Ricardo and We Predict Ltd announce an alliance that brings together cutting edge big data analytics and expertise in solving challenging operational and engineering problems – to help automakers and their suppliers capitalize on predictive insights and respond faster to potential disruptions related to quality and warranty issues.
Ricardo and We Predict have today announced an alliance that combines the ability to predict significant reliability or warranty problems for automakers and their suppliers – faster and with more granularity than conventional analysis - with a capability to identify root cause and implement corrective and preventive actions in a fraction of the conventional time. Today's global automaker warranty exposure is in excess of $60 Billion annually, and there are hundreds of millions of claims across eight major automakers and many thousands of dealers. Analysts in the automakers' warranty management, reliability engineering and quality management departments currently lack the resources – in terms of available expertise, predictive analytics and rapid analysis of big data – to effectively identify potential issues and predict their magnitude.
We Predict provides a service with a unique, advanced methodology to analyse data; it employs actuarial mathematics to perform massive comparative parallel analytics to examine the automakers' complete warranty data set, allowing thorough analysis to uncover otherwise hidden issues and potential failures. The automaker data is correlated with weather and climate information in an intuitive, visual and simple presentation platform, giving clients the tools they need to save eight to fifteen percent of their total warranty costs.
Quality and warranty data sets are a vastly under-exploited resource where enormous cost savings opportunities lie hidden. Currently, warranty data is typically analysed after specific issues have been disclosed and failures have occurred. This results in issues and failures extending beyond their initial exposure, impacting both current and future vehicles and components.
"We've been looking for a partner that shares our passion for the industry while bringing highly credible expertise in solving challenging problems,” commented James Davies, Founder/CEO of We Predict. “Ricardo has incredible tools and people to help us deliver the significant value that the industry is looking for. We are encouraged by our strong initial success and are really excited to join with Ricardo in this next phase of our growth.”
To complement the We Predict service's ability to identify potential issues, Ricardo's seasoned strategic consulting and engineering experts provide a portfolio of proven operational efficiency services that cover the whole vehicle lifecycle. This variety of skills provide flexible and experienced assistance depending on the issue that is identified, from rework of an entire process to focus on very specific areas, such as root cause analysis, robust problem resolution and recurrence prevention. A cross-functional team of unique expertise is available that includes strategy, operations, purchasing, supply chain management and technical engineering solutions.
"This new approach can help automakers with challenges spanning from product development to after-sales,” says Scott EIIsworth, managing director – North America of Ricardo Strategic Consulting. "We are excited to work with our Tier1 and Automaker partners to respond more quickly to the demands of an increasingly complex environment.”
New vehicle launch events and the foresight to stop component failures from continuing into subsequent model years are key areas that can benefit from the partnership’s predictive analytics. With rapidly generated results and actionable insights, the partnership’s offering affords automotive companies with the most impactful data long before legacy “big data” offerings. The result is a new standard of agility and awareness that powers greater understanding of the global automotive environment than ever before.
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