Several industries today are steering speedily towards the world of digitization; the Automotive Industry is a prominent field surging higher than ever. This industry has been making the right use of big data in order to enhance its current offerings and improve customer experience.
Imagine driving your car while all your calendar notes are being read out for you, your daily schedule is being created automatically, your car stopping on its own at your favorite breakfast spot and the map showing you the quickest way just when you need it. Sounds super dreamy, but as you wake up and smell the coffee you’ll realize that this is also the new reality. Thanks to data analytics and the new age of technology, your daily journey has now been upgraded.
Being connected to the world with the help of analytics also reduces distraction, which in turn ensures customer safety. As more and more people invest in fully automated cars, the competitive automotive industry invests in big data analytics, cognitive IoT and predictive analysis to drive ahead of the competition.
The rise in the need for data analytics and new technology is clearly evident through the progress of the automotive industry. It is said that the use of artificial intelligence (AI) in the automotive industry is predicted to cross USD 12 billion by 2026. Soon it will begin to build its roots in every sector and modernize all the current products and services in a consumer friendly way.
Here are some of the ways of how analytics is making the automotive companies from good to great.
Enhancing automobile design and production
The role of data analytics in the Automobile Industry isn’t just limited to self driving cars and Alexa connection. It’s way more than that. Data Science, Machine Learning, and the use of AI can help automotive companies in research, development of new improved designs, enhance customer experience, cut down on costs and produce innovative models. Where manufacturing of automobiles is concerned, AI-based systems help the auto designers to create and monitor schedules more efficiently, provide advanced safety testing measures, and identify defects in the production process before going any further. With the access to predictive maintenance, manufacturing vehicles can be more efficient and inexpensive.
Improving customer experience with added safety and convenience
Data analytics not only help improve your travel experience by showing you the fastest routes, reminding you of calendar notes, and playing favorite songs whenever you want it to but they also help ensure your safety. Certain automobile tools recently designed by the automotive industry also indicate the driver about their speeding limits and sharp turns in the way.
Taking marketing and sales strategies to the next level
AI used in conned cars also helps offer localized information containing details about gas stations visited on the way to grocery stores. Later, the automotive marketers make use of this localized data to create custom deals based on customer choices. Predictive and prescriptive analytics also aid in providing them with useful data, which can then be turned into the most interesting offers for a delightful customer experience. An approach like this is helping the industry increase customer engagement and acceptance.
Helps companies in vehicle fleet management
Many companies these days are taking a data-driven approach to manage their fleet as it is one of the most effective ways to gain the exposure and visibility you require. Data analytics help highlight potential issues right before they pose to be huge threats in the future. It can also help you discover new opportunities. The most important of all is that it is fully customisable so you can track and note the metrics that matter the most to your business. Fuel is also an important and expensive aspect in fleet management. With the help of data analytics, you can track the fuel used by your employees, the cost, miles as well as the routes.
Data analytics is a system that transforms every industry it touches. With automotive taking at most advantage of this system, the need for a team of corporate finance analytics is on the rise. If you are someone with a keen interest in this field, the Corporate Finance and Analytics Program by KPMG in India is just for you. This 6-month corporate finance course is an online course meant to upskill working professionals with cutting edge knowledge on data analytics and its tools. This certificate course in corporate finance in India brings you a blend of theoretical and practical course content with an intensive curriculum to keep you up to date with the world of modern analytics. So what are you waiting for, enroll now to save your spot!