Business Technology
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Auto businesses work based on sales and services they provide, which is why selecting the best services is always a headache. Data can be analyzed to provide the best insights into what can work and what cannot. Technology can be used to leverage data science, forecasts, and advisory services across the entire automotive value chain. It spans from product planning to marketing, sales, and aftermarket.
So what are the insights that can affect the auto business? Here’s our list.
- Light vehicle forecast
- Commercial vehicle
- Market stats, registrations, and VIO
- Electrification and powertrain
- Vehicle recall
- Aftermarket solutions
- New and used vehicle sales and marketing
- Engineering intelligence
1. Light Vehicle Forecast
Understanding the present and future vehicle demand is important in understanding the auto business. More than 80 percent of the world is filled with light vehicles. Any automaker can determine the amount they can sell based on data related to locations, body style, model, fuel efficiency, price, public demand, and much more.
2. Commercial Vehicle Sales
Although the number of commercial vehicles is less compared to light vehicles, the value lies in the importance of a region or requirements. With an understanding of the customer requirements, auto businesses can grab the market share with proper features like power growth, improved efficiency, and sustainable competitive advantages.
3. Market Stats, Registrations, and VIO
Automotive original equipment manufacturers (OEMs), automakers, and dealers can determine accurate market stats for each type of vehicle from sales data. They can benchmark against competitors and roll out advanced business strategies. Registration data and vehicles-in-operation (VIO) data can be integrated to gain sales insights. It helps to understand selling patterns, key trends, plan aftermarket parts inventory, boost revenue, analyze loyalty, and determine diversity.
4. Electrification and Powertrain
The rapid changes in market trends, fuel consumption, tech innovations, and tough competition are driving the industry to electrification and powertrain modifications. Data analytical platforms can help analyze the existing data to figure out what needs to be done in the future – gaining advantages.
5. Vehicle Recall
Advanced connected vehicle systems can keep the automakers informed of recall scenarios for the vehicles. It can calculate the time of recalls of all types of vehicles efficiently while limiting legal liability.
6. Aftermarket Solutions
It is a fact that the old OEM manufacturers are going extinct as technology, standards, and regulations advance. Aftermarket sales can be a good investment for auto businesses even if the ROI is lesser. Manufacturing-compatible components can be data-driven. Such solutions can help maximize market share, identify emerging market trends, and optimize inventory and product management.
7. New and Used Vehicles Data
Sales and marketing data of both the new and used vehicles share many insights into the auto business. The data can include vehicles sold, total lifetime periods, regions sold, quantity in each region, demand, bookings, cancellations, and much more.
8. Engineering Intelligence
Connecting advanced technology to automotive manufacturing and maintenance can advance automotive workflows. It can enhance the quality of the products and services offered.
