The three most important factors driving the auto industry forward are Big Data, Telematics, and Analytics. This article will show you how big data analytics combined with the insights from information processing can transform the global automotive and transportation industries.
Big data is the future of telematics.
In most automobile and transport companies, specialized business processes were always modeled and analysed using whatever limited contextual data or empirical information was available. Proper data was rare and far between. Even if they had the data, the enterprises didn’t have the technological knowledge to access all the information needed. This was a very difficult situation to manage. Enterprises relied heavily on traditional methods, such as looking through driving records and taking into consideration demographics such as age, gender, and location to accurately predict the risk levels of its customers. This was a haphazard, unreliable and awkward process.
With the advent of advanced big data analytics, access to scores of information is now possible. The science of telematics and the understanding of telematics offer new perspectives, new conversation starters and new possibilities for outcomes. Big Data, as we all know, is changing everything. It is changing how vehicles are constructed, used, and collaborated with other things in the world. Big Data has a huge impact on the car/fleet transport industry.
The telematics industry plays an important role in big data analytics. Big data analytics is a key component of telematics science. It involves both telecommunications technology and vehicular technologies. This enables big data analytics to improve supply chain management, vehicle management, yield, and dramatically reduce material costs. Quality and safety can also be improved with big data analytics. The use of relevant data leads to greater opportunities. In this context, we can see how Big Data brings transformative elements to the various industries, especially in financial, insurance, and transportation, and helps improve their business processes.
Telematics Everywhere
Telematics is bringing about big changes. All aspects of vehicle insurance and repair are changing.
We have already seen that vehicle maintenance and insurance standards were based on conjecture. Telematics makes it possible to quickly access strong evidence that can be used to revamp entire commercial businesses and alter drivers’ driving habits.
Telematics makes it possible for drivers to access the vast amount of vehicle data. Telematics also promises this. Valid data is easy to access from a connected car. This data can also be sent to manufacturers and insurance companies. When data is readily available, it will help drivers to adopt better driving habits. GPS-related data will be available to drivers that will allow them to see their driving habits, including fuel consumption, speed limits and phone distractions. This information will not only impact their driving performance, but can also extend their car’s life expectancy.
Auto Insurance – Driving Innovation and Continuous Growth
Let’s take the insurance industry as an example. Insurance companies can now improve their business processes using a combination of big data analytics and telematics.
The insurance industry is fundamentally based on probability and analytics. The insurance industry is best served by having access to accurate, detailed data that can identify each customer’s risk and lifestyle. Telematics is a valuable tool that has provided significant value to both the insurance industry and its clients.
Insurance companies no longer have to rely on guesswork when determining premiums for customers. Telematics and big-data analytics make it possible. Insurers can reward policyholders who demonstrate good driving habits and check their vehicle health with lower premiums or rebates. This eliminates the need to guess. Telematics insurance is based on big data.
Telematics has been a positive trend-setter in recent years and has seen an exponential growth. It is helping both consumers and companies to see the benefits of telematics. Big Data will also be a part of telematics, as they work hand in hand. Big data and telematics will not only benefit consumers, but also automotive manufacturers and service providers. Big data will be the future for telematics, as the relationship is symbiotic. Big data and telematics should be embraced in a big way.