The automotive industry is being shaken up by technology advancements which are impacting the future of the business. The convergence of the Internet of Things (IoT), sophisticated new sensor and telematics systems, cloud computing networks and Big Data analytics gives car manufacturers access to new streams of real-time data from vehicles, which can provide valuable insight into both their products and their consumers.
A Price Waterhouse Coopers (PwC) study revealed that electronics systems today contribute to more than 90% of innovations and new features in modern vehicles. Manufacturers are increasingly partnering with non-traditional players, such as software companies, in order to integrate innovative digital technologies into their products.
Research by McKinsey asserts that the car of the future will be connected. Manufacturers will not only be able to monitor data in real-time for safety and reliability purposes, but vehicles themselves will communicate with other vehicles in an increasingly smart roadway infrastructure.
According to Nitin Rakesh, CEO and President of Syntel, “Manufacturers are still scratching the surface of the potential for this technology, and the ability to efficiently handle, store and interpret massive amounts of vehicle data is the key to success. Throughout the various stages of a vehicle’s life span, from production through to the consumer, there is valuable data,” said Rakesh. “Traditionally, most enterprises have stored their data in inflexible, isolated or ‘siloed’ systems which are burdensome to maintain and make it difficult to collaborate and analyse this valuable information to improve business and product performance.”
“Simply pumping mountains of new data into old storage systems is a recipe for disaster, as legacy database technology is unable to perform the type of sophisticated analytics required to uncover the deep insights that create competitive advantage,” said Rakesh.
Syntel offers a suite of services that enable manufacturers to convert and migrate their legacy data to modern platforms, where it can be unified and integrated with new data for analysis.