Rikatec Seeks To Assist The Automotive Industry With The Detection Of Breakdowns. Rikatec is a technology company that focuses on information management systems for vehicles. Rikatec uses big data and machine learning for vehicle predictive maintenance, breakdown detections and predictions. Rikatec’s analytics and algorithms are also used to calculate vehicle wear & tear for warranties and the estimation of vehicle resale values. Through its data and analytics, driver profiles and ratings can be created, as well as tracking and route-mapping. The idea of Rikatec was developed with the objective of enhancing and improving vehicle communication with owners and other industry players creating an inclusive ecosystem involving: maintenance, insurance, financiers, fleet management and warranties. The company’s objective is to enhance the operations and usage of the vehicle by developing products and services that aim to reduce vehicle owners running costs and fleet companies’ operational costs. The company was founded by Rivo Mhlari in 2013.
According to Forbes Africa, Mhlari is a master of perseverance. When he first created an information management system using big data and artificial intelligence to solve problems for vehicles such as predicting and detecting vehicle breakdowns, he was rejected 11 times by the manufacturers and insurance companies he approached. The rejections were his greatest motivation. “I realized we were rejected not because what we were doing was not novel or attractive; we were rejected because they thought what Rikatec wanted to do was impossible. We were simply ahead of our time.” Mhlari told Forbes Africa.
Rikatec’s digital and analytics solutions target businesses whose needs and work streams are not met by existing software solutions that are already in the market. It also tailor makes every solution for its clients to meet critical business needs using technologies that are scalable, cost saving, efficient and effective.
Rikatec provides great value to its clients. For instance, the Rikatec device can be used to monitor the way in which a car is being driven, using the APP and the driving habits tools. From the analysis of the driving habits determined, an insurance premium can either go up or down depending on the results provided from Rikatec information systems. This would need analytics that detail CO2 omissions, braking, acceleration etc. This would assist insurance companies manage and price their risk while setting competitive premiums and consumer interaction with its APP as they seek to reduce their premiums. The objective here is to report, compare and educate the driver using efficient driving benchmarks; then rewarding them by a reduction in premiums.
