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In our recent webinar with Ward Intelligence Analyst, Steve Bell, we broke down what the Act means for OEMs and how they can best prepare for when the Data Act goes into effect. Here are a few of the highlights from the discussion:
One of the main goals of the Data Act is to bring about economic innovation. It is part of the EU Commission’s plan to create €270 billion of additional GDP by 2028. From an automotive OEM perspective, the Data Act has huge potential to accelerate the customer experience, increasing OEM loyalty, lifetime ownership and consumer spend. Users will be able to leverage their own data to shop for individualized services while manufacturers will be able to better understand and support their customers with access to high-value insights.
The Data Act requires OEMs to make data generated from connected vehicles available to consumers and third parties. Given the hugely vast volume of data connected vehicles create, this is an expensive task. It is critical OEMs look for ways to reduce data waste by limiting data collected from the car, establishing controls to focus on discovering high-value data, and putting processes in place to automatically delete data that’s not needed.
While the move away from on-premise systems has been in process for afew years now, the Data Act will catalyze the use of cloud applications thatallow for flexible storage and agile development. The cloud can assist inensuring cost-effective data aggregation and is fundamental for applications thatassist in cataloging data to make querying easier for consumers and thirdparties to access the information that are the most relevant to them moreefficiently.
One of the greatest challenges for OEMs around the Data Act will not only be in reducing data waste and managing costs but also in breaking down the siloes that exist across their systems today. The connected car ecosystem has grown incredibly complex over the past years and resolving that complexity through powerful partnerships will be fundamental for OEMs in positioning themselves for data transformation success in the next 2-3 years.
Interested in learning more? Be sure to check out the whole discussion by listening to the webinar recording here. If you’d like to discuss how Wejo can help in building efficient data processes to improve customer experiences and manage costs, connect with us today