Predictions: What data and analytics can do for you in 2024
Everyone is talking about data. And, during the year 2024, this is only likely to escalate as business leaders recognize the need to grasp the opportunities presented to them by data analytics to remain at the forefront in their industries.
At Greater Than we’re proud to use an experienced AI that helps our customers and partners make better use of their GPS data. Here I discuss the opportunities that are likely to be enhanced in 2024 for businesses with connected vehicle data.
Deeper sustainability insights and management
Sustainability must be one of the hottest topics in business this year, with organizations under greater pressure than ever to “walk the walk” when it comes to climate action. Sustainability in transport and mobility is no longer just about fuel consumption. It’s about the whole vehicle lifecycle. And how the vehicle is driven is a key component.
Organizations that have previously only thought about how to reduce mileage or use the right vehicle for the job will realize that they can reduce CO2 emissions by focusing on the driver, with NO impact on the supply chain. How? By utilizing data analytics and AI to measure a driver’s impact on the environment and embracing gamification to incentivize safer, more sustainable driving behaviors.
Simplified ESG reporting with existing GPS data
Few companies realize that their connected data contains valuable data for ESG reporting. In fact, it’s even possible to utilize historic GPS data to uncover impact and progress over time.
Connected vehicle data can be analyzed by AI to uncover drivers’ CO2 emissions in grams and percentage, EV battery consumption, as well as savings over time. It’s likely that, with the new wave of ESG reporting regulations coming into effect in 2024, such insights will be in much greater demand as organizations seek to obtain data for reporting, set targets for CO2 emissions reductions, and take action to reduce their carbon footprint.
Streamlined ESG reporting throughout supply chains
One of the biggest challenges for organizations subject to ESG reporting regulations is how to manage their Scope 3 emissions. This year, many companies will be increasing their focus on the development of sustainable supply chains and collaborating with suppliers to set carbon reduction targets.
During 2024, I expect companies to embrace technologies that can be easily adopted by their supply chain partners to aid the sharing of emissions data throughout supply chains. This will help supply chain partners to set their own carbon goals and helps all parties to decarbonize their operations.
Crash prediction and prevention
The predict and prevent model in motor insurance is nothing new. In fact, predicting losses and being able to price the losses accurately is what insurance is all about. But, with the volume of data we have today, the predict and prevent model has never been stronger.
During 2024, I expect that, to increase competitiveness, more insurance companies will utilize AI data analytics insights to predict the future in terms of vehicle crashes. After all, if companies can see which driver is likely to crash next, and why, it makes it much easier to take remedial action and stop predicted crashes from happening altogether.
Optimizing the customer experience
AI is already making a huge difference to customer experience. Companies across all industries are using it to understand the customer better and to personalize interactions. But, in the world of mobility, there are plenty of opportunities still waiting to be explored.
Within motor insurance, organizations are recognizing the value of data-driven insights to tailor pricing and personalize driver feedback. I expect that, this year, more motor insurance companies will embrace data for new business opportunities and new product offerings. Across mobility and transportation, data makes it easier to get to know the customer, and tailor products to suit their needs. And, combined with the latest in customer gamification, this enables companies to develop products that put the customer first, whilst boosting engagement and satisfaction.
At Greater Than, we are passionate about empowering our customers with meaningful driver impact insights to help them optimize driver risk management, achieve insurance profitability, manage sustainability & ESG reporting, and monetize GPS data. If you have connected data and are interested in discussing the ways you can make the most of the data in 2024 and beyond, please book a meeting with us.
