Cap HPI has revealed plans to launch a wave of new real-time data tools and insight after adding agility to its new product development with the launch of a new automotive data science team.
A statement issued by the automotive sector data specialist said that a seven-figure investment would facilitate work across a range of industry sectors by the team as it aims to bring innovation to the way that data is used in the supply chain.
Led by Mark Barrett, Cap HPI’s head of international data science and analytics, the team of eight data scientists have international backgrounds and language skills, Cap HPI said.
It will use a mix of machine learning, forecasting, automation, analysis, science and data visualisation to help customers benefit from big data and the latest technology.
Barrett said: “As an international team composed of different nationalities we have a variety of different perspectives and approaches when we bounce ideas around and create solutions.
“This is imperative as Cap HPI now has teams in France, Slovakia and Germany operating across Europe as part of its global expansion plans.
“Our focus is on creating internal and external online solutions that can scale to anywhere in the world, whilst being adaptable to local markets.
“Vehicle values are very different in each county - for example, an estate car tends to hold its value better in Germany, and it’s not unusual for people to spend 50% of a vehicle cost on options.
“We’re constantly making improvements to our models to help us remain accurate for every vehicle, in every market, every day.”
Cap HPI said that advances in technology were helping it to work in real-time with big data sets. The company possesses UK data dating back to 1903.
A recent analysis by the new data science team led to the production of tools capable of identifying future classic cars and understanding the international market opportunity for electric vehicles.
As Cap HPI continues its expansion into more countries, the data science team is gaining access to more data enabling it to create unique insights, products and understanding.
Barrett added: “As dedicated data scientists, we aim to tell interactive stories with data rather than just publish in spreadsheets.
“We aim to generate an emotional response from the insights we create, as it helps us question, and investigate areas that give us unexpected results.
“These insights start the conversation with internal and external clients and help us understand the market in even more detail.
“We’re currently developing several new products for the market – helping manufacturers, dealer groups, and finance houses find key information quickly, in an understandable format so they can make increasingly informed decisions to help increase sales and remain competitive.
“Working in an agile manner directly with manufacturers have strengthened our products and ensured that we’re delivering cutting edge, useful work.”