10 November, 2020
“AI creates numerous opportunities to reduce costs, improve operations, and generate new revenue streams.”
With vehicle data a central theme at the automotive industry’s upcoming AAPEX event, it’s worth exploring the potential ramifications that the underlying technology and the use of this data have for the automotive industry. Data use battles aside, the information gleaned from increasingly sophisticated vehicles has the potential to not only enhance the end user experience, but leapfrog the entire industry forward. Built-in vehicle sensors aggregate and provide data in ways never imagined a decade prior, accelerating the formation of a mobility ecosystem that will allow cars to be directly connected to their manufacturers, parts distributors, repair centers, and owners – all in in real time. And as AI and predictive solutions mature, so do their ability to make sense of the massive amounts of data generated by intelligent vehicles.
Despite these recent advances in vehicle technology, however, much of the information they generate remains fragmented, forcing businesses to rely on obsolete demand prediction formulas. No system is foolproof, but the industry’s current modus operandi fails to stem the unpredictability of rapidly changing market conditions and demographics. “Business leaders dating back at least to Alfred Sloan, who laid out GM’s influential philosophy of decentralization in a series of memos during the 1920s, have recognized that badly judged centralization can stifle initiative, constrain the ability to tailor products and services locally, and burden business divisions with high costs and poor service.” Decentralization, made possible by advances in blockchain and AI, transfers the power of administrative functions and services to the most efficient automated systems on the network — those capable of replicating blockchain workflows while ensuring delivery of convenience, benefits, and savings to all participants on the transaction blockchain. While past automotive parts and service forecasts rely upon historic data predicting what might happen, solutions such as SHIFTMobility’s Genie AI indicate when and where.
“AI-based algorithms can digest masses of data from vibration sensors and other sources, detect anomalies, separate errors from background noise, diagnose the problem, and predict if a breakdown is likely or imminent.”
Powered by lightning quick blockchain and sophisticated artificial intelligence, Genie AI can extract insights and forecast demand almost instantaneously while autonomously managing complex business processes from reactive customer touch points to performance analytics and more. A major benefit of possessing the tools to interpret this flood of data is predictive, or on-demand, maintenance, but the rewards also extend to manufacturing and distribution operations. While predictive maintenance ensures that drivers replace deteriorating components prior to total failure, it also allows the components’ manufacturer to make immediate corrections during the production process, thus avoiding catastrophic costs. “By monitoring thousands of data points per second, AI can spot minute changes that may indicate a pending component failure — often long before the failure could leave you stranded.” The ability to pinpoint part faults at any point in the supply chain promises to save businesses significant capital by limiting recall scope or preventing one altogether while simultaneously boosting consumer safety levels. The granular data extracted by AI also extends benefits to consumers, enabling businesses throughout the automotive ecosystem to make informed decisions based on actual needs and rather than predictions. McKinsey is even more optimistic, stating that “AI-based machines won’t just follow the rules, they’ll find ways to create solutions to complex problems within a given solution space.”
All told, the coming transformation to a decentralized and sustainable blockchain enterprise ecosystem powered by artificial intelligence will fundamentally alter the very foundation of the automotive industry. While other organizations are busy debating the implementation of such technologies through emerging consortiums, SHIFTMobility’s Automotive Blockchain Platform is currently deployed in leading businesses. “In an industry increasingly reliant on connected technology, future demand for parts and services will be generated by cars and repair centers, positioning service-on-demand as the new gold standard. Our automotive specific blockchain platform collects, analyses, and disseminates the real-time service, maintenance, and parts data necessary to realize this fundamental shift. Today, businesses within our ecosystem are leveraging instant visibility into local demand and next generation customer engagement with impressive results.” Pavana Jain, CEO & Co-founder, SHIFTMobility Inc.
Learn more about SHIFTMobility’s vision for the future of automotive technology here.