How IoT In Automotive Industry Is Transforming Smart Cars

 

The Internet of Things is rapidly influencing every sphere of our lives. IoT in Automotive Industry is seeing one such rapid growth. As of 2020, an article by Deloitte cites that over 20 billion IoT devices are in use. 

Overtly, the connected vehicle is the most recent embodiment of IoT technology. While automotive engineers and software developers both claim responsibility for this success, the real power behind the wheels lies with the IoT service providers. 

Our cars can link to our smartphones and stream our favorite playlists for hours. But today it is equipped to provide us with emergency roadside assistance and real-time traffic alerts. With a simple click, IoT devices can evaluate engine performance, monitor and control air temperature, and measure physical indicators. Hence, automotive companies can no longer afford to overlook the contribution and role of IoT. 

Internet Of Things Will Be The Backbone Of The Future Automotive Industry

The Internet of Things is ushering transformative across sectors; the automotive industry will continue to change rapidly under its influence. It will be the backbone of crucial industry changes. And the connected car will be a critical player in determining the future economy, besides providing an enjoyable user experience on the roads. 

We see examples of power struggles between the software and the automotive industries. Evidently, the industry is evolving and reinventing itself. We are moving from the age of products to the age of experiences, from hardware to software, from information to value creation. The customer mindset is transitioning from siloed products to inclusive ecosystems.

As the automotive industry undergoes this overhaul in its position, IoT in automotive industry can fortify using the following methods:

1. Align the vision with the automotive industry – IoT, software service providers, and the automotive industry will need to be better aligned to understand the market needs. 
2. Accountability of data is of paramount importance – Who owns the data, how one uses it, and how one ensures its privacy will need to be determined. 
3. Adopt a customer and service-centric approach for the entire automotive lifecycle.
4. Accept and adopt newer capabilities in-vehicle software development. 
5. Address production, manufacturing, and lifecycle challenges with the help of technology, ensuring a hassle-free and integrated development. 
6. Form strategic partnerships to create a value chain for smart-device manufacturers. 

The Changes Brought Forward By Iot In Automotive Industry:

Wireless technology lies at the heart of the Internet of Things. IoT devices collect, share, store and exchange data with other devices, making it a connected ecosystem. It is then powered by the ability to communicate without any human involvement. 

IoT in automotive manufacturing is the most significant adoption – to reduce human involvement, increased time management, and improve productivity. While the cross-industry and multi-sectoral dependence on it grows, consumer use of IoT outpaces that of business.  

Connected vehicles are likely to increase by 67% over the next two years with consumers’ spending on in-vehicle connectivity anticipated to double by 2030. Thus, drivers worldwide are constantly expecting their vehicles to resemble intuitive smartphones on wheels. And IoT indeed has already proven its ability to fulfill demands around this futuristic technology. 

So how can the IoT developers keep pace with the demands of the automotive industry?

Predictive repairing

IoT connectivity comes with many advantages, predictive maintenance technology being one of them. A Smart car will collect performance data of the different parts and transfer it to the cloud. Then insights based on the data can help with a risk evaluation and prevention of a potential malfunction to avoid future incidents. Both private car owners and dealers of larger fleets can adopt predictive maintenance. In the future, IoT in automotive industry will play a prominent role in preventing unplanned stops or breakdowns. Also affecting the insurance and risk industry – with customized vehicle insurance premiums powered by vehicle and driver performance.

 

Automatic updates

IoT-powered automatic updates in connected vehicles can improve traffic management by increasing the accuracy of real-time traffic data services, enabling millions of drivers with a more comfortable and supported driving experience. As a result, many manufacturers in the automotive industry are redesigning vehicle software and hardware to comply with NDS (Navigation Data Standard) and improve vehicles’ connectivity. 

Fleet Management 

Truck transportation is often disregarded when adopting innovations for the automotive industry. However, there have been some breakthrough innovations. One of the most significant examples is the Tesla Classic 8 electric truck which can go 500 miles on a single charge. Using IoT, the vehicle can call 911 if the driver isn’t responding. IoT can tap into large fleets that can give them information on routes, fuel consumption, performance data, and traffic. Integrated cloud-based platforms can gain multiple benefits, such as tracking vehicle positions to monitor time and efficiency. 

Smart manufacturing 

Smart infrastructure is powering Smart cities and revolutionizing the automotive industry. It will not take long for street signs and traffic signals to become a thing of the past. Our connected cars in the future will be smart enough to take twists and turns on busy roads with Smart technology. For this, we require a drastic change in how automotive manufacturers approach a Smart car. As a result, software and hardware development will need to be combined to create that perfect car, straight from the future. 

