance sensors and data analysis help with detecting insurance frauds and mishaps and accidents are also immediately recorded, expediting claim and settlement processes.
Connected car data offers car manufacturers and OEMs with a niche opportunity to improve their products and enhance customer experience. With valuable data and insights focused on infotainment, safety, and utility services, OEMs get full control and visibility over developments, as well as offer personalized services and experiences that increase customer satisfaction.
Connected car data plays a major role in getting a deeper understanding of mobility trends with the goal to efficiently manage city traffic and create a sustainable environment and lifestyle. The data collected from millions of connected cars can be used anywhere from managing traffic congestion, city planning and repair works, to preventing road accidents, reducing carbon footprint and ensuring superior disaster management response.
By leveraging real-time location and driver’s personal information, advertisements and campaigns can target reaching the right audience with minimal efforts. A good example can be the case where the driver is on a highway and wishes to make a stop for food, coffee, medicines or more. Based on the data curated around the driver, brands could then offer discounts and e-coupons through relevant campaigns a few miles beforehand, enable in-car transactions, allow catalogue visibility, and much more.
How CerebrumX can help you unlock the power of connected car data?
CerebrumX makes this transformation possible with the industry’s first proprietary Augmented Deep Learning Platform (ADLP) that provides easy to use Development Interface, so that businesses can unlock the true potential of connected vehicle data with AI to generate deep insights, while maintaining data privacy.
The connected car technology is redefining vehicles and the associated ecosystem, to make way for a more sustainable, efficient, and safe form of transportation. And well-curated data is at the core of this transformation, benefiting the society as a whole.