Automobile industry is grappling with the market challenges to attain a sustainable growth by adopting the latest technologies. The evolving digital technology has a huge influence on how value chain collaboration, customer experience and internal operations will emerge in the near future.
- Digital innovation life cycle: The automotive industry struggles in the digital domain with product innovation cycle of 12-16 months. Major challenges being faced are related to quick churn and effective digital communication.
- Customer interaction avenues: Integration of multiple channels of customer interaction is not effective.
- Improved Customer Experience: The need to provide integrated consistent virtual and real-life experience to the customers
- Agile Business model: Developing agile modules to transform their legacy business models into the agile business model connected with digitalization.
- Upgraded technical capabilities: Necessity to upgrade functional and technical capabilities of entire ecosystem.
The WEB-WISDOM LORE
"Competitive Differentiation" is the key to success in the digital era. Among various ways to create differentiators, establishment of 'digital enterprise' holds an immense significance in bringing the next wave of business process transformation and product innovation.
Next-gen technologies that are very clearly slated to alter the very basis of customer engagement across industries are:-
- Advanced mobility
- Cloud computing
- Big data
- Social media marketing and
- Digitalizing Business Processes:
- Product Life Cycle Management (PLM) transformation support
- Embedded software development for products
- Digital Manufacturing operations:
- Industrial software development and apps
- Digitalized manufacturing process
- Manufacturing technology services
- Customer Interaction Avenues:
- Integrating seamless multiple customer communication channels
- Implementation of Social media campaigns for better participation of the consumers
- Checking product performance in the market
- Rapid response management system to customer queries.
- Data Management:
- Seamless integration of social media platforms across relevant business processes – enriching customer data, optimizing marketing tactics, presenting holistic approach, and finally, proactively mitigating all risks.
- As customers in automobile sector are increasingly shifting to digital technologies, companies that adopt digitalization will undoubtedly be at the forefront of the industry.
- Automotive companies should be ready to combat the emerging challenges by leveraging digital technology – right from product innovation to customer lifecycle management.