Developments & challenges in the mobility ecosystem: Trends for 2022
‘We predict a double-digit improvement in the TIV of commercial vehicles in the market’
The mobility ecosystem is facing several challenges as a result of skyrocketing fuel prices, rising labour expenses for both skilled and unskilled labour, and a labour shortage. As regulations tighten and competition heats up, the entire system is getting increasingly complex.
With these elements piling up on several fronts, fleet operators must have cost control metrics aided by the right technology to boost their bottom line, while also optimising operations.
There are various solutions in the market that have attempted to meet these pressing needs of fleet managers, but none of them has been comprehensive enough to deliver the necessary insights. The fundamental concerns that must be addressed are the health of the asset and its operator.
The Tech Panda spoke to Anup Patil, the CEO of Intangles, about what to expect in 2022 regarding the mobility ecosystem. Intangles leverages its proprietary Digital Twin technology to provide real-time and predictive insights for the mobility industry.
As concerns for planet-friendly and emission-free transportation grow more profound, the focus on EVs as the next automotive frontier is poised to increase
“In terms of advancements, electric vehicles have created quite a stir in the industry, with features such as sustainability and efficiency at the forefront. As a bonus, automakers are continually stepping up their attempts to deliver a diverse variety of AI-driven functions,” he says.
“Complex driver monitoring systems that assess driving patterns, cognitive-behavioural processes, and vehicle health diagnostics are being built using machine and deep learning algorithms,” he adds.
Still, challenges remain.
“The primary challenges in the mobility ecosystem are faced by the customer. OEMs are plagued by rising warranty costs, as they are encountering the same number of defects clubbed with the increasing complexity of engines and high inventory and replacement costs,” he further explains.
The race for delivering within the fastest time continues to make the transportation industry more competitive
“To achieve maximum uptime, an operator has to carry out speedy repairs while holding a more expensive inventory. When we speak of manufacturing, the entire product development life cycle beginning from evangelisation, designing, and prototyping to the launch, requires access to real-world data to speed up the process,” he adds.
On the other hand, fleet operators have to deal with increasing fuel prices and interest rates while trying to stay atop the competition.
“The race for delivering within the fastest time continues to make the transportation industry more competitive. Addressing these problems, the smartest solution lies in investing in diagnostic and prognostic systems that can provide comprehensive insights on fuel usage, breakdown alerts, driver behaviour and other such factors,” he says.
This is what he predicts for 2022.
“For 2022, we predict a double-digit improvement in the Total Insurable Value (TIV) of commercial vehicles in the market. As concerns for planet-friendly and emission-free transportation grow more profound, the focus on EVs as the next automotive frontier is poised to increase.”
Driving Monitoring System
Patil says a driving monitoring system is essential for a fleet operator to maximise productivity.
“Considering the post COVID scenario, fuel, tire and manufacturing prices, and interest rates on vehicle EMIs are at an all-time high. Along with this, the increase in consumables has led to a drop in the margins,” he says.
The operator needs to ensure that their vehicles are up and running for as long as possible. This calls for the aid of efficient vehicle health and driver monitoring systems that can ensure a vehicle’s safety, help cut down on maintenance costs and avoid careless driving behaviour
“Despite these issues, the operator needs to ensure that their vehicles are up and running for as long as possible. This calls for the aid of efficient vehicle health and driver monitoring systems that can ensure a vehicle’s safety, help cut down on maintenance costs and avoid careless driving behaviour,” he adds.
Digital Twin Technology in Mobility
Patil also explains how the mobility industry is taking advantage of Digital Twin technology.
“Digital Twin is a system which creates a virtual replica of a real-world asset and is capable of simulation, reasoning and machine learning,” he explains.
With the rise of Digital Twins, businesses are focusing on developing a predictive maintenance model that strikes a balance between their operations model and maintenance strategy
“Sensors form the crux of any diagnostic device. Data is collected using these smart sensors to create a digital twin model of the asset. It is further aggregated and compiled to gain useful insights, which can predict the behaviour of a physical asset in the virtual space,” he adds.
Digital Twin tech has been helping immensely in predictive analytics.
“With the rise of Digital Twins, businesses are focusing on developing a predictive maintenance model that strikes a balance between their operations model and maintenance strategy. Priority alerts for breakdowns, fuel thefts, driver behaviour and vehicle health lie at the core, which enable the operators to cut down on repair costs and increase savings,” he says.
Like any complex industry, the mobility industry too faces several challenges of disconnect between a system and its operators. Technology can bridge this gap with the help of predictive analytics and Digital Twin tech.