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The arrival of big data and connected cars is set to turn the fleet industry on its head, fleet experts have predicted.
Speaking at ACFO's spring seminar, key players in the fleet industry said that the fleet industry is set to undergo a "massive revolution", while contract hire businesses are set to transform into analytics firms which just so happen to lease vehicles.
According to Craig McNaughton, corporate director at Lex Autolease, leasing companies will soon to be able to predict the future and take away operational uncertainties.
"Connected car data will fundamentally change our industry. We have a long way to go, but we must change from a rear-view mirror perspective to using data to predict the future and move from a leasing company that provides management information to a data company that leases vehicles," he said.
However, that transition is going to be far from an easy shift, delegates predicted, with challenges including:
"We are currently at the tip of an iceberg. The arrival of 'big data' will have a major impact on fleet operations and company car drivers," said John Pryor, ACFO chairman. "Today's connectivity is the start of the journey towards the autonomous car and while the secure exchange of data builds the foundations for new business activities and applications, there are significant risks and challenges regarding safety, security and privacy that need to be addressed."
Pryor added: "Fleet managers want clarity on what the issues are; they want to understand how suppliers such as vehicle manufacturers and contract hire and leasing companies will access and use 'big data'; and, critically, they want to know what the law is in respect of managing and using 'big data' sourced directly from 'intelligent' vehicles."