The concept of the Internet of Things or IoT during its formative years was just limited to biometric wearables, home appliances and audio-visual equipment. Nevertheless, the rapid advancements in big data services and solutions have made a significant impact on various sectors of business such as banking, e-commerce, crisis management and automobile.
The automobile sector is reaping the benefits of big data analytics by boosting efficiency in terms of marketing and sales. Big data analytics has also improved the way the automobile industry is working by helping them in the incorporation of utilities such as service scheduling and predictive maintenance.
The major impact of big data on the automotive industry – An Overview
The connected car
With smart technologies in a place like sensors, Wi-Fi connectivity, on-board computing tools and advanced processors has enabled the drivers or owners of modern cars to have autonomous driving experiences. It is assumed that in the coming decades, about 90% of the new cars would have connectivity setups thereby increasing the importance of big data analytics manifold in the automobile sector.
Design & Production
Significant changes are taking place in the design and production parameters in the automobile industry. The data related to real world driving experiences that include user preferences, repair analysis and customer experiences are helping manufacturers in improving safety, battery power, maintaining engine efficiency in automobiles.
Using the power of predictive analysis, big data and manufacturing simulations, automobile industry is initiating improvement cycles to enhance the overall efficiency in their operations. Big data solutions are helping the industry in turning the manufacturing and designing processes more informed resulting in the provision of a better transportation system.
Big data is helping automobile industry in studying data related to their customers’ financial history and preferences. This is resulting in providing better financial schemes as per the consumer requirements by allying the information derived with respective demographics and geography.
Supply chain improvement
Big data is also enabling automobile manufacturers in comparing the cost, quality and reliability of the product components and machinery. Cost efficiency is being attained by analyzing the data for predicting demand thereby streamlining the procurement process through big data.
By the end of 2020, it is assumed that the only connected cars would account for more than 40 billion dollars per annum in terms of revenue. The transformation of the automotive industry is going to be phenomenal with big data solutions especially in services like traffic management, navigation and fleet management.
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