Artificial Intelligence (AI) and Intelligent Process Automation (IPA) has been gaining traction in diverse industries worldwide. The automotive industry can also reap several benefits for OEMs especially when it comes to Marketing and Sales (M&S). A number of leading global players have already begun to implement AI to boost their sales.
There are three major trends that have emerged in the realm of M&S:s
- Intelligent Automation has enabled automation of routine tasks. In addition, these solutions can take decisions or alternatively assist humans in making optimum choices. A few general examples would be dynamic pricing and systems for product recommendations.
- Accurate Forecasting is inherently dependent on the availability of solid historical data which is input into the AI in order to excavate patterns and develop models that can be used in future situations and patterns such as customer behavior, cases of fraud, purchasing patterns and so on. The Machine Learning (ML) component of AI and IPA solutions enables them to keep learning and improving over time, which is invaluable as new patterns emerge from the latest data.
- Enticing Personalization based on pattern recognition and forecasting enables curation of customized experiences for segments of consumers. This personalization typically has a positive impact in boosting sales. AI can evaluate a huge data set thereby catering customization to many diverse individuals. In other words, you can provide personalization at scale.
Enhanced Customer Experience, Higher Sales and Lower Cost
OEMs and their franchised retailers can derive massive value from the use of AI and IPA’s capabilities in M&S through its extensively elaborate techniques and tools. The value that can be generated is in three primary areas. The first is better and more consistent experiences for their customers. This is an extremely important factor because recently customer experience has emerged as a critical factor that impacts business. as opposed to brand loyalty formerly thought to be the most crucial of aspects.
The second aspect of value is higher sales thanks to the enhanced customer experiences that have been delivered with the help of AI. Such experiences cater to the individual’s interests providing relevant information in a timely manner. This expedites the car shopper’s experience and ability to make a purchase that ticks all their criteria. When experiences are consistent and sometimes even tailored to meet the expectations of shoppers, sales are naturally bound to rise.
The third and final value generating factor is the reduction in M&S costs thanks to automation of routine processes.
Beneficial for the Entire Automotive Industry
The positive impact of the digital transformation can be felt by all branches of the automotive industry. It leads to greater efficiency of tactical sales budgets, media budgets, and better margins availed from increasingly customer-focused packages and pricing. Benefits from intelligent automation across the automotive industry are expected to reach an estimated USD 40 billion by 2025. The adoption of AI and IPA is going to be a key factor for differentiation amongst automotive OEMs and between existing as well as new competitors.
Deploy AI in All Areas of M&S
Utilizing AI to its full potential is the core aspect of future-proofing technology and super charging M&S organizations. Here is a three-stage approach to employing AI in automotive M&S.
- Utilize AI/IPA in Automotive Marketing to target customers at the appropriate moment with a customized personal message relevant to their interests. With the help of intelligent targeted advertising based on AI/IPA, automotive dealers can allow their intelligent automation solution to ascertain which customers need to be targeted and decide what messages to send them, as well as picking the right time and channel for prospects.
- Merge AI into Automotive Sales to enable a personalized yet consistent sales experience for customers. By enhancing sales with AI/IPA capabilities that use historical data, auto dealers and sales reps can drive sales that are more effective. For instance, AI can be used to automate lead management activity, forecast products that are more likely to be sold to customers throughout their life cycle and also enable dynamic pricing that is personalized.
- Enhance All M&S Operations with AI to improve M&S insights and improve productivity, efficiency which ultimately boosts sales. Sales predictions can be improved along with vehicle configuration and distribution with the application of AI across all M&S operations. The ability of AI/IPA to extract meaningful structured data from unstructured content (in any format) can be leveraged to automate and enhance post-sales operations. For instance, utilizing chatbots and virtual assistants or even the automation of visual inspection and Residual Value (RV) on returned cars makes various processes much easier for customers.
Three Key Steps
In order to transform your organization’s M&S using AI and IPA, follow these steps:
- Clear Understanding of Where to Begin. Generate a comprehensive report on how and where AI and IPA can create the highest level of value for your organization. Document the other external capabilities and enablers required to do so.
- Start with a Pilot & Use Cases. Developing the ideal possible use case to test, learn and demonstrate the value AI/IPA can provide. Begin with an initial pilot and document other use cases to pursue after a successful pilot for your enterprise’s tailored AI strategy.
- Drive an Enterprise-Level AI/IPA Transformation. Transforming the enterprise entails developing the necessary AI/IPA capacity to scale use cases. It also involves harnessing AI/IPA beyond narrow applications – utilize this innovative technology to improve various functions and processes that span the entire business through automated, intelligent workflows.
Working towards adapting to an age of digital transformation is the only way forward for any industry. Cater to consumers and achieve greater agility with SalesCatcher’s Intelligent Offering (iO). Our AI orchestration platform – iOFlow, working in tandem with our intelligent RPA tool – iOBot can create a highly customized experience for each of your consumers. If you’d like to find out more our AI team at SalesCatcher would be happy to help.
