Mining Big Data with 2-Minute Updates
Before you can call something a trend, establish a pattern or make an accurate estimation, you need to first gather a lot of information. Otherwise, you might as well call it a wild guess. These days, thanks to technology, companies are able to gather massive amounts of data which can then be analyzed to make a variety of highly accurate predictions. These ginormous data sets are commonly known as Big Data or Data Lakes.
Where does Big Data come from? Good question. Every time you swipe your debit card, like a page on social media, or visit a doctor where they plug your information into a computer (their database), you contribute to a supply of Big Data just waiting to be mined and analyzed. Your purchases and social media activities might determine not only what products are advertised to you, but where and when an ad is served up. Medical stats might be used to predict potential issues based on your age, weight or a variety of other factors, allowing your doctor to be more proactive in your care.
It’s a little overwhelming if you think too hard about it, but it’s also a pretty magical innovation. And as an auto dealer or lender, Big Data is key to a GPS-based, risk mitigation solution like Advantage GPS.
Real-Time Automotive Analytics
The Advantage GPS evolutionary Evo™ 4G LTE device connects vehicle assets to our cloud-based, next generation risk mitigation software. Using artificial intelligence (AI) technology, the system identifies data types and then groups them into real-time risk categories. Advantage GPS provides auto lenders with a smart, analytical risk assessment dashboard that shows real-time actionable business intelligence.
Our AI-infused solution also enables you to drill-down into the data and proactively respond to risks – device tampering to impound alerts – before they affect your bottom line. It’s hands-down the most effective way to manage your vehicle asset portfolio, whether you own a BHPH lot or provide financing for hundreds of dealers across the country.
Advantage GPS will not only help you instantly track vehicles if recovery becomes necessary, but it also provides you with more accurate predictions of its location, any day, any time, based on the data our system collects. This means faster, easier and more efficient recoveries, as well as far lower chances that a vehicle will need to be written off as a total loss.
Our powerful cloud-based application and 4G connections enables us to collect and mine data sets behind the scenes with 2-minute updates whenever a vehicle is in motion. While you won’t actually see this information, which is compliant and secured using a CAIQ control framework, you will see the most recent 30-minutes of breadcrumbs for assets in motion. And, because we deal with billions of data points, our team takes industry best practices and security protocols very seriously. You can rest assured that we only use the most advanced methods to protect the privacy of both you and your customers.
What can Big Data do for you?
Contact Advantage GPS today to see how we transform vehicle insights into predictive analytics that help you sell more cars to higher risk customers with absolute confidence.