Digital Strategy

Harnessing the Power of Data & Analytics

In the automotive industry, data reigns supreme. But it's not just about what you know from your own company's data. To make the smartest decisions, you need to look outside as well. This means leveraging external data sources. For example, when you're trying to figure out how much a car should cost, your internal data is a good start. But when you add information about market trends and regional economics, you get a much clearer picture.

External Data: The Bigger Picture

External data helps in several key areas. For supply chain management, it's similar to having a forecast that helps you predict and prepare for parts shortages or surpluses. This way, you can adjust your production and inventory without any surprises.

Then there's understanding what your customers want. By looking at things like social media trends and consumer behavior studies, you gain insights that help you create better products and marketing strategies based on your customers' thoughts and preferences.

The Essentials to Managing and Storing Data

When it comes to data, moving quickly is crucial, especially with how fast the automotive market can change. Data should be as up-to-date as possible. Whether it's hourly, daily, or weekly updates, having the latest information helps you stay ahead and make decisions in real-time.

Another challenge is managing and processing huge amounts of data quickly. For this, you need strong IT infrastructure and advanced data processing technologies. Think of it as a powerful engine to keep up with the speed of information.

After processing, data needs to be stored in a way that makes it easy to use. If you're going to be running complex queries frequently, you need a well-organized database.

In addition to structured databases, maintaining a data lake is beneficial. Data lakes allow for the storage of vast amounts of raw data. While querying might be slower, they offer invaluable flexibility for exploratory analysis and innovative uses of data.

Wisely using external data, along with efficient processing, management, and storage, is key in the automotive industry. It helps in making better decisions, while driving innovation and growth. As the industry evolves, those who are adept at leveraging these data practices are poised to become market leaders.