From skyrocketing rollout costs and inaccurate data to lost time and damaged cars, telematics companies are skating on thin ice without experienced engineers. In this blog post, we’ll dive deep into how this tech expert shortage is causing havoc in the industry, the risks at hand, and the challenges companies face in overcoming them. Brace yourself for a rollercoaster ride through the impact of this trend!
The Impact of Lacking Experienced Engineers
Picture this: a telematics company’s rollout is delayed for months due to a lack of experienced engineers. When the project is finally completed, the data is inaccurate, the costs have skyrocketed, and there’s even been car damage. This is just one of many scenarios that have become all too common in the telematics industry as the shortage of tech experts continues to worsen.
#1 Delayed Rollout Times
When a telematics company lacks experienced engineers, it can result in significant delays in the rollout of new products or features. This delay can have serious consequences for the company, including losing market share to competitors, missing out on potential revenue, and damaging its reputation.
#2 Inaccurate Data
In the telematics industry, accurate data is key for making informed decisions and providing valuable insights to customers. Without experienced engineers to oversee the collection, analysis, and interpretation of data, the quality of the data can suffer, resulting in incorrect conclusions, missed opportunities, and unhappy customers.
#3 Higher Costs
A shortage of experienced engineers can lead to higher costs for telematics companies. For example, companies may need to spend more money on recruitment efforts, training programs, or outsourcing projects to third-party vendors. These increased costs can attack a company’s profit margins and make it harder to remain competitive.
#4 Increased Risk of Car Accidents
Telematics systems rely on accurate data to make decisions about driver behaviour, vehicle performance, and road conditions. Without experienced engineers to ensure that the data is accurate and reliable, there is an increased risk of car accidents due to incorrect information. This can have serious legal and financial consequences for telematics companies.
#5 Missed Opportunities
The telematics industry is rapidly evolving, with new technologies and trends emerging all the time. Without experienced engineers to stay up-to-date on the latest developments and identify new opportunities, companies may miss out on chances to innovate, expand their market share, or gain a competitive edge.
The Risks of Incorrect Installations
For telematics companies, incorrect installations of their products can lead to a range of risks and challenges. First and foremost, incorrect installations can compromise the safety of drivers and passengers by providing inaccurate data on vehicle performance and road conditions. This can lead to serious accidents and legal liabilities for the company. In addition, this can result in higher costs for the company, as they may need to spend additional resources on repairs or replacements.
Finally, having an untrained engineer dealing with these issues might harm your company’s reputation and disrupt customer trust, and even bankruptcy, as customers may become dissatisfied with the product’s performance or safety. As such, it’s critical for telematics companies to prioritize installation training and ensure that their products are installed by experienced professionals to mitigate these risks.
Over the course of this series of articles, we’ll dive deeper into the challenges facing telematics companies and explore potential solutions to mitigate these risks. Stay tuned to learn more!