Automotive: Revolutionizing Automotive Industry: Blockchain Innovations

With the growing digitalization, every industry is spreading its wings into this new era of technology. Digital technology has changed the way of working and people are now moving onto digital platforms. Even the top leaders of most of the industries have adopted the digitalized work style and today, from drivers to engineers, from teachers to researchers are keeping themselves updated in this digital world of innovations. 

Digitalization has given us the opportunity to shape our future and can be marked as the biggest transformation. It has brought huge changes in businesses. Several industries across all the sectors are trying to implement the strategies and algorithms of digital technology in their respective areas. 

Be it IT, marketing, manufacturing, or customer support, the digital world has reformed them all. Companies are now adjusting to the new developments and opportunities for working on a digital platform. And the automotive sector is also one among them.

Why has Digital Transformation become more critical now?

The importance of digitization in the automotive industry is vast. As the complete industrial domain faced an outbreak due to COVID-19 where businesses worth billions of dollars got shattered, automation has become pivotal. 

In the ecosystem where companies are now needed to follow various restrictions and have to work with limited staff, only automation can help them survive. Companies and their customers both need to bounce back fast and integrate digital transformation solutions to pace up the process. 

Be it paperless documentation, digitized payment solutions, online verification, or one-tap communication, customers need these facilities even more after the COVID-19 outbreak.

Meeting Client's Expectations:

Not only industries but the common man is also hit by the wave of digital trends. Technology can be accessed by a wider population and it directly affects the expectations of the customer. Digitalization has completely changed the behavior and thought process of a customer and they now ask for speed, innovation, and convenience. The company must satisfy the customer's needs through its products and services to survive its business.

With the gradual increase in demands for unmatched services, value-added vehicles, and updated technology the automotive industry is under lots of pressure. Transforming digitally empowers the industry to come up with consumer’s requirements and remain profitable and operational. This is the biggest reason why digital transformation is necessary for industry giants. To cater to the growing demands of the customers, SevenBits brings in a robust technology stack to offer bespoke management solutions. 


Increasing the profit areas:

2020 has forced almost every industry to shift towards this new era of complete digitalization. In Europe, the industry acknowledged a sharp fall in demands in March 2020. According to Business Standard, vehicle sales got down by 38%. Many factories were shut down and the production has also suffered which includes trucks, vans, buses, and cars.

To increase efficiency and productivity, the automotive industry needs to have rigid and optimized schedules. Many companies postponed the launch of new models due to worldwide lockdown and it directly affected the parts manufacturers. 

Almost 70% of the sales in Europe and the US are digitally influenced by this year. And this shows the vital importance of digitization in the automotive industry. If companies want to grow big, they must transform their business digitally to earn big profits.


Accessing the markets globally: 

Digital transformation opens the doors of global markets for automotive companies. It enables the industry to reach out to its diversified customers across the globe. With digital platforms, the automotive parts industry can offer its services worldwide in a seamless way.

As per a recent study, analysts suggest that a complete digital transformation of the automotive industry can create a value of $700 billion through value-added services and virtual subscriptions. According to the latest report, the companies that underwent digital transformation have increased profitability and more benefits as compared to other companies. 

Automated Supply Chain Management

The supply chain and manufacturing are based on demand projections. A smart digital recovery plan can reduce the impact on the supply chain. As per the current situation, automobile companies need to automate their traditional system. The digital transformation will help in creating full transparency and offer faster communication between source and supply chain. 

 

Another advantage to digitization in the automotive industry is that it will reduce the scope of manual errors by reducing manual labor and physical contact. It will also minimize downtime, utility bills, paper printing, and other back-office tasks. These benefits contribute a lot to cost-cutting and savings. Digital platforms also help in making sales and marketing easy hence targeting the right customers at the right time. Creating a virtual platform to review the performance and profitability saves time and resources. Want to know more about SevenBits services that can help you in transforming your business for better sales and productivity? Get in touch with us at sales@sevenbits.in to know more.

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