Let us kickstart the post with the classic definition of hyper-automation –
“An approach that organizations employ to rapidly identify and automate as many manual processes as possible.”
And if there is one industry that benefits immensely from ‘automating as many manual processes as possible,’ it has to be the automobile industry, due to its abundance of manual processes. By adding intelligence to most of these processes, hyper-automation ensures better efficiency and returns from them.
Most of these automations are powered by artificial intelligence, machine learning, natural language processing, and optical character recognition. These technologies help automobile dealers make informed decisions on any unstructured information, thus serving customer requirements and achieving business objectives.
With the basic concept of hyper-automation uncovered, let’s look into the top 4 benefits it can offer to automobile dealers.
Benefit 1: Improved Supply Chain Management
With hyper-automation, the automobile dealers can anticipate the customer’s needs and equip themselves with an optimized supply chain. Any unexpected changes in vehicle demands are detected in advance, and the system reacts in time with the help of predictive analytics. It guides in minimizing mistakes and operational costs.
To keep the warehouse up to date, the system analyses the sales history and predicts the demand behavior with relevant variables. This helps to maintain an updated inventory with real-time control. Once the customer places an order, the automated system processes the documents to extract information from the customer order using OCR and text analysis. The customer can also accurately track their order with updated traffic information provided by the hyper-automated systems.
Benefit 2: Improved Customer Experience
An AI-enabled chatbot is a critical component in any hyper-automation strategy. It has the power to transform the automotive industry, especially in customer-facing departments. Chatbots can offer a personalized experience by automatically recommending the right vehicle, fast & reliable on-demand customer services, and improved after-sales services.
7 out of 10 consumers have responded that they will slowly replace physical dealer visits with voice assistants in the 3 years. On the other hand, around 52% of the automobile industry hasn’t integrated voice or chat assistants, even with consumers demanding digital customer experience today.
A lot of information is passed to the potential prospect by the automobile dealer during the early stages of the vehicle-buying process. Often this information is too much for the prospect to grasp. Integrating this information into the chatbot’s process and assisting the customers 24X7 helps improve sales and customer experience. Also, during the purchase phase, the chatbots collect information from multiple sources, which the prospect hates to fill out, thus improving the experience even further.
Benefit 3: Targeting Online Leads
In this digital era, most vehicle-buying journeys start online. 6 out of 10 prospects are likely to click on an automobile advertisement when looking for a vehicle. Even though the transactions are usually done in person, automating the whole prospecting, segmenting, and meeting tasks is essential to capture and convert leads.
AI helps in intelligent targeting. It understands the prospect’s website behavior and provides them with a personalized experience, same as when they visit the dealer’s showroom. Predictive analytics recognizes the core intent of the prospect and provides them with an apt interaction. Even if the prospect leaves the website, the remarketing concept showcases the dealer advertisements on other platforms.
Benefit 4: Augments Return on Investment (ROI)
Hyper-automation eliminates bottlenecks in any process and optimizes them. Hyper-automation is not just automation; it is an end-to-end multi-layered process that improves the returns of your investments. For instance, through hyper-automation, your workforce gets more time for critical and innovative work. It will foster team collaboration and improve productivity.
The automobile dealer can access smart analytics and actionable insights, which helps to create better marketing and development strategies. It ensures that the present and the future are well-planned, result-oriented, and give better ROI – a metric that truly defines a business.
Conclusion
A hyper-automated dealer ecosystem is the ‘future’. The focus will be to automate everything that can be automated without compromising on the effectiveness of the decisions made. The end goal of hyper-automation is to enhance productivity, reduce turnaround time and trim down costs. Many early adopters are ahead of their competition and reaping the benefits of hyper-automation.
If you are interested in exploring other aspects of IPA that can benefit your enterprise, you can read about How technology will impact automobile sales in the future.
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