SPEAKER: Connected vehicles are data-generating gold mines. In fact, automakers were among the first to monetize vehicle data as soon as connected cars hit the road. Their ambitions were not only to use data sets for safety monitoring, maintenance, and product development, but also to sell them to third parties. However, returns were nowhere near expectations. Third party demand did not generate the millions in additional revenue that had been hoped for. Now OEMs are back at the drawing board and they want to tap into the value of the data itself to create new business models that serve drivers directly. Here are three ways OEMs can use in-car data to provide a better driving experience.
As with any service where user data is monetized, the value being offered to customers needs to be clear. And it needs to outweigh the cost and risk customers take when they share their data.