In a recent episode of the Join the ride! podcast, host Jordan Symonds talked with Hallvard Røyrane-Løtvedt, a passionate data scientist and engineer at Casi, about the transformative role of data in flexible fleet services like car subscription and flexible leasing. Hallvard, or Hallvard-bot, as we lovingly call him, underscores how data-driven decisions are revolutionizing the automotive industry, from optimizing pricing strategies to improving customer selection and fleet maintenance. You can listen to the episode on Spotify or Apple Podcasts or read the episode summary below!
Hallvard highlighted the critical role of continuous data refresh and integration of data sources in creating a robust data warehouse structure. This foundation enables companies to generate actionable insights essential for making informed business decisions. He explained that Casi’s platform leverages historical data and sophisticated models to predict things like subscription renewal likelihoods and vehicle values.
Jordan and Hallvard discussed a real-life example of how data is utilized to recommend vehicle subscriptions. By analyzing market trends, the platform can estimate demand rates and subscription prices accurately. The use of historical data and accurate market data was emphasized to predict residual values, which are crucial for pricing strategies.
Jordan and Hallvard's conversation also touched upon the challenges faced in predicting market volatility and residual values for fleet managers. Hallvard pointed out that external factors such as geopolitical events and supply chain disruptions add layers of complexity to these predictions. The impacts of events like the Ukraine war, COVID-19 supply chain issues, and fluctuations in Tesla’s pricing make predictive modeling a challenge, but, continuous monitoring of demand and adjusting prices accordingly can help maximize profitability.
Another significant aspect discussed was the importance of customer data and credit checks in the pricing and customer selection process. By developing a price optimization model, businesses can tailor their services to enhance profitability. Additionally, analyzing customer demographics and commitment times can help develop more precise customer concepts and identify profitable market segments.
In the later part of the episode, Jordan and Hallvard delved deeper into the importance of leveraging data and analytics in fleet management. They stressed the necessity of robust models that can generalize from data sets to provide reliable recommendations. Identifying preferred customer profiles and 'bad apples' was highlighted as a key strategy to enhance decision-making.
Tracking vehicle maintenance history was identified as crucial for optimizing fleet performance. Hallvard shared how data insights and reporting can increase profitability by ranking vehicles based on maintenance trends and repair times. Predictive analytics also enable fleet owners to forecast the total cost of ownership and improve user experience with AI-powered analysis.
The discussion acknowledged the varying needs of small and large fleet owners. Simplifying data analysis for small fleet owners while addressing the complexities of larger fleets with diverse brands and models was seen as essential. An interesting case study was shared about how red cars had higher insurance claims, illustrating the power of data in uncovering significant trends.
Finally, Hallvard mentioned that Casi's data platform and analytics have been in development for three years, with plans for more advancements. This continuous development aims to provide more detailed and actionable insights for fleet managers, ensuring they can make the best data-driven decisions for their businesses.
This episode provides a comprehensive look at how data is reshaping fleet management. From pricing optimization to customer selection and maintenance tracking, the insights shared by Hallvard underscore the pivotal role of data in driving business success. As the industry evolves, leveraging these data-driven strategies will be key to staying competitive and profitable.
Contact: contact@casi.auto
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