A technology and software company – We Predict – claims it can forecast component failures across brands and models out to three years via a database and algorithms that utilise machine learning.
The UK- and Ann Arbor-based firm says its predictive methodology can accurately predict component repairs and replacements when vehicles have been in service for 90 days, one year, two years, three years or longer. In the UK, a team of data scientists, software coders and mathematicians works on a product utilising automotive warranty data for North America.
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Juliet Quantrill, who works in a business development role for We Predict, describes the process. “As the data comes in, the models that are needed to run the forecast get built automatically. That is tied together in a hierarchy that takes all the current vehicles that are out there working under warranty and we look at their performance now in detail – number and nature of claims, costs down to component level – and then we forecast each of those elements out into the future – 12 months ahead, 24, 36, 48, depending on the warranty length that people are interested in.”
We Predict – working with just-auto – will reveal more about its forecasting products at a free-to-access webinar on 9th October. The webinar is entitled, ‘How will new technologies impact vehicle performance and customer trips to repair facilities over the next 3 years?’ It will include an assessment of emerging ADAS technologies and describe how companies are using predictive insights to get ahead of trends.
Follow this link for more information and to register for the We Predict webinar
Exclusive just-auto interview with We Predict
