Day by day the proliferation and demand of data increases globally. Customer preference and their perspectives are important factors for business, that’s an influence in any industry. According to the available reports, one of the most important economic sectors by revenue is the automotive industry. Automotive organizations highly dependent on analytics, ie their products entering the market with the help of data analytics.
Recently many industries adopt Data Analytics as their driving force. The automotive industry is a close follower of data analytics and they largely investing in their analytical maturity. Automotive organizations raising their analytical capability thereby working on their advanced stage. The market conditions totally changed. industry cope up with the competition with the help of maturing analytical availability. Now companies switch from a product-centric approach to a consumer-centric approach. This shift happens only because of technological advancement. For the automotive industry, the customer is the first name mining their data will help to understand their habits through this predict t purchasing.
The changing approaches by automakers towards analytics largely influenced The great recession that happens in 2007, recession creates a new business environment ie, entirely focused on consumer needs and wants. At the time of recession economy totally changed demanded vehicles sales downturn. The consumer became more conservative and automakers facing a huge disaster. The inability to predicts consumer preference helped them to change their approach. Modernization of technology is a very important factor in an analytical approach, more data means more information thereby take more accurate decisions. Now the automotive industry fully capable of track consumer behavior and also have the capacity to discover changing market trends. Availability of more data means an alteration in consumer behavior so that the industry adjusted its analytical focus. Shortfalls of the automotive industry only known by better-informed consumers.
The automotive industry can enter into a new analytical analysis level with increased consumer and vehicle data. Data analytics not only for marketing or post-sale area it’s for each step of the product life cycle that’s will definitely create value. Cope up with a fluid market is possible with the help of information gained from consumer purchases.
Today The automotive industry continues to face a large number of challenges and pressures, related to cost, competition, unpredictable market trends, high volatility, and globalization. At the same time, Analytics presents a wide no solutions and possibilities to tackle these pressures, Yes analytics is a powerful tool. The right application of Data analytics will help to acquire a comprehensive set of capabilities.
