The era of digital transformation has arrived!
The pandemic has had a real negative impact on every industry around the world. The automotive industry, for example, came under the wrath of the outbreak. Manufacturing plants were closed, supply chain systems were affected, and semiconductor chip shortages reduced motorcycle sales.
But in 2021, An INR 98,800 investment was recorded by an Indian automotive OEM. This has helped the automotive industry to smoothly introduce digital transformation into their business. Businesses rely on new and modern solutions such as online dealers, digital bookings, home test drives and vehicle delivery to customers. Applying AI and machine learning, blockchain technology, and a better inventory management system for OEMs.
artificial intelligence and machine learning
AI-powered applications such as time series forecasting become easier. OEMs accurately predict or anticipate demand for two-wheelers. Simply put, it analyzes historical data about sales history, economic conditions, product reviews and competitors to make forecasts. With the help of AI, one of the main pain points in the global supply chain crisis, months of delays in vehicle deliveries due to shortages of semiconductor chips, has been resolved, improving operational efficiency by 5-10%. You can. For example, Hero Motocorp recently signed with Accenture to leverage the latter’s data analytics, artificial intelligence and machine learning services to digitize its supply chain platform and gain deeper insights into its operations.
In addition, new-age inventory management systems will provide retailers and manufacturers with real-time availability of inventory and upcoming shipments across various channels, enabling better delivery estimates leading to customer satisfaction. .
RTO Digitization
Consumers have always complained about delays in motorcycle deliveries due to the cumbersome and time-consuming manual RTO registration process. The process begins when the vehicle owner visits her nearest RTO office, fills out forms, submits paperwork, and then It will take more than 7 days to get the RC. In addition, the application status can be known only after the applicant visits the office.Therefore, to tackle this challenge, the Indian government has launched a website (Vahan) Provide your customers with a seamless and fast shipping experience. This approach allows easy access to websites for information on vehicle registration, taxes, fitness, and more.
The digitization of the RC transfer process by the Delhi government is another initiative undertaken to remove bottlenecks in the vehicle registration process. This eliminates agents and third parties involved in buying and selling vehicles and gives the seller a clear idea of who the actual buyer is.
blockchain technology
From a holistic perspective, the automotive industry is a complex multi-stakeholder process. Adoption of blockchain technology can therefore help OEMs assess the safety and efficiency of the process from manufacturing a two-wheeler to post-delivery, as vehicle parts, warranties, maintenance history and carbon footprint can be tracked. . , EV battery life, black boxes, and more.
Additionally, manufacturers can capture billing, negotiated contracts, purchases, warehousing, and receipts all using blockchain technology.
e-commerce and virtual experience center
India’s internet user base is expected to surpass 830 million in 2021 and reach 1.5 billion by 2040, according to statistical reports. . nine tenths Users planning to buy a two-wheeler begin their journey online by reading reviews, watching video content, and researching cars. So technology is accelerating like never before. Metaverse’s showroom is set up through an automated e-commerce platform to display all his brands in one place. Consumers can now experience the look and feel of vehicles, compare brands, and make rational decisions from the comfort of their own homes. Research shows that as many as 20-25% of users want their vehicle delivered to their doorstep. As such, companies have enabled the door-to-door delivery model in their systems, where vehicles are delivered at the buyer’s doorstep.some brands Continued e-commerce model The response was overwhelming, and it encouraged legacy brands to jump on the bandwagon.
Summarize
Pioneering developments are taking place in the motorcycle industry. India is a developing country that is gradually getting used to advanced new technologies and is becoming one of the most powerful digital economies in the world.
Disclaimer
The above views are the author’s own.
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