How Auto MDM Helps Steer You Through Market Disruption
By Kerry Young on Jul 24, 2020
Many of the trends disrupting the automotive industry have accelerated in 2020. For auto enterprises – from manufacturers, retailers, and those handling aftermarket parts – it’s more important than ever to have a firm foundation of master data management (MDM).
The Impact of COVID-19
The global auto industry continues to be impacted by COVID-19, with global light vehicle sales estimated to dip to 70.3 million in 2020. Yet a decline in sales is just the tip of the iceberg, and the news isn’t all bad. Consider the following trends:
- In the wake of social distancing, studies show the desire for ‘individual mobility’ is increasing, encouraging car sales from those who lack a vehicle.
- People are driving less, which will likely continue the trend of aging vehicles. As cars are kept on the road longer, the demand for parts and services will also increase.
- Car repairs are taking longer – and some may view them as unsafe – which has pushed more individuals to seek parts to make repairs on their own.
The biggest trend? Online car sales are booming. Many are saying the way people shop for cars will forever be changed. According to CNBC, one Georgia-based dealer recently noted that 80% of their sales are now starting online, saying, “This propelled our entire company into the digital space.”
Other stats show:
- 2 out of 3 shoppers are more likely to buy a vehicle 100% online.
- 46% of prospective customers will increase their online shopping because of COVID-19.
- Personalized experiences are crucial – 89% of hesitant customers would be convinced to buy with better offers or a better customer experience.
In the wake of so much disruption, auto businesses must take this opportunity to make digital transformation a priority and ensure they can keep two hands on the data wheel.
Ensure a Smooth Ride with MDM & PIM
Auto enterprises must be prepared to provide the tools and resources shoppers need to seamlessly research and purchase products, parts, and automobiles in their preferred channels.
However, without an enterprise-wide MDM platform, content generation and data initiatives can be slowed down by complicated processes that are wrought with errors. This impacts your business in areas including data quality, speed to market, global expansion, operations, customer satisfaction, etc.
To solve these issues and prepare for the future, auto companies must consider:
A Multi-Domain MDM platform gets your data out of ineffective “silos” and provides a central repository for enterprise-wide data. Multi-Domain MDM is unique in that it allows users to manage a variety of domains, including Product, Customer (B2B and B2C), Supplier, Parts/Fitment Data, Location, Assets, and more. All administrative, stewardship, and governance functions across the domains (and implementation styles) can be achieved from a single user interface, creating a long-term solution for one version of the truth.
Product Information Management (PIM)
Auto retailers, manufacturers, and distributors must consider the quality of their product data, as well as how their content creates engaging experiences. Compelling, trusted product information that is consistent across channels is key. A PIM platform enables auto companies to acquire, manage, and transform product information into persuasive content leveraging Digital Asset Management (DAM). This content then drives higher sales and new competitive strengths through e-commerce, web, mobile, print, and in-store channels. A PIM solution can also help auto companies meet critical standards, including ACES and PIES, and seamlessly syndicate product/parts data to critical upstream and downstream channels.
Put Your Strategy Into Drive
A PIM and Multi-Domain MDM platform can provide auto companies with a smooth ride to a single view of product information and data across domains. To learn more, we invite you to read our eBook, “Driving Digital Transformation with PIM & Multi-Domain MDM,” available for download now.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
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