Business Management Review |
In the current scenario, AI can streamline the work process in the automotive industry by providing more excellent assistance.
Artificial Intelligence (AI) controls all industries in one way or another. It is forming the future of the dealership sector by bringing many advantages to dealers. AI is applicable in four segments in the automotive industry, including autonomous driving, smart manufacturing, mobility as a service, and connected vehicles.
Here are some of the automotive industry's challenges and how AI improves them.
• Customer Expectations:
Artificial intelligence is raising humans these days. Customers demand a unified and transparent experience, and if not given, they tend to shift to other dealers. Service management software serves the customers as per their needs.
• Fall in new car sale:
The dealers are wasting money on new vehicles, and used-car sales are outpacing the new ones. As per The National Automobile Dealers Association's 2020 midyear report, the average gross profit on a used vehicle sale is about 11.6 %, and it is only 5.6 % on a new vehicle.
• Data storage:
The data storage problem poses a substantial challenge in front of dealers. It is hard to store data safely in human hands. Overflowing data in DMS is of no use without appropriate integration. Dealers can take benefit from that by synchronizing it.
• Catastrophic weather conditions:
No one can expect mother nature quickly. Weather events disturb the dealership operations of the automotive industry. These sudden conditions lead the industry to a significant loss.
AI-enabled technologies can help dealers in the following ways:
An effective customer service:
AI is leveraging customer service experience in practical ways. It gives a platform for the dealership to enhance customer service needs. Dealerships are installing AI to turn more technical. The AI programs explore the calls dealers have with the customers; this process will allow staff to learn the customer needs better. The chat boxes are available, gathering initial customer information to learn about their demands. In addition, sales management software plays a significant role.
Leverage the data:
The data needs intelligence to process. AI can support the dealership by leveraging data and storing it. A dealership business deals with a pile of data every day, and it is a challenging task for humans to store the data for a long time in a proper format. AI technologies can study and save in cloud storage for future reference.
The dealership business is always under a threat of hacking; AI technologies can protect the company from security threats. AI-enabled machine learning can discover suspicious activity across the entire system to keep valuable data safe.
Modern technologies will make marketing efforts more flourishing. Web analytics will study the target audience, location, requirements, and interests. Dealers could easily automate ads to address the customers with the analysis results. The dealers can mail automated emails to the concentrated audience from time to time, which will make sales easy.
Assist more efficient service repair:
Usually, customers fail to record their vehicle's service needs, so dealers can play a significant role in guiding the customers on time. Virtual assistants can support the dealers in contacting the customers by sending automated reminder emails and making calls. It will assist the clients in scheduling an appointment without fail. With the help of these services, dealers can smoothly reach out and get the customers' attention, which will become profitable for the business.
The characteristics of AI like machine learning and deep learning can benefit the industry by generating higher productivity. Thesehese technologies will bring change to the dealership business coming years ess by increasing safety and efficiency.
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