Disruption caused by technology has become the order of the day where no sector is spared, including the automotive industry.
It is not just about Big Data or Artificial Intelligence (AI), latest technologies like Internet of Things and Blockchain are having a huge impact, thus changing the face of the automotive industry.
Look at cars! Automotive manufacturers are now working hand-in-hand with tech companies to redefine the way cars are manufactured, operated, maintained and sold, seeing them as large smart devices that earlier used to be treated as an asset, but now seem to be more as a service-based mobility – part of a solution company.
Autonomous vehicles (self-driving) and Electric cars have become a talk of the town and things are changing rapidly. When manufacturers set in gear the process of developing self-driving cars on a large scale, one can imagine the huge impact it will have on society.
As transportation preferences alter and evolve, the automotive industry is trying to show its customers that they understand the shift towards on-demand and alternative consumer transportation needs and hence have relevant new products and services to offer.
The increasing expansion and adoption of new mobility services are already prompting dealers to rethink their existing business models, as well as explore new ones, such as on demand subscription & digital leasing.
Digital disruption has been talked about for quite some time, but, it’s already here. The world is at the intersection of elevated consumer expectations and technological advances. While disruptive companies leverage breakthroughs in cloud, mobile, social, and AI technology to deliver personalised, valuable, and immediate experiences, customers have more choices than ever before.
The automotive industry is clearly taking a note. One can see the adoption of innovative and improved processes by manufacturers and seamless experience by customers.
Importantly, it should be kept in mind that adoption of technology alone is not enough. It’s about the speed and the process to be the first in the market to adapt to new technologies and be sustainable at the same time.
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