Introduction to Automotive Industry Analytics
Nowadays, vehicles can produce and collect huge amount of raw data for automated analysis. Cars can have minimum 50 sensors, maybe more than that, specially intended to gather complete facts like speed, driving performance, emissions, distance, resource usage and fuel consumption. When merged with a classy predictive analytics resolution, data scientists and analysts can convert raw unfiltered data into meaningful information. This information can they be used in decision making processes in public and private sectors.
Develop Smarter Vehicles
specifically car maker companies are using data science based solutions to boost driving familiarity and to develop cleverer vehicles. For instance, the assembly of fuel consumption and emissions data, permits car manufacturers to influence hostile fuel economy targets as well as being Eco-friendly. If a car is armed with the appropriate sensors, mechanics can apply predictive analytics solutions to interpret latent problems before they become glitches. For instance, if a transmission system is not achieving complete targets, then it signifies the requirement to repair system early than estimated before (and thus opposing the need for an expensive replacement job). Car makers are also using data analysis solutions and products in the design procedure by analyzing performance-based metrics to decide the best possible aerodynamic design.
Automotive Analytics in the Insurance Business
Insurance companies are also using data science based solutions to analyze driving experiences and behavior. Sensor derived data is supplied to insurance providers, like the driver’s average car driving speed, acceleration patterns & braking habits, turning style, and usage of the vehicle on particular spots and/or circumstances. This entire data supports to generate a wide-ranging driver profile and empowers insurance businesses to bid more accurate premium prices. Better drivers succeed for lower prices, while those who take more risks may incur higher premium amounts and hence may prove as costly.
Applications of Big Data Analytics in Automobile Industry
1.Design & Manufacturing
Data analytics tools are applied in manufacturing industry to design & produce vehicles. Designing mistakes are too much expensive since they advance from sketch level to production unit. With the employment of analytics solutions in the design & workflow software, one can look for errors while the vehicle is still in the blueprint phase. It will really help to save much more cost & more prominently ‘time’. Analytics tools are able to track variations in design, excellence of the work, whole production process, the safety of the goods & its parts. It is able to avoid do-overs and ensures highest quality. This leads to cut down noteworthy price connected with manufacturing & warehouse management.
2. Use & Maintenance
The major task in the automotive industry is fleet management and fuel management. Data analytics based solutions are capable to assist drivers to enhance the route as well as to observe the status of everything in the car. With the help of sensors and data analytics tool’s results, one can recognize spoiled portions of the car and can alter or patch-up before it disturbs productions or businesses and daily routine life.
Big automotive companies are using performance monitoring data analytics tools across the fleet to recognize how to preserve cars, which can improve vehicle performance, enactment and mileage. As a result, it will help to cut down maintenance price. Analytics tools and solutions helped route planners to recognize the shortest distance to their destination as well. Overall analytics based tools and solutions can boost efficiency & reduce maintenance cost and hence increase profits in the business.
3. Marketing and Planning
When all sources bring together to analyze entire marketing expenditure, it may provide automotive companies a chance to realize which policy is working flawlessly for them & they can build a more reliable marketing budget plan, which may, in turn, incur great returns and profits. Marketing analytics solutions are capable to generate precise statistics of the influence of any particular campaign to the annual sales figure. A performance dashboard can be generated to observe all the data sources & how they are working together to emphasis marketing expenditures.
Big data based analytics tools can be used to recognize competitor marketing tactics & business visions to prepare yourself for future encounters. Another key benefit of data analytics solutions and tools that can add a lot of value to your marketing policy is to study & realize customer buying patterns, behaviors & trend. It can really improve sales figures, as you will be capable to retrieve all the relevant data of customer purchase habits and inclinations. As automotive companies devote the utmost amount in global advertising & preferment than any other business, marketing analytics can be demonstrated as a billion dollar tool for them.
4. Supply Chain Analytics
Data analytics based tools and solutions benefits automotive veichle manufacturers to diminish risk & exploit growth by enhancing full supply chain system. Forward-thinking supply chain analytics solutions are able to act as the most disruptive & vital technology that is able to put the basis for long term change management of automotive business. By the usage of analytics tools, the supply managers are able to discover the right merchant or partner to deal with.
One is able to recognize the channels that are used by customers to contact with you as well. Inventory can be enhanced & products can be circulated based on real-time request. Cost effectiveness, cost lessening, and expenditure analytics will endure as upper business priorities in supply chain management. Supply chain dangers & supply chain tracking can be enhanced with data analytics solutions.
5. Quality Analytics
Quality Analytics permits to discover any quality related risks, faults & resolve them in a primary phase of product manufacturing. This early fault detection results in dropping cost control anxieties & provides greater customer satisfaction. Analytics based solutions are able to develop a huge data and offer several analysis strategies. Hence, it will analyze product in advance and stipulate chances to build and develop defect free products. This will lead to substantial upsurge in competence & inferior maintenance.
Read more about applications of predictive analytics in connected car domain, in this post. This post majorly covers usage of localized information for different useful forecasts and statistical reports generation.