VALUE OF DATA
CAR USERS AND AWARENESS
Tilburg, October 10th 2017
Big data and the connected car, two aspects that will majorly influence the automotive industry and its stakeholders the upcoming decade(s). The connected car and autonomous vehicles will create endless streams of valuable vehicle and consumer data. In addition, most companies within the automotive industry are currently either lacking or facing a serious shortage of skilled data scientists. This results in an incapability to adapt to the changing market, unable to extract value from precious consumer or vehicle data.
It is important for companies to take part in the era of big data. According to a research of KPMG, global automotive executive survey 2017, data will most likely be the fuel of future business models within the automotive industry. KPMG believes that data will help strengthen the focus of stakeholders within the automotive industry, creating value and optimized services based on vehicle and consumer data. But how easily is this vehicle and consumer data obtained by stakeholders within the automotive industry?
Car users are increasingly more aware of the value of data, therefore the collection of vehicle and consumer data requires monetary or time saving reward systems that benefit car users. These direct benefits, offered by stakeholders within the automotive industry, will be needed to trigger the exchange of data. Regarding potential reward systems for data sharing by car users, 45% of the executives within the automotive industry believe that there is no need to offer any rewards for car users sharing their data. Car users strongly disagree with the previous statement.
According to KPMG in 2017, 84% of the car users want a direct monetary benefit in exchange for their data. Besides direct monetary benefits, car users are also interested in incentive schemes (74%) and individualized service & customer experience over the whole customer lifecycle (74%). A minority of car users (20%) believes that no benefits need to be offered in order to share data. These statistics show that car users are strongly influenced in their data sharing ability by monetary benefits, incentive schemes, personalized services or other benefits. These finds are very interesting in a changing automotive industry in which big data and the connected car becomes increasingly more present.
Most stakeholders within the automotive industry, including car owners are aware of the value of data and importance of related incentive schemes. But how is valuable data extracted and stored? To extract value from data, an analytics of things platform, well trained data scientists and a trusted third party is required. According to KPMG, 82% of executives within the automotive industry absolute or partly agree that an automotive platform will be an absolute purchasing criterion in the (near) future. Even though the internet of things has just entered the automotive industry, a majority of car users (58%) already agrees with the previous statement.
The future car user will become more and more aware of the internet of things and is easily triggered by the benefits the connected car and a related automotive platform offers. It is therefore important for the stakeholders within the automotive industry to create new data driven benefit schemes and focus on personalized offerings provided by an automotive platform or third party. Currently Crossyn already offers such an automotive platform for stakeholders within the automotive industry.
A large majority of both executives and car users agree that in the automotive industry of tomorrow, each stakeholder has to acknowledge the importance of big data and the need to transform their traditional business mindset and models. Only when proactively integrating big data into their business can automotive stakeholders maintain their sustainable competitive advantage.
Author: Jeroen Nissen