The Automotive industry has been taken by storm with the disruption caused by digital technologies. Due to this, the need for businesses to reinvent themselves in order to remain competitive – as well as retain and grow their market-share – has never been greater.
In order to achieve this, organizations have to ensure that they:
- Develop their portfolio of offerings with respect to connected vehicles
- Create a smarter supply chain by leveraging technology and the right growth strategy
- Identify multi channels to connect to end-users and provide solutions that are inclusive of the new-age digital customer who is connected seamlessly to the Internet of Things (IoT)
- Reduce time-to-market to make sure products reach the market before the competition
While this will help in retaining the market, growing the business needs a more structured approach to understanding products, customers, dealers, distributors, suppliers, and organizational associates.
This can be made possible by:
- Using big data and foresights derived from predictive analytics and data science
- Leveraging digital technologies to do more with connectivity, and enabling the true power of the IoT
- Amplifying platforms and Software as a Service (SaaS) to maintain lower cost of ownership as well as simplifying aftermarket support
Today’s automotive industry is global, with few boundaries, except in terms of cost and product enhancements. Hence, the industry needs to adapt to be inclusive of the available leverages while being exclusive in terms of its offerings.
In this regard, partnerships that can elevate the current managed services into next generation services are key. First-generation outsourcing needs to evolve to the next generation of managed services that will encompass:
- Product development and life-cycle management
- Agile and agility
- User and focus group research along with design thinking
- Legacy modernization and landscape transformation
- Self-help, self-heal, and automation
With these factors in place, the Automotive industry looks set to experience huge growth with the introduction of new digital technologies.