20 Feb 2024

Connected vehicle technologies

CerebrumX Industry Survey Highlights Where Cost Reductions Are Being Realized for Fleets Leveraging Connected Vehicle Data

CerebrumX Labs (CerebrumX), a leading AI-driven automotive data management company, has announced results of a recent industry survey designed to take the pulse of fleet business leaders who have begun to utilise Artificial Intelligence (AI) connected vehicle technologies, and what type of results and/or cost savings they have identified for their operations.

CerebrumX presented an online survey to more than 2,000 fleet professionals during the last two weeks of November. The survey found that 61.5% of respondents are currently leveraging connected vehicle data. It also found that 38.5% are also leveraging a telematics service provider (TSP). However, 32.7% say they are not receiving optimal ROI from their TSP. Of these individuals, 22.1% said they have challenges in making their data actionable for their organisation, and another 21.2% said they have challenges in collecting data from different vehicle models and OEMs. Lastly, 37.3% said they haven’t been collecting data from OEMs because they haven’t found the right data platform provider.

69% said they believe embedded AI can be a solution to these issues. 48% said they would like to be using their data to better understand usage trends, while another 42% said they want to build broader mobility strategies, and 33% said they want to gain better insights for vehicle maintenance.

In terms of leveraging connected vehicle data to reduce costs, the majority of respondents (37.5%) said they are seeing a reduction in insurance costs by 5% – 10%, and more than a third are seeing a reduction in maintenance costs also by 5% – 10%. Many respondents also said their connected vehicle data is creating the most results for cost reductions in road usage fees (44%), as well as overall fleet management operations (41%).

Roughly half of respondents said they need a better way to standardise data from disparate systems or OEMs (49%) to improve the process of leveraging their connected vehicle data. Another 36.5% said they need better connectivity technology, and also improve on the time it takes to access and process data. Just over half (51%) said gaining better insights would allow them to help supply chain processes for new vehicles, while 46.2% said it would help better maintain vehicles.

“As we navigate the rapidly evolving landscape of the fleet industry, it is imperative for executives to recognise the transformative power of connected vehicle data,” said Sandip Ranjhan, CEO of CerebrumX. “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. By investing in continuous learning and fostering a culture of knowledge-sharing, we pave the way for strategic decision-making that goes beyond the traditional boundaries of fleet management. Connected vehicle data isn’t just about technology; it’s about unlocking efficiency, enhancing safety, and ultimately driving business success.”