Guest Column: Digital transformation has the potential to redefine the OEMs industry, writes Tusshar Arora, Vice President- Media & Partnerships, Quantafi Digital
In the fast-pacing era of technological advancements, businesses around the globe are revolving around customers’ expectations and customer experiences that has led them to change their strategies with transