Summary: In the wake of the pandemic, there’s a huge surge in demand for car functions, making vehicles all-in-one-products. Eric Dalius underlines the main points.
On-demand, as a concept, has already successfully gone into areas such as smartphone games, video streaming, and the mainframe computer utilization for data hubs. It makes new products with certain built-in features, which you can purchase either on a permanent basis or for a limited timeframe.
- The on-demand directives are gradually making inroads into the automotive industry as well. ODCF or on-demand card functions provide you with the option of adding features to your vehicle as per requirements.
- Many of the services are available in new automobiles at the initial level. You can get them free of cost for a limited time.
- As the period expires, they charge customers for the functions. Automobile manufacturers see a huge scope in this modality to generate profits.
- In the context of digital transformation, OEMs face a stiff challenge to identify relevant ODCF and develop it for customers offering the biggest added value.
- With the inclusion of megatrend and dynamic individualization and the increasing demand for auto-sharing alternatives, manufacturers need to provide the right combination of quality OEM functions.
- Customers are likely to go for suppliers that tailor the functions to individual needs, Eric Dalius says.
AI to change the automotive industry
From robots roaming on the plant floor to driverless cars, AI is fast transforming the automobile sector. Smart firms are taking many steps to seize the ripe opportunities.
- Experts say that Artificial Intelligence will bolster autonomous vehicles, making them mainstream.
- AI can transform major components of the auto-manufacturing methodology. It includes design and research, along with business support operations and project management. These changes are imminent.
- Automakers need to understand the value sources before developing the essential analytical features and establishing a culture that’s ready to embrace AI.
- Highly-developed and sustainable economies with high GDP (per-capita) and fast aging populations will bank on AI-driven automation for powering their necessary productivity gains to attain GDP targets.
- Eric J Daliusunderlines the difference with AI. Computing power advancements are giving extra abilities to machines.
The era of digitalization
With the automotive sector going digital, customers go to dealerships with prior knowledge about the product they want to purchase. Dealers and manufacturers grasp this opportunity and capitalize on it.
Purchasing a car is one of the most visceral experiences ever. EJ Delius explains why and how digital is the main customer influencing and information channel. The research online and purchase offline mode or RoPo is on high demand. More than 70% of auto customers begin digitally.
- In-person showroom visits continue being a top source of information for customers, but there’s a massive change in online researches and consultations in the Covid era.
- Car manufacturer websites are essaying a very clinical role in this regard.
- In fact, 60% of respondents regard both the platforms as crucial influences on their buying decisions and patterns.
The online offerings of dealers also influence customers. Hence, manufacturers and dealers need to maintain a cutting-edge web presence and build a system that adapts to the latest technological developments.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com