The automotive industry is one that is facing a lot of challenges in terms of both the economy and public perception. Growing environmental concerns mean that both consumers and businesses are looking for vehicles that are more environmentally friendly, or perhaps to cut down on the use of vehicles in general.
The rate at which the motor trade industry is evolving is incredible. Today, we have a shift towards hybrid or electric vehicles, and autonomous or self-driving vehicles in some areas. Consumers expect more, and the onus is on the motor companies to deliver it.
Knowing What Your Consumers Want
The companies that are most likely to succeed are the ones who understand the current markets. Analytics has an important role to play, allowing the data that motor trade companies have gathered to shape their plans and to guide their actions, especially for UK motor traders insurance. Until recently, the motors industry was not really interested in analytics or big data. The big companies were confident that they would do what they had always done and that there would always be demand for the vehicles they offered. After all, there has been consistent demand up until now.
The market is changing, though, and the old ways will not support big companies for long. Data systems have a lot to offer in terms of improving every stage of the industry, from supply chain data to predictive analysis, market mapping and analysis and proactive maintenance.
The Value of Data and Analytics
Companies that make use of data systems at the manufacturing stage or even later in the chain stand to save a lot of money. Analytics tools offer powerful insights, but to make use of them you need to know more than just how to apply statistics. Successful analytics employment requires using data from several sources and integrating the knowledge produced within multiple areas of the organisation, including:
- Supply Chain
- Procurement
- Research and development
- Manufacturing
- Distribution
- Marketing
- Customer Service
- Aftermarket
Some data systems may be focused on narrow areas, such as product development or research. Then there are cross value chain options, such as predictive quality and consumer behaviour analytics, which can feed numerous parts of the business with insights.
Understanding Your Customer
Customers expect companies to offer personalised experiences today. This is something where some car manufacturers are already offering value in the form of monitoring, service reminders, and tracking via electronic systems but they could still do a lot more, and do things in a way that produces better PR. Service reminders are often seen as nagware, and as a way to milk more money from the motorist. It may be better to offer targeted marketing, invites to test drives, or vouchers and ‘perks’ to users based on their habits. Partnering with third parties, or offering things that would save the user money in a similar way to how supermarkets use their loyalty cards is a good option. The data is out there, the motor trade industry simply needs to find better ways to make use of it.