Data and Analytics is an extremely important area of investment for carmakers serious about long-term relevance. As value-creation is shifting away from commodity vehicles, and towards production efficiencies and user experiences, the space is hot with innovation and startups. Like all industries, the path to disruptive transformation is paved with incremental opportunities along the value chain, and many vendors play a role in this new data-driven future, from sensors that gather the data all the way through the value chain to in car entertainment options that use data to predict the content that will please the passenger.
One of the interesting take-aways was that there is value we are starting to extract from the market using analytics. Dispatchers and taxi companies have long-made the effort to assign assets to areas likely to see demand. Better data allows modern ride-sharing companies to do so using Big Data and analytics. In this way, we plan and alter the Supply based on our knowledge of how Demand is likely to appear. But that assumes that Demand is a static entity. The fact is, forward-looking ideas will allow us to shape Demand as well as Supply! What if we are able to offer cheaper prices during times of low demand (Surge pricing is already just the opposite side of that.) What if we can create demand for a ride where NONE existed before, with a push message? For example: "John, a shared car is going from your street to downtown in 10 minutes and is traveling empty. Sometimes you go to the movie theater on Tuesdays around now, would you like to ride in that car for half price?" With apps with push communications, connected cars, and Big Data, we can shape Supply, Demand and get much greater efficiency from our fleets.
Join us for our next meeting. Until then, presentations from this meeting are available in the Member library.