Hybrid systems to enable future success
Automotive and mobility: an evolving market & product offering
When we look at the automotive and automotive finance sectors today, we see different players who are all part of the larger automotive value chain: OEMs, captives, rental and leasing companies; are all taking up position to enter a new market taking shape: the mobility market.
Today, we see new products available to customers that focus on individual choice, flexibility and user experience. In a changing market, flexibility and agility are key. The capability to detect shifting or emerging customer needs, define a business case and go to market with a new product to profitably meet customers’ demands are the ingredients for success. Car subscriptions are starting to take off. New products blend traditional financing with driver-centric connected services or vehicle sharing, both corporate and peer-to-peer.
Competing on customer experience
The customer journey is moving online. In our always-on, customer-centric, digital society, customers have high expectations about what is possible online. The customer journey starts with google and, ideally, ends with the ‘order now’ button on your website or app. Customer experience has always been an important part of the automotive industry’s mindset but providing the ultimate customer experience is no longer a matter of having the best customer facing staff but the best customer facing tools.
Market research, product, pricing, advertisement, logistics… are all key in defining innovative new products and getting them rolled out quickly. The true enabler however is your IT system. System limitations can have a severe impact on the end-user experience. A legacy system with a lengthy development and testing cycle can undo your organizations efforts to launch an innovate new product.
Meeting tomorrow’s challenges will require different, hybrid systems that can manage both contracted and managed vehicle use to support a broad spectrum of product lines: financing, leasing, renting, sharing as well as new blended products combining elements of these.
Continued success in tomorrow’s automotive world will rely on many factors but a key enabler will be the availability of a hybrid system that can bridges contracted vehicle usage (the finance/leasing perspective) with user-centric, value-added mobility and connected car services to orchestrate and aggregate a broader and more complex supply chain of multi-modal mobility services.
More info can be found on www.sofico.global