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With the average company investment into digital transformation increasing 148% in 2020 your competitors are racing to disrupt your business. Can you afford to be left behind?
Going forward, the automotive industry has many roadblocks to encounter. From media stories speculating on the possibility - and the potential dangers - of autonomous driving, to new power sources such as electric cars bringing us screeching into the 21st century, this is only the tip of the iceberg.
Connectivity and customer experience are set to rock the sector to its foundations, putting disruption on the cards and shedding a headlight on the need for innovation. And it's a new focus on electric vehicles which is forecasted to headline the future of this industry.
Will your business be able to keep up with these changes?
The car will always be at the forefront of discussions of this industry, as will it be when discussing the digitalisation of the world around us - but it is actually how these cars are sold rather than simply how they are made which is where the innovation really lies.
The dealership might be the meeting point between customer and their next purchase, but more recently it’s become a hub of technological experiences which plugs into the streamlined car search taking over the industry. Even the face-to-face meetings have gone online.
This is customer service that has quite literally never been seen before.
From the personalised touch of the website drawing together their personal needs in a car, to the VR capabilities showing the car from a new perspective, the entire supply chain is facing disruption.
Manufacturing the products in question might be a necessary function of the industry, but it should never be seen in the rearview mirror; with the high barriers to entry now dissipating in the face of customer-centric businesses, the game is changing.
That means automotive companies need to identify what's in store via technology, and change with it. A link must be forged between a customer-based focus and innovative business models that can compete.
And it’s new engineering capabilities focused on the product that are leading these shifts within the industry.
Whether it’s the product’s connection with the customer, or its how your business engages with potential conversions, one thing is for certain:
The future is personal.
Director of Technology, Simply Brands
The automotive industry is about one thing. No, not the car - the customer. It’s about what the customer wants from their next purchase, and how your cars can match their needs. Not only can technology allow you to tap into this via data-driven insights and customer engagement tactics, it can also equate to reinvigorated efficiency.
For those with an ear to the ground, this process is also known as a Digital Transformation. A Digital Transformation rethinks how you manage your employees', your clients' and business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
From the engineers rethinking the car, to the sales team providing post-purchase services, to managing a complete marketing solution dedicated to engaging the all-important customer, an overhaul is expected. And an overhaul is needed to compete in this race. At the forefront of this is the concept of ‘mobility’. Your customers want a tailored solution including entertainment possibilities, privacy, and autonomy.
Our United Kingdom-based automotive consulting services can provide for this.
The technologies encountered in this process include virtual reality technologies, analytics, AI, the Internet of Things and algorithms that extend from managing the workflow, to the car they are intent on producing. On top of this, technologies devoted to autonomous vehicles are also on the horizon, and are set to make waves in how you run your business.
AIM FOR AUTONOMY
If it’s splashed across social media, you can bet that your customers want it, and they want it now. Meeting these demands is key to staying on track.
TAILOR THE CAR TO THE CUSTOMER
In the ever-quickening world of business, we expect fast results and faster responses. So, having a car that meets our wants and having it now is a necessity.
REDO THE DEALERSHIP
From the test drive to seeing things in a new dimension, your customers want all-access to your products and services - even with the handbrake on.
COMMUNICATE WITH YOUR CUSTOMERS
Every aspect of the industry is set to be transformed by tech - and how you communicate with your customers is, too. From marketing to in-store interactions, the customer is king.
PERSONALISE THE PRODUCT
Engaging with clientele doesn’t mean adverts crammed full of loud colours and big words, anymore. Speaking directly to potential customers is far more effective than yelling at people less likely to convert.
DITCH THE SALES PITCH
Your customers want answers, and they want them now. By providing that personal experience to secure a customer and detect with data-driven insights the answers they want, you can grab their attention far more effectively.
SOLVE FOR THE SUPPLY-CHAIN
Each area of the automobile industry is set to see changes from the rise of technology; and those working in factories are to witness their own version, too.
MAP YOUR CUSTOMER’S WAY WITH MARKETING
Your customer might be leading the way, but guiding them based on their own desires through data-driven insights is just another way to streamline the process and accelerate the conversion.
TIGHTEN THE TEAMWORK
A broad technological transformation might be on the cards, but a tight-knit team draws the loose strands together, keeping the issues and innovation always within grasp.
+ What is the automotive industry?
This includes all the companies that are involved in the design, development, manufacture and marketing of motor vehicles or companies that build the components that contribute to the manufacture of motor vehicles.
+ What is the future of the automotive industry?
The automotive sector has always been at the forefront of technological innovation, but in more recent years a shift has emerged which focuses its attention on the dealership selling experience and autonomous driving. Revitalised manufacturing is also predicted as the future of the industry as the production process is streamlined and implements the newest technologies into the vehicles it builds.
+ How does technology affect the automotive industry?
Aside from streamlining the manufacturing process and encouraging the rise of autonomous vehicles, it has also helped diversify fuel options, with electric cars now taking centre stage and being produced on a large scale. With consumer interactivity and smart car technologies no longer informing a niche component of the sector, the market has been transformed.
+ Is the automotive industry growing?
The sector’s growth is not just slowing, but slowing faster than expected. With falling sales since 2018 and shifts in travelling due to Covid-19, demand has slumped significantly. And with innovations such as smart technologies and autonomous driving a must-have for automotive firms, the technology is driving up R&D costs.
+ What are the trends in the automotive industry?
This sector is looking forward to a consumer-centric experience. From the sale of the car to the maintenance of it, automating maintenance and the driving itself is proven to be the future of such a vital sector. Environmentally-friendly trends also dictating buying power, and have informed your customers.
Taking things technological might be a postcode you can't tap into a Sat Nav, but with Lolly Co at every step of the way, navigating the new territory need not be difficult. In fact, with our tech-team assessing your business’ exact needs and guiding you through each pit stop, you don’t need a map, either! But, if you do fancy finding your way around tomorrow’s business technology, you can start here.
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