AI is increasingly being seen as a way to derive greater intelligence from the vast amount of data generated by connected vehicles.
The ability of electric vehicles, especially those in corporate fleets, to communicate their status in real time is a compelling concept, and now there is proof that it is paying dividends to their owners. At the same time, many admit they don’t know what to do with all the data now streaming in from connected vehicles, or have the technology to handle it. Artificial intelligence is increasingly being seen as a way to overcome these challenges, enabling greater intelligence within vehicle communications and analytics.
That’s the word from CerebrumX, which finds most of the 2,000 fleet executives it recently surveyed reporting improvements and returns on their investments in connected vehicles.
A majority of respondents, 62%, are currently leveraging connected vehicle data. In addition, 39% are also leveraging a telematics service provider.
However, 33% say they are not receiving optimal ROI from their telematics initiatives. Of these respondents, 22% said they have challenges in making their data actionable for their organization. Another 21% said they have challenges in collecting data from different vehicle models and OEMs. Lastly, 37% said they haven’t been collecting data from OEMs because of uncertainty about data compatibility.
Sixty-nine percent said they believe embedded AI can be a solution to these issues. Forty-eight percent 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.
There are tangible benefits already being seen from real-time data feeds from vehicles. At least 38% of the fleet executives say they are seeing a reduction in insurance costs by five to ten percent, while more than a third are seeing a similar reduction in maintenance costs. 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%).
Just over half (51%) said gaining better insights would allow them to help supply chain processes for new vehicles, while 46% said it would help better maintain vehicles.
About half of respondents, 49%, said they still need a better way to standardize data from disparate systems or OEMs to improve the process of leveraging their connected vehicle data. Another 37% said they need better connectivity technology, and also improve on the time it takes to access and process data.
One of the most significant contributions of telematics to electric vehicle data collection “is the ability to monitor crucial metrics in real time,” the CerebrumX authors explain. “From battery health to energy consumption patterns, telematics provides a comprehensive view of an electric vehicle’s performance. According to recent industry statistics, real-time monitoring facilitated by telematics has led to a 20% increase in the overall efficiency of electric vehicle fleets.”
Telematics doesn’t just stop at monitoring, they add, “it propels us into the realm of predictive maintenance. By analyzing historical performance data, telematics systems can predict potential issues before they become critical, leading to a 15% reduction in unplanned maintenance incidents, as reported by leading electric vehicle fleet operators.”
Real-time telematics in electric vehicle data leads to a 80% reduction in downtime, and a 50% decrease in accidents “attributed to improved driver awareness and adherence to safety protocols.”
EV telematics also “empowers electric vehicles to communicate with smart grids, enabling dynamic charging based on grid demand and supply. This bidirectional communication ensures optimal energy utilization, reducing strain on the grid during peak hours and contributing to a more stable and resilient energy infrastructure.”