In a significant development for the fleet industry, a recent survey conducted by CerebrumX Labs Inc. (CerebrumX), a prominent AI-driven automotive data management company, has shed light on the cost reductions achieved through the adoption of connected vehicle data.
The survey highlights the growing importance of Artificial Intelligence (AI) in enhancing fleet operations and the challenges faced by executives in maximising the benefits of this technology.
The online survey, targeting over 2,000 fleet professionals during the final two weeks of November, revealed that 61.5% of the respondents are already leveraging connected vehicle data, with 38.5% using a telematics service provider (TSP).
Despite these high adoption rates, there are significant hurdles in realising optimal returns on investment (ROI).
A notable 32.7% reported suboptimal ROI from their TSPs, citing issues in making data actionable (22.1%) and in collecting data across various vehicle models and Original Equipment Manufacturers (OEMs) (21.2%).
Additionally, 37.3% have not been gathering data from OEMs due to the absence of a suitable data platform.
The survey also underscored the potential of embedded AI in addressing these challenges. A majority (69%) believe that embedded AI could be a key solution.
The desire to use data more effectively was evident, with 48% aiming to understand usage trends, 42% looking to develop broader mobility strategies, and 33% seeking improved insights for vehicle maintenance.
Cost reduction through connected vehicle data emerged as a significant theme. The majority of participants (37.5%) noted a 5-10% reduction in insurance costs, and a similar proportion reported decreased maintenance expenses.
Additionally, 44% found significant cost savings in road usage fees, and 41% in overall fleet management operations.
However, the survey also highlighted a gap in the standardisation and processing of data from different sources. About half of the respondents (49%) expressed a need for a better way to standardise data from disparate systems or OEMs. Improved connectivity technology and faster data processing were also cited as needs by 36.5% of participants.
Sandip Ranjhan, CEO of CerebrumX, emphasised the critical role of education in empowering executives to effectively use connected vehicle data.
He said: “In an era where information is key, unlocking the full potential of today’s fleets requires a deep understanding of the insights derived from connected vehicles. Education plays a pivotal role in empowering executives to harness the true value of this data.”
CerebrumX, headquartered in Detroit, Michigan, with offices globally, offers a unique data management platform that aggregates scattered data from various partners, including OEMs, media, insurers, and fleet companies. Their Augmented Deep Learning Platform (ADLP) activates under-utilised connected vehicle data, providing a comprehensive solution for the automotive ecosystem.
For more information, visit CerebrumX’s website at cerebrumx.ai
