The automotive industry is rapidly evolving, and one of the key drivers of this transformation is the integration of data and artificial intelligence (AI) into connected cars. With a real-time view of driver and vehicle data, including location, speed, and in-vehicle apps and systems, Salesforce Automotive Cloud technology and Persistent’s Salesforce, data, and AI expertise deliver truly personalized experiences for every new or existing vehicle buyer.
Unifying Data for Personalized Experiences
Salesforce recently announced new innovations in their Automotive Cloud platform, aimed at helping automotive companies harness data and AI to provide more personalized in-car experiences, manage fleets, and simplify auto lending and leasing. By unifying automaker’s data – from vehicle telematics to service records to customer data – Automotive Cloud enables the development of new features that provide a real-time, proactive and contextualized view of what’s happening inside a vehicle, allowing every vehicle owner to have a truly personalized experience.
The Importance of Connected Cars
Connected cars are set to revolutionize the automotive industry. According to McKinsey & Company, connected cars will make up 95% of all new vehicles sold by 2030. These cars are already generating a massive amount of data – approximately 25 gigabytes per hour, as reported by eInfochips. This data presents a significant opportunity for automotive companies to deliver the personalized experiences customers expect and generate new revenue streams.
Personalized Experiences and Customer Expectations
As technology advances, customer expectations are continuously evolving. Today’s consumers demand personalized experiences in every aspect of their lives, and the automotive industry is no exception. Connected cars can provide drivers with tailored recommendations and features based on their preferences and driving habits. For example, the car’s infotainment system can suggest nearby restaurants based on the driver’s previous choices or offer alternative routes to avoid traffic congestion. These personalized experiences are the key to unlocking customer delight and brand loyalty.
Monetizing Data for Revenue Generation
The abundance of data generated by connected cars creates various opportunities for automotive companies to generate new revenue streams. By leveraging AI and data analytics, companies can gain valuable insights into customer behavior and preferences. This information can be used to offer targeted advertisements or partner with third-party service providers to offer personalized services to drivers. Additionally, automakers can collect anonymized data and sell it to other industries, such as urban planning or insurance companies, to inform their decision-making processes.
Enhancing Fleet Management
Connected cars and the integration of data and AI also offer significant advantages in fleet management. Automotive companies can track the performance and maintenance needs of their entire fleet in real-time, ensuring optimal efficiency and reducing downtime. Predictive analytics can identify potential issues before they occur, allowing for proactive maintenance and minimizing vehicle breakdowns. By streamlining fleet management processes, connected cars enable companies to optimize costs and improve overall operational efficiency.
Simplifying Auto Lending and Leasing
Another area where data and AI can revolutionize the automotive industry is in auto lending and leasing. By leveraging the data collected from connected cars, lenders can gain a deeper understanding of a borrower’s driving habits and risk profile. This enables more accurate assessments of loan and lease applications, resulting in faster approvals and improved customer experience. This opens new ways to reach existing vehicle owners with personalized offers for vehicle upgrades and/or lease renewals. Additionally, AI-powered algorithms can assist in determining optimal financing terms and personalized offers based on individual driver profiles. All this, combined with Persistent’s decade-long experience in digital lending, can take automotive captive finance to a new level and help the auto finance firms stand out in a highly competitive industry.
Dealer and Partner Relationships
Building and maintaining strong relationships with dealer partners is crucial for the success of automotive companies. Persistent’s Automotive Captive Finance solution provides a comprehensive platform to enhance collaboration and track partner performance. With features such as performance tracking, collaboration across sales agreements, site visits and demand forecasts, and channel incentives, automotive companies can strengthen their dealer partner relations and drive mutual growth.
The Road Ahead
The future of connected cars with Salesforce, data, and AI is promising. As technology continues to advance, automotive companies need to adapt and embrace these innovations to stay competitive. The integration of data and AI into connected cars will not only provide personalized experiences for drivers but also unlock new revenue streams and enhance operational efficiency. It is an exciting time for the automotive industry, and the possibilities are endless.
The car industry is going to change more in the next 5 years than in the past 50 years
Mary Barra, CEO, General Motors.
Salesforce’s Automotive Cloud platform and Persistent’s Salesforce, data, and AI innovations are at the forefront of this transformation, enabling automakers to provide personalized in-car experiences, optimize fleet management, and simplify auto lending and leasing. With the increased number of connected cars in the market, the importance of harnessing the vast amounts of data they generate cannot be understated. By leveraging AI and data analytics, automotive companies can meet customer expectations, generate new revenue streams, and drive innovation in the industry. The future of connected cars with data and AI is bright, and it’s an exciting time for both automakers and consumers alike.