Braking Point

The Independent points out that by 2030, the standard cars will have evolved from merely assisting drivers to fully taking control. IoT technology will power tomorrow’s car with sophisticated sensors and cameras and the ability to communicate with road signages and markings. Most payments will happen online, indicating that drivers will no longer have to carry cash. Consequently, vehicles pay their insurance themselves! 

In conclusion, with the influence of IoT in automotive industry, millions of drivers can connect with over-the-air software to receive updates, information, and bug fixes. V2V, V2I, and V2X connectivity will launch a new era in fleet management. With IoT, a Wifi connection will be enough to make the drive smooth, safe, and 100% hassle-free. So, there’s no braking point but full throttle with max safety and much more than you might think. 

Spoilt for choice – Is Brand loyalty of Buyers a thing of the past?

 

The Covid 19 pandemic has seen variants across the entire spectrum of human behavior, including consumers’ brand loyalty. The latest McKinsey reports, “In the US, more than 60% of consumers who tried a new behavior plan to stick with it post-crisis.” A second study agreed, saying that 62% of people who changed their preferred brand pre-pandemic will most likely make it a permanent change. 

Research says during the pandemic, consumers have changed their shopping choices. When they didn’t find a particular product with a specific retailer, they moved on to a different brand. This causes supply chain disruptions globally. Availability, convenience, and comfort took precedence during times of scarcity. 

We cannot overlook Post pandemic changes in consumer behavior as temporary. It can shape the future trajectory of brands and customer relationships. 

Buying Behaviour Pre-Pandemic 

The change in buying approach is not entirely a post-pandemic trend. In 2019, a study of more than 34000 customers by Verint® Systems Inc. stated that brand loyalty has steadily declined for years. More than 60% of the people interviewed in the study said that it was very likely for them to switch to a competitor with better customer service. A report by Accenture Strategy found nearly 90% of buyers were quicker to shift to a new brand than they were three years back. 

Brand Loyalty Is A Thing Of The Past

Brand loyalty is not just declining. It is quickly diminishing. In the era of e-commerce and social media, buyers have plenty of choices. There has been a mass migration of buyers onto the internet. Billboards and television ads are almost dead.  Hence, consumers today tend to be more versatile and less loyal than ever. Research on consumer satisfaction indexes has long proven that despite having a positive experience with an existing brand, satisfied consumers are less likely to buy the same car, shampoo, or washing machine again. 

Previous research indicates that customers are invested in a brand for reasons like consistency, increase in value, quality, reward points, personalized gifts, etc. Today, brands are struggling to recall value. Between times of loyalty to no brand loyalty, the world around us has gradually but significantly shifted.

Reasons For Changing Consumer Behavior

Some of the reasons that can explain the changing consumer behavior are:

Product Availability  –  With shutdowns happening since 2019, many products went off the shelves. Despite preferences, consumers found more options – similar and sometimes better in quality. 

Exposure to online reviews – Customers used to listen to brands. Now, they have the option to read online reviews and assess the product’s quality. We see people reading an online review and saying, “I am going to try it,” now more than ever. 

Customer service – More than 85% of customers say that excellent customer service is a ‘make it or break it moment’ for them when selecting a service provider. 

Convenience – When a diverse range of products is available at a  screen swipe, an average buyer wants maximum comfort. 68% of consumers say they intend to engage with a brand that makes it easy for them. 

Technology – Close to 50% of customers say that they are more likely to stay loyal to brands with improved technology than their counterparts. We often associate good tech with better customer engagement. 

Human contact – In sharp contrast to the previous point, while many customers prefer self-service, they also find it comfortable to engage with a person across phone and digital platforms. Non-availability of people in customer service proved to be a firm no-no for buyers. 

While customer service has improved across services, some outperforming brands and retailers have set the bar high. Today’s world is fast evolving to provide the best shopping experiences online. Buyers don’t have to be on their feet all day hopping from one store to another. It is not enough to be good or better. Be the best to stand a chance at winning the buyer’s brand loyalty. 

Value for Money

“Value for money” is the primary reason to switch brands more often. Increasing global awareness of ethical, sustainable, and value-based brands (e.g., supporting local businesses) are some reasons why buyers choose to move away from certain brands or products.  

