Digital transformation has led to soaring the investments in the automotive industry which are forecasted to go to $82.01 billion in 2020 from $19.57 billion in 2015. With the advent of the technology, today, mobility on demand has become a reality in the cities and developed countries. Digitization is all set to change the face of today’s automotive industry in more than one ways.
Digitized customer experience
Buying a car is no more stressful as it was considered a few years ago. Today’s customer is ready with his research even before stepping in any dealership. There is a range of websites available where one can get to know the nitty-gritty of the buying at few clicks. Even the look and feel of the showrooms is slowly changing with virtual reality capabilities. These virtual showrooms are designed to give the consumers closest to real experience with all the actions and effects relevant to the traditional showroom like opening the door, getting 360 degrees peak inside out with relevant sound effects.
Connected Supply Chain
Dealer Management Software is facilitating the connected supply chain resulting in cost optimization, effective consumer engagement and collection and use of data for better customer service and satisfaction leading to more customer loyalty. Social media and Internet Of Things assists the instant feedback to reach the OEMs who can take respective actions and use advanced algorithms clubbed with the artificial intelligence to create schedules and workflows. It leads to significant reduction in turnaround time leading to business profitability.
Today’s dealer management system providers highly invest in Mobility and Cloud Solutions. With cloud-based dealer management software that provides centralized control and the real-time spares data, today’s dealers can efficiently manage the minimum inventory without getting any parts obsolete and thus, save on the unnecessary safety stock cost. Electric Vehicle Management Software is aiding the optimization of the business processes for the emerging electric vehicles market.
With the flawless coordination between various technologies, Autonomous Vehicles (AV) is expected to manage all scenarios by themselves causing a significant reduction in the auto accidents and deaths. The more accepted ‘Assisted Driving’ in the present day is targeted to be available in the less expensive models. It is predicted to save customers of one trillion dollars over next ten years in terms of insurance cost due to reduced accidents along with saving about 90,000 lives.
With a break away from proprietary software, OEMs are focusing on open-source, mobile friendly platforms to provide location and condition-based services based on consumer preferences. It includes end-to-end efficient routes across all modes of transportation.
Technology development has facilitated the DMS for Digitization. Digital transformation is providing new alternatives to accomplish the traditional tasks in a simpler and efficient ways making everyone’s life easy.