November 22, 2019 | Written by: Biswajit Bhattacharya
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As consumers we have all been guilty of showing off the latest advancements in our vehicles while desiring so much more. What we perhaps don’t have a view to, is how these ever increasing consumer demands are washing away the industry boundaries between the enterprise, consumer and the vehicle. We consumers of today know more, demand more and are also ready to tell you how. We demand personalization and an exponential experience, while asking you, vehicle manufacturers, to abide by the latest government regulations. We see you deliver these experiences to us through newer, digital means nowadays! What this also means is unless the digital experience earns our loyalty, the coveted vehicle “Brand” could lose importance all of a sudden!
The choice then with the auto companies is only to adapt to create more interconnectedness for us consumers in our predominantly digital lives, for them to succeed. We’re starting to witness the formation of industry ecosystems that have to intersect and overlap much more- collaborating with other industries; creating new services-based offerings and leveraging disruptive technologies ‘riding on top’ of the traditional vehicle.
In the Indian scenario, this gets amplified with the scale of the Indian auto industry- 4th largest in the world with sales increasing 9.5% YoY in 2017, exports growing 14.5% in FY 2019 with a CAGR of 3.05% during 2016-2026. The automotive component industry stands to gain from these fundamental changes too provided they re-examine their business to focus on becoming more:
- Connected– By diversifying portfolios, redefining target segment and innovating with newer business models to account for desired communication between the consumer, the vehicle and the outside world
- Autonomous– driving more value with innovations that require no human intervention and offering individual mobility to new user groups.
- Shared– changing consumer preferences could prompt the growth of new customer segments, such as fleet owners, and create new revenue pools for auto component suppliers.
- Electric– government focus on electric vehicles and investments means suppliers could transform where and how they play in the auto sector value chain.
IBM understands these issues that automotive enterprises face. Our automotive industry solutions have been developed and continuously refined through implementations with clients around the world.
Come visit us at ACMA Technology Summit and Awards and know more about:
- IBM Blockchain – to help you bring together departments and disciplines, industries and organizations, and countries and cultures.
- IBM Watson IoT – using exponential technologies like IoT, drones, AR, VR, edge computing and AI to turn IoT insights into new business models, strategies and processes.
- IBM Sterling Supply Chain Solutions – to leverage advanced cognitive capabilities to gain visibility across the supply chain, mitigate risk and disruption and improve operations.
See you on the 25th & 26th of November at JW Marriott, Pune.