Operating between business standards and developing technology, the industry is wavering head-on with the data tool to revolutionise the market space.
Differences in product preferences, earlier and now stand at opposite ends of a scale. The industry now has to walk all the way through the line to reach its customer’s demand-end.
Globalisation, cost volatility, and rapid technological evolution are the primary reasons for the changing marketplace, causing industries to change the way they are operating. And the same is the case for the Automotive Industry, which is taking tiny steps into the revolutionary process change.
The auto industry is placing new products in the market that are feasible, technologically advanced, and more sophisticated.
Data is the solution’s messenger here.
The industry has to mine this messenger to get deeper. Extracting information and analyzing the trends to create actionable customer segments is the new role of the data scientist.
The data scientist is using the raw, unstructured data to prepare actionable plans. The big data is helping advance the industry in several ways- from increasing security, building IoT friendly vehicles, using predictive analysis to solve operational issues like- increased cost and uptime, and so on.