Maintaining a relationship with a customer has traditionally been the most difficult challenge faced by an automotive company. This is because consumers often have multiple relationships with the same brand. For example, there is a relationship between the consumer and the overall brand, a relationship between the consumer and the dealer, and a relationship with the consumer and the post-sale service provider. In order to combat the disjointed customer experience and build brand loyalty, automotive companies have begun to connect the consumer with the brand, the dealer, and the service provider, with Big Data and the Internet of Things. Sensors monitor a cars performance in real-time and provide feedback to the consumer. Feedback is most often in the form of maintenance notifications. These notifications often include the closest certified service providers, and have shown to build trust between a consumer and an automotive company, which in turn creates a higher likelihood of customer retention.
The thousands of sensors found on modern cars provide more to an automotive manufacturer than customer retention. The information captured by these sensors, coupled with predictive analytics software, provides valuable insight into product performance and warranty trends. With this newfound information, an automotive company can better predict where new parts are needed and when. This gives companies the ability to improve inventory, and provide service to consumers at a faster, more effective rate than ever before. Predictive maintenance has shown to be effective, but Big Data and the Internet of Things are doing more for the Automotive Industry. By monitoring the performance of every component, development teams can focus on areas in the most need of improvement, in order to produce better cars, better aligned with the needs and wants of the consumer.
Big Data is helping the Automotive Industry on the operations side of business, as much, if not more than on the consumer-facing side. With the latest Business Intelligence software, companies can use predictive analytics to optimize their supply chain and maximize profit. Understanding who is buying cars and where they live is crucial for modern car manufacturers. Overproducing reduces profits while underproducing can mean the loss of millions of potential revenue. The latest Analytics Software gives automotive companies the ability to aggregate and analyze unstructured data, such as data collected from social media, with structured, internal data to give decision makers all of the necessary information required when making decisions in every segment of the supply chain.