Abstract:

Connected cars provide a unique customer experience while simultaneously delivering cost and revenue benefits to mobility companies, including OEMs, suppliers, dealers, insurers, fleets, tech players, and beyond. Most players, however, have so far missed opportunities to monetize data from these vehicles, which is a major mistake given how businesses in other industries are extracting value from data. There are three reasons why most businesses have struggled to monetize data so far (1) Failing to generate customer interest and differentiate their services; (2) Not resetting the organization; (3) Not establishing ecosystems for scaling.  In fact, seven of the ten most valuable companies in the world already generate billions in profits from data-based services. A few stakeholders have already acknowledged the importance of data and begun to take action. The McKinsey Connected Car Customer Experience framework described five levels of user experience in connected cars.