8 Core Topics Driving the Future of Automotive
Seemingly constant innovation, disruption and technological advance instills a whirlwind atmosphere in the automotive sphere, and the Automotive Intelligence Summit seeks to provide answers to your questions about the future of the auto industry. In order to distill all that wild change and data into actionable insights and tangible knowledge, we’ve laid out eight core topics upon which the speakers and presenters at AIS will focus.
Like those old Nationwide Insurance commercials stated, “Life comes at you fast.” It’s never been as true as it is now. But with predictive analytics, you can better prepare for shifts in the automotive world.
Generally speaking, predictive analytics is the combined use of data, statistics, model simulations and artificial intelligence to make predictions about the future — an extremely valuable resource in these dynamic times. With predictive analytics, you aren’t just reacting to changes as they occur; the hope is to foresee developments in finance or the auto industry and equip yourself with strategies to weather those changes or, even better, benefit from them.
As you likely know (or could at least guess), “fintech” is simply the portmanteau of “financial technology;” with the advent of technologies like blockchain and cryptocurrencies, fintech solutions are necessary to improve and protect this new mode of financial services, especially in auto finance.
Just as an example, one of the most talked-about innovations in the financial world right now is the idea of blockchain — the buzzword of the hour for quite a few hours now. What is blockchain, and how can it revolutionize auto finance as we know it? It will surely play into the presentations of those speakers focusing on fintech solutions.
With the ongoing approach of automated vehicles, electric/hybrid cars and transport, ride-sharing and other innovations, transportation research must accompany these disruptions before and as they occur in order to make these revelatory advances safer, more efficient and more effective. Data points that might be discussed in transportation research could include rates of use for mass transit, the state of ownership of personal vehicles and other emerging technologies that could impact the way we approach driving, shipping and more.
Money rules the world. It especially rules the world of the automotive future. With so many fresh disruptors and startups arriving on the scene in recent years, the need for investment capital will only increase as we move forward.
Everybody wants to profit off the Next Big Thing, and each new company hopes to be that Next Big Thing. In this climate, investment capital becomes the bridge between this symbiotic relationship, providing startups with the push they need to break the big time and, thus, venture capitalists with a return on their investment.
The vehicle of the future depends upon connected mobility. Whether that means your Tesla receives remote software updates or an autonomous vehicle can link up with the upcoming 5G network, connected mobility will play an enormous role in the next decade and has already become a major talking point in the auto industry. For example, all the major operating systems of the autonomous vehicle, from GPS to its AI, depend fully on the concept of connected mobility.
Mergers & Acquisitions
These days, mergers and acquisitions might seem as natural as death and taxes. It plays into the concepts connected with investment capital — Company A likes Company B’s big idea, and they’ve got the capital for it, they’re going to get in on it… except a bit further than just plugging money into the company. As a relatively recent example, IHS — parent company of Carfax — purchased similar Canadian company CARPROOF late in 2015 and in mid-March of this year, CARPROOF announced a full rebranding to CarFax Canada, effective in October. These sorts of deals will only increase as startups of all kinds decide to cash in with more established businesses and corporations.
Who doesn’t want to know how financial markets will behave in the future? With help from predictive analytics, economic forecasts are a highly helpful resource, impacting confidence in auto finance and other AIS core topics.
Whether it’s looking at the supply of and demand for electric vehicles in the coming years or the swings of Wall Street and its effect on investment capital, predictions for the money markets across the country, continent and world will help determine the future of automotive and auto finance itself.
Compliance & Regulations
Boring? Maybe. But we won’t shame you if you’re a policy wonk — quite the opposite, in fact. Knowledge of compliance and regulations is of paramount importance when considering all the changes coming to the auto industry.
Instead of looking at compliance and regulation in a reactive fashion, we must anticipate the need for regulatory compliance. Think of the fatal Arizona Uber debacle — with further research and sturdier regulations, this tragedy could’ve been avoided. At the same time, though, Forbes reported that Arizona would become the first American “regulatory sandbox” for fintech. In short, regulatory compliance doesn’t have to be restrictive; it can herald innovation.
If you’re interested in the future of the automotive space, make sure you attend the Automotive Intelligence Summit, July 24–26 at the Marriott Crabtree Valley in Raleigh, N.C. Register online by June 22 to enjoy $400 off the onsite registration rate.