With smart cars becoming more and more ubiquitous, they are generating a huge amount of data to analyze. An average car will generate nearly a few terabytes of data per trip. Autonomous cars will generate 30 Terabytes of data per 8 hours. As such it is not humanly possible to shift through all of this data and derive any kind of actionable insight without the help of predictive analytics and machine learning. So most companies will use the services of Automotive Predictive Analysis IT Consulting & Development Company.
Predictive Analytics for Automobile Industry
Simply put, predictive analytics uses past trends and data to predict and analyze for future trends. For the automobile industry, data generated by the smart cars and autonomous cars can provide important and actionable data insights such as:
- Deriving customer segmentation to boost sales and focus on
- customer retention
- Using data analysis models to analyze the historical performance of marketing and sales campaigns
- Usage data to optimize how the end users are using the vehicles
- Deploying requisite counter measures for car troubles, faulty spare parts and other issues.
- Derive insights on car issues, future improvements and missing features for newer versions of the car
- Improving distribution chain and supply systems through user data and sales data analysis.
Automakers are also combining sales insights from various locations & apps and augmenting their supply chains and dealership channels through better prediction of sales by geography and demographic characteristics.
Let’s discuss various Automotive analytics uses in detail.