Another challenge for retailers when retaining loyal customers on the internet is competing for the buyer’s attention, engagement and consistency.  While it takes time to nurture such loyalty, in the face of the bombardment of information on the internet, people who want to buy do not have the attention span for one particular brand. Therefore retailers investing at least 50% of their budget in improving customer experience are set to gain in the long run because research says loyal customers are more likely to spend 67% more than new customers. It is always easier to sell to someone ‘again’ than for the first time. Technology can make personalized products and services for all buyers a reality. Brands can reap rich profits through early investments in robust IT. 

Conclusion

The soar in online shopping is unlikely to decline after the pandemic abates. For brands to maintain a solid relationship with their valuable customers, they must keep a firm grip on their brand loyalty programs. Instead of running isolated programs around marketing, companies should integrate brand loyalty goals into all departments such as operation, finance, and technology. It is crucial to ensure seamless coalescing of operation, marketing, and the tech footprint of the company to build brand loyalty. Swift and smooth returns, replacements, and refunds, with efficient and polite customer care, are essential success factors for a brand. Couple it with a user-friendly online interface. And you have the success mantra for customer retention in the long run.

Mindfire Solutions provides robust IT solutions and a user-friendly online interface that can help you bridge the gap with your customers. Connect with us to know more about solutions that can help grow your business. 

 

How Do AI Applications Improve Healthcare And Wellness?

 

 

The COVID-19 pandemic overwhelmed the existing healthcare infrastructure. It has been a rude reality check for clinical administrators worldwide. Now, as the contagion subsumes, the persisting rise in the global burden for non-communicable ailments like lifestyle disorders is likely to keep medical practitioners on their toes in the days ahead. With this, the demand for preventive measures is increasing. By using AI for healthcare, we may step ahead in this crisis.

A Looming Crisis In Healthcare

Today, the demand for preventative intervention is skyrocketing. But limited growth in clinical ranks indicates an ever-widening talent gap with cascading implications. WHO assessed a projected shortfall of 18 million healthcare workers by 2030. This gap is likely to be manifested primarily in low and lower-middle-income geographies. Medvocation, in one of its recent studies, found that nearly 44% of doctors worldwide are already breaking under the immense workload and are unable to live happy and healthy lives.

The existing state of affairs can portend a crippling impediment as the global population ages. Reactive healthcare becoming more costly adds to the worries of the patients and clinical professionals.

AI For Healthcare: Reimagining Wellbeing

Fortunately, advancements in data-driven technologies like AI and machine learning have brought preventive medicine much closer to high-risk and healthy individuals. It has improved the possibilities of self-care and wellness like never before. For instance, today, AI applications can monitor every heartbeat and predict congestive heart failure (CHF) with remarkable accuracy. It permits the prospective patient a significant head start in seeking expert advice long before ending up on a gurney in an ICU.

Due to this the global market for intelligent self-care medical devices ($13 billion in 2020) is expected to reach a valuation of more than $30 billion by 2027, with a CAGR of over 8%.  

AI in Medicine: A Comprehensive Approach

For some years, AI-powered applications have made significant inroads across various clinical procedures and treatments, from automating medical front desk services, drug repurposing, vaccine development, building Smart EHR systems, and improving pathology to successfully predicting drug reactions. Today, at least 90% of healthcare establishments have an AI strategy. Indeed the benefits are substantial as cognitive computing allows practitioners to delegate repetitive tasks like clinical data extraction, assimilation, and report creation to the machines. Effectively AI for healthcare professionals can help with better decisions and focus on what they do best: care for their patients. 

However, the role of AI on the demand side of the story is equally spectacular! Proper self-care, yet elusive, is now feasible as wearable devices embedded with machine intelligence enable individuals to listen to their vital signs better. As algorithms operating on the edge get more intelligent and more emphatic, they will only expand the chances of proactively and precisely diagnosing physiological parameters and assessing the likelihood of acute events for individuals with chronic conditions. It, in turn, will preempt health risks, transform clinical deliveries and ease the pressure on the existing medical infrastructure worldwide.

Factors Fueling The Influx Of AI For Healthcare

The trend is in no way isolated and wholly synced with the cognitive technology maturity curve. Several factors advocate making personal devices like Blood Glucose monitors, Insulin Pumps, Sleep Apnea Devices, Blood Pressure Monitors, and Smart Watches intelligent enough to improve self-care and wellness for their owners. None is more telling than the dichotomy that although there has been an explosive growth of health data collected institutionally in recent years, it may still fall short in enabling patient outcomes.

