Opinion piece by Rishika Baratam – Marketing Manager, Ghoom
We’re living in a day and age when organizations are producing & consuming huge amounts of data everyday. Companies are trying to become data behemoths in their industries and decode valuable information to make breakthroughs.
One such industry is the automotive industry as we all stand in the forefront of witnessing the transition from standardization to personalization, Model T to Model S, Ford to Tesla!
After more than a century of development and breakthroughs in the automotive industry since the Ford era, we’re becoming all set to adopt the flurry of electric vehicles coming our way in this Musk era.
Henry Ford, a pioneer in the transportation industry introduced Model T in 1908 as an affordable, practical & a simple to operate vehicle and became a chief developer of assembly line technique of mass production. His innovative vision and determination revolutionized the transportation industry at the time.
Enter : Elon Musk. The one who changed the roadmap of the automobile industry with Tesla by cracking the code for a successful business model for bringing electric cars to the market.
Tesla is certainly breaking barriers with its staggering market performances. Tesla’s speed in innovation is posing as a huge challenge for established bureaucratic automakers to match up with and is leading them to an existential crisis.
Instead of a standard, one-model-fits-all, ride-it-till-it’s-end concept that the traditional auto industry was following, Tesla highly relies on updating it’s offering to the people by understanding and using the floods of data being generated every day by its users. They build their cars by developing software on unique hardware instead of a rigid, stiff vehicle with no scope of updation.
Essentially, coming down to the brasstacks, what has led this industry to shift gears is, Data. In a stark difference to how older vehicles operated, electric vehicles rely on powerful, insightful real time data. A person’s everyday driving habits, their charging patterns, their acceleration, battery performance or their vehicle conditions, all of it gets analyzed to understand, improve and reflect their most impending needs in the development of an upgraded & improved vehicle by the automakers. Simultaneously, manufacturers in the battery technology space are working towards shelving out superior batteries of greater efficiency and operational reliability with the help of predictive analytics and data intelligence to back the electric transformation in the automobile industry.
Ultimately, crunching of big data is going to help auto manufacturers identify patterns in driver psyche and behavior and solve the larger hurdles regarding the charging infrastructure, range concerns & other difficulties preventing an all-out electric showstop.
EV’s are increasingly seen as the saving grace in the automobile industry, a bright alternative to the fossil fuel burning vehicles pumping out harmful greenhouse gas emissions into the environment leading to climate change. Although a complete shift to an electric landscape by leaving behind their traditional siblings is still a long way to go, data is surely going to be it’s biggest ally and supporter in doing so.
By Rishika Baratam – Marketing Manager, Ghoom