Will the Data-driven approach revolutionize the automobile industry?

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The automobile industry is going beyond the horsepower and speed limits where the advent of technology connects the cars with the makers. Instead of asking the top speed, motorheads were asking for the technologies embedded in the vehicle. Vehicle data changes with the transformation in the automobile industry.

Cars today serves as a rich data source, which demands different approaches to collect, manage, and utilize it to its full potential. Data analytics combined with the Internet of Things is giving brands deep insights about their customers and the ability to target them based on their preferences, location and lifestyle. Brand new vehicles now contain 50 or more sensors which collect data on security, fuel consumption, speed, emissions and usage data for resources. All these data can be used to find and resolve the quality issues either in the nick of time or prevent them from happening again. Analytics is being used to increase customer satisfaction as well as quality management at a cost-effective level.

A connected car can communicate with other systems inside and out of doors of the car, which allows the car to share its data with other devices. Automakers were now offering 24/7 connectivity and expansion in the number of access channels and a seamless digital experience across all engagement channels. Audi now partnered with Adobe to provide a seamlessly consistent brand experience. Earlier, the Audi website was an area to only communicate corporate information, now it is a destination for their long-time fans and new consumers offering visitors a replacement brand experience with current news, links to dealers, vehicle guides, and the always popular Audi Configurator – an interactive application that enables customers to design their cars.

Automakers are now figuring out how to monetize the data obtained from Millions of vehicles whizz past us regularly in which each generates swaths of useful information. According to a McKinsey Report, “The overall revenue pool from car data monetization at a global scale might add up to 450 – 750 billion USD by 2030.” Besides that The global automotive cybersecurity market size was valued at 1.44 billion USD in 2018 and is expected to grow at a compound annual growth rate of 21.4% from 2019 to 2025.”

This digital revolution in the automotive industry presents an ocean of new opportunities to upskill and capitalize on this growing trend

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