For instance, an asthma patient typically visits the physician every three months and spends over 2,100 hours in between when the symptoms are not actively monitored, undermining realistic assessment. Now, data continuously ingested through smart devices can bridge this gap. Other factors include:

– Advancement in cloud computing: 

The computational power available for training AI models and algorithms has grown exponentially in recent years with the GPU revolution. Today, with easy access to bare metal servers from cloud infrastructure providers, it is easy to configure systems for running high-performance healthcare workloads.

– Development of Deep Neural Networks: 

The development of Artificial Neural Networks today is supplementing ML capabilities, providing for much better and more precise modeling. ML procedures like Capsule Neural Networks and Transfer Learning can transform how ML models are built and deployed, leading to far more accurate predictions even when trained with limited datasets. It will indeed make self-care medical devices smarter and more cost-effective.

– Shift in the healthcare delivery philosophy: 

As AI systems become more readily available, institutions worldwide are unmistakably considering how care is delivered and how precious healthcare resources and infrastructure are utilized. For instance, the National Institute of Health in the United Kingdom has launched an initiative to encourage the use of AI for healthcare of individuals to self-diagnose the onset of chronic conditions. The broader objective is to eliminate unnecessary outpatient visits and save operating costs, optimizing the resources available to the frontline care workers.

AI In Self-care: Use Cases

This research paper published by Nature.com manifests the overall apprehensions of patients around the role of AI in healthcare. However, advancements in cognitive technologies can bring in early and reliable insights and even formulate an effective response to some of the most prevalent chronic health conditions worldwide. These includes: 

– Diabetes: 

While the retroactive insights on blood sugar levels are currently derived from lab tests like A1C and self-service glucometer readings, AI-enabled devices can completely upend the diabetes treatment pathway. Intelligent insulin pumps can monitor blood glucose levels and other health metrics in real-time and auto-administer appropriate insulin doses based on the patient’s health condition and symptoms.

– Hypertension: 

Collecting blood pressure readings periodically through cuff-based devices is only half the game, pending further diagnosis. However, with Smart wearable devices connected to the cloud, blood pressure data can be assimilated with multimodal data sets like genomics and behavioral to pinpoint anomalies and preempt acute instances.

– Asthma:  

Asthma patients must regularly visit clinics for pulmonary function tests. They are monitored for environmental variables like air quality and moisture profile that can adversely impact their health. AI algorithms can extrapolate heart rate and blood oxygen level data from pulse oxymeters. Utilizing other pointers like pathophysiological analysis, natural history, seasonality, phenotypes, genetics, environmental monitoring, disease biomarkers, etc., AI predicts the possibilities of an asthma attack.

– Congestive Heart Failure (CHF): 

Conventional detection for CHF is done through a clinical diagnosis like ECG and studying factors like hereditary prevalence and lifestyle choices. Nevertheless, AI algorithms can accurately predict heart health through raw electrocardiograms to predict the possibilities of CHF, almost with 100% accuracy.

– Depression: 

Screening for mental health conditions depends on subjective evaluations to detect the root cause and respond to symptoms. However, AI algorithms can eliminate this subjectivity and clinical bias from the equation by evaluating symptoms through facial expressions, voice patterns, and online habits. Moreover, they can objectively assess treatment progress by interpreting brainwave profiles unique to patients with depression.

Final Thoughts

Bringing AI to improve the state of self-care and wellness is an idea whose time has come. Cognitive technologies can play a pivotal role in preventing catastrophic health events and saving lives. However, considering the wide range of variables and the risks involved, expert implementation becomes as crucial as the technology to ensure the first-time-right outcomes. Therefore alongside investment in technology, it becomes a strategic necessity to find an experienced technology partner who can aptly demonstrate the viability of self-care through AI.

Mindfire Solutions is one such leader in AI/ML, well-acclaimed in the global health tech market. Get in touch with one of their AI consultants to discover how the company simplifies self-care and wellness for millions worldwide.

 

Primary concerns of CTOs with IT Outsourcing

 

As a phenomenon, IT outsourcing started in the 1990s to enable companies to cut costs and increase the availability of efficient resources. In the past few years, rapid changes brought about by the global pandemic have made organizations realize that outsourcing IT services allows them greater flexibility and access to top-quality talent from across the world.

According to Statista, in the year 2019, the global market size of outsourced services in the IT industry was $92.5 billion. The IT-Outsourcing market is expected to register a CAGR of 4.5% during the period between 2021–2026, primarily in the Asia-Pacific region.

India is the leading global destination for IT-outsourced services. The current contribution of the Indian IT industry to the country’s GDP is around 7.7% and this is expected to increase to 10% by 2025, which amounts to approximately $350 billion.

