The automotive industry is seeing a sudden change in their long-standing market through changes in how digital technology is advancing and being used. Long-standing businesses are having to adapt their business models from conventional car ownership following a declining customer need of vehicles due to various car-sharing businesses and services becoming more readily available. These services are now undermining the conventional business model creating an opportunity in the market for automotive businesses to expand through the use of a digital platform economy.
As digital technology is expanding, business disruptions are becoming more commonplace in the automotive industry. Businesses now need to utilise the digital platform solutions to keep up with their competition and begin to introduce new products and services to their customers quickly. Original Equipment Manufacturers (or OEMs) and fleet operators are suddenly finding that mobility services are multiplying rapidly, creating the need to expand using new technology and software that is becoming increasingly available in vehicles and other services.
BearingPoint//Beyond has introduced their digital platform solutions designed to help automotive businesses do exactly this. The foundation for the dynamic ecosystem can provide a unique combination of partners, new technology and potential partners that innovatively generates new ideas and capabilities. This enables automotive businesses to revolutionise their products and services in low cost and risk-free environments that can be tested, modified and later marketed to meet the developing customer needs almost as quickly as the needs change.
Automotive businesses are now able to take advantage of the immense, and still increasing, amount of data generated by their vehicles to attract new partnerships and monetize products and services in innovative new ways which will help offset declining traditional revenues. OEMs and fleet operators are seeing that profits are shifting from the production of vehicles to what the vehicles can actually offer.
Vehicles are no longer just autonomous metal parts but are now combined with software and technology that increases safety, improves navigation, generate vital data for businesses to understand their customers and complies with the important environmental regulations whilst still meeting customer needs. Combined with this change in what vehicles have available in them, how the vehicles are available has changed too, mobility services are on the rise which are eliminating the need to purchase a vehicle – at the click of a button on an app you can have a vehicle down your street hired for a few hours, why buy one?
These mobility services have made any car, single or multiple, into a business platform in its own right. Fleet operators now have the opportunity to create a brand that customers can buy into in the same way that customers have with companies like Apple or Google. BearingPoint//Beyond works with businesses to apply proven methodology that gives businesses the tools to identify customer needs, translate them into viable offerings and give the business potential partners and connections to continue profiting for the future. The digital platform solutions powered by the award-winning Infonova software allow BearingPoint//Beyond to undermine the disruptor advantage and enable established players to disrupt before they are disrupted.
- Read our ecosystem report for insights into a changing automotive industry.
- More information can be found at the BearingPoint//Beyond website.
- You can book a demonstration of BearingPoint//Beyond to find out how it can benefit your business and your market.
- Michal Harris – Head of Marketing, Digital Platform Solutions, BearingPoint//Beyond + 44 (0)20 7337 3180