It’s nice to see that the amount of companies using data is increasing. It’s also pretty cool to see some of the new innovative ways that companies are doing so, especially with data analytics playing a big role in achieving new levels of success.
The automotive industry have been trying their hands using data and they’re doing it well. The amount of data that can be gathered from cars is quite ridiculous, especially when you take into account that a lot of data is simply stored in the key which is then plugged in at the garage to unlock it.
Cars have been kitted inside and out with data. Yes, I bet that’s not one you’ve heard about as it’s not quite cream leather interiors or mud resistant trip. Data is so much better. It’s behind vehicle safety and quality and contributes to the driving experience.
Did you know, the average hybrid vehicle generates up to 25 gigabytes of data in just one hour? Car manufacturers and garages have been capturing telematics for many years however it’s becoming much more sophisticated. Using analytics and data has enabled technology to alert drivers of any hazards on the road, or if the conditions are particularly dangerous. Anti-locking systems, traction control and so much more have been created with the help of data. IBM reported that Volvo, through using predictive analytics, repair instructions and identifying replacement parts before a vehicle arrives for a service has benefit from a reduction in diagnostic times by up to 70% and repair times of over 20%.
Furthermore, with recent years having cars being recalled, some companies like BMW are using data analytics to record errors reported by customers to identify any potential weakness in new models that could cause problems and then eliminating them before they even go into production. Now if this isn’t major cost savings, increased efficiency and keeping a good reputation then I don’t know what is.
Connected vehicles are becoming more popular. Services and experience can be constantly updated one the car has left the factory. They can have important updates and interactions without having to return and this has proven extremely useful through the connecting capability. Ford, for example have focused on more “consumer-based, more real-time interaction, real-time services, real-time experiences, contextualized experiences” rather than the storage capabilities of the cloud.
It’s not just information about faults that manufacturers use data for. Financial predictions means cars are priced according to the market and behind the prices are more realistic pricing plans and financial support. It goes without saying that car companies will use their contact data for marketing purposes and targeting their communications to ensure their messages stay relevant. They’ve proved that data can go far beyond the use of marketing and with the likes of BMW and Volvo showing that data is having a rather positive impact on business, it will be interesting to see where and how the market takes its usage of data.