Despite its many advantages, IT outsourcing comes with its share of problems. Some of the top issues and their solutions are -

1. Incorrect choice of vendor/ team

It requires a lot of diligent planning and assessment to select an experienced IT outsourcing vendor who understands your business processes and/ or performance standards. In the initial stages, the outsourcing vendor will not be familiar with the parent organization’s workflow, best practices, and business processes. The parent organization must be prepared to withstand sudden changes in the vendor’s personnel or organization and build new partnerships if required.

The best solution is to conduct an in-depth assessment of the vendor’s expertise and background. Ideally, this assessment needs to include the CTO and a team of in-house experts capable of providing a comprehensive view of their requirements and expectations.

2. Uncertainty in Business / Technology

Emerging technologies are consistently driving the existing systems towards extinction in the IT industry. The main job of a CTO is to maintain pace with the latest tech developments without going blindly after every new idea. For every new and upcoming tech idea, the CTO should analyze whether or not to pursue it. In the race for popular technology, a bad decision can be disastrous for the CTO.

The lack of a clear understanding of the differences in technologies and solutions often leads to poor decisions. To minimize this risk, it is critical to identify what to outsource. For example, suppose outsourcing is done with the intention of minimizing costs or converting fixed costs to variable costs. In that case, the parent company is likely to lose some crucial competencies or capabilities, which an in-house team could best handle.

Outsourcing decisions must deliver cost-effective solutions, but the organization must retain in-house talent to define requirements and assess results accurately.

3. Defective cost-estimate or Hidden costs

When cost-reduction is the primary aim for outsourcing, early cash flow benefits and long-term cost savings are expected. However, the parent organization may not foresee future cost escalations due to unexpected reasons like technological discontinuities.

Most companies also underestimate the initial setup costs, like redeployment and relocation costs, and the costs related to running parallel operations until the new setup is up and running.

Accurate cost estimation is one of the most challenging issues with outsourcing. The solution to this lies in clearly defining project requirements. Explain your budget limitations to the vendor to minimize future misunderstandings.

4. Security and Compatibility

The data security and compliance requirements in the IT industry are constantly changing. A CTO must ensure that the company’s products are operating smoothly and are compliant with international security regulations and policies.

Since data security has the highest priority, managers must ensure confidentiality and integrity of information assets. Yet, they need to maintain transparency, coordination and easy data access between the vendor teams.

Take the example of Cloud computing services — they share their resources with other vendors. This helps to cut costs and makes IT scalable, but it also means that other companies use some of the same servers and devices, thus creating security concerns. Also, the compatibility of IT services is another big concern, especially if a company maintains some of its IT services in-house but outsources a significant chunk.

The solution to this lies in creating a seamless knowledge transfer plan. In the case of the cloud-computing service provider, the vendor may outsource some of the services covered in the contract to a third-party service provider. The third-party vendor needs to understand and accept the deliverables. The involved parties must clearly understand the agreement and other legal documentation.

While most IT businesses are well-aware of the first type of provider, sometimes they fail to consider the security concerns involved if their provider outsources to a third party. All these issues need to be understood and clarified through a contract.

5. Poor communication or Cultural differences

More than lack of technical ability, poor communication has emerged as the biggest reason for disputes between outsourcing partners. Communication is the backbone that supports the association between two parties in a contract and minimizes risks due to delayed delivery or poor output quality. Communication failure could be due to cultural diversities, language barriers, and time-zone differences, especially in overseas contracts. To reduce miscommunication, the CTO or in-house project manager in charge of the outsourced contractors could take help from a good mediator for overcoming language or cultural differences.

When it comes to communicating with offshore teams, both teams need to understand and appreciate their differences and select a mutually agreeable time for setting up meetings.

The five risks described here are not universal because they do not affect all outsourcing decisions. Most of these issues can be avoided or reduced by implementing the necessary suggestions and by carefully selecting the outsourcing team.

As corporate knowledge about IT outsourcing increases each year, the strategy of “smart sourcing” is fast becoming the norm. The usual reasons for outsourcing IT services — cost reduction, greater business focus, and subcontracting of the legacy systems — are still relevant and reasonable goals for most big IT companies.

Like other businesses, if you too are looking to develop IT Solutions, Mindfire Solutions can be your partner of choice. We have gained significant experience over the years working with a diverse clientele. We have a team of highly skilled and certified software professionals, who have developed many custom solutions for our global clients over the years.

Content Source: Medium