Why Big Data Analytics is Good News for the Automotive Industry
The role of internet and technology is becoming increasingly important in our day-to-day lives. The rate at which technology is progressing clearly shows what an integral part of human life it has become. Companies in the automotive industry are making a play to corner technology trends for their own needs. The automotive industry is looking […]
The role of internet and technology is becoming increasingly important in our day-to-day lives. The rate at which technology is progressing clearly shows what an integral part of human life it has become. Companies in the automotive industry are making a play to corner technology trends for their own needs. The automotive industry is looking at opportunities to capitalize advancements such as big data analytics to manufacture superior automobiles and create an enhanced experience for customers. Big data analytics brings advanced features to automobiles, such as sensors that will notify of speed, braking techniques, and route selection. Better yet, with the aid of smart sensors, the car will be able to propose suitable responses to actions calculated. Furthermore, using advanced technologies will also keep vehicles in peak routine shape, increase performance, and lower the costs. That’s not all, here are some of the key benefits that companies in the automotive industry can gain with the help of big data analytics.
Vehicles that have internet connectivity and wi-fi capabilities will allow users to stay connected on the go and behave like a smart vehicle that offers supportive/autonomous driving, safety alerts, notifications about its surroundings. It is estimated that by the year 2020, the automotive industry will fully emphasize on producing cars that focus on connectivity. This will make big data analytics an important part of the technology that auto OEMs cannot afford to miss. The features which are offered by OEMs for connected cars stand proof that big data analytics will soon spearhead a technology revolution in the automobile industry.
Companies in the automotive industry rely heavily on data related to real-world driving experiences, the users’ preferences, and repair analysis to identify gaps in basic parameters like fuel efficiency, safety, battery life, and other factors governing the overall performance. This data is vital in designing safe and modified automobiles that match the customers’ preferences. Big data analytics also helps in making the design and manufacturing process more effective and helps deliver better transportation systems.
Foresee automotive glitches
Using predictive analytics to foresee problems in vehicle parts is one of the notable use cases of big data analytics for the automotive industry. This technology helps users to take prompt actions and ensure better vehicle health. This will also prevent big mishaps as users will be notified in cases of glitches, which can be rectified immediately.
Companies that specialize in auto finance are studying data related to the customer’s financial history and preferences using big data analytics. By clubbing this analysis with demographics and geography, organizations have started formulating ideal financing schemes, which are most suitable for customers’ requirements. It will result in better business and ensure safety from likely defaulters.
Enhanced supply chain
Manufacturers in the automotive industry are using big data analytics to compare the costs, quality, and reliability of different components within their supply chain to finalize the ideal choice for their automobiles. When predicting demand, big data is used to streamline the procurement process and make it effectual and cost-efficient.