The digital transformation is yielding connected data in a range of devices, systems and services—further fueled by smart cities and autonomous driving. According to computer technology company Oracle, Austin, Texas, connected data
provides a process to organize and analyze information in a meaningful, efficient way to help businesses improve operations, enhance decision-making and deliver more meaningful experiences to employees and customers.
A.I. and fleet vehicles
Artificial intelligence (A.I.) may soon bring new insights to automotive fleets that make them more efficient, resulting in potential cost savings for users. However, there’s work to be done, as disparate systems and lack of integrations are holding the technology back.
CerebrumX Labs Inc., an A.I.-driven automotive data management company based in Novi, Mich., conducted an industry survey focusing on fleet business leaders who use A.I.-connected vehicle technologies and what results or cost savings they have identified for their operations. The online survey was presented to more than 2,000 fleet professionals during the last two weeks of November 2023, with results released in December.
According to respondents, more than 61% are currently leveraging connected vehicle data. The study also found that 38.5% have engaged with a telematics service provider (TSP) to enable them to monitor their vehicles and drivers.
Lack of cohesive integrations
However, 32.7% of survey respondents reported they are not receiving optimal return on investments from their TSP because of disparate sources of data and lack of integration. Of these individuals, 22.1% said they have challenges in making their data actionable for their organization and another 21.2% said they have challenges in collecting data from different vehicle models and original equipment manufacturers (OEM). Some 37.3% said they haven’t been collecting data from OEMs because they haven’t found the right data platform provider.
Roughly half of respondents said they need a better way to standardize data from disparate systems or OEMs to improve the process of leveraging their connected vehicle data. More than one-third said they need better connectivity technology and improvements on the time it takes to cull and process that information. Just over half said gaining better insights would allow them to help supply chain processes for new vehicles, while 46.2% said it would assist in better vehicle maintenance.
“As we navigate the rapidly evolving landscape of the fleet industry, it is imperative for executives to recognize the transformative power of connected vehicle data,” said Sandip Ranjhan, CEO of CerebrumX. “Connected vehicle data isn’t just about technology; it’s about unlocking efficiency, enhancing safety and ultimately driving business success.”
Deep insights required
He said that in an era where information is key, unlocking the full potential of today’s fleets requires a deep understanding of the insights derived from connected vehicles.
“Education plays a pivotal role in empowering executives to harness the true value of this data,” Ranjhan said. “By investing in continuous learning and fostering a culture of knowledge-sharing, we pave the way for strategic decision-making that goes beyond the traditional boundaries of fleet management.”
Sixty-nine percent of survey respondents said they believe embedded A.I. can be a solution to these issues. About half said they would like to be using their data to better understand usage trends, while another 42% said they want to build broader mobility strategies. A third said they want to gain better insights for vehicle maintenance.
In terms of leveraging connected vehicle data to reduce costs, 37.5% of respondents said they are seeing a reduction in insurance costs by 5%–10%, while more than one-third report a reduction in maintenance costs by 5%–10% as well. Many respondents also said their connected vehicle data is creating the most results for cost reductions in road usage fees (44%), as well as overall fleet management operations (41%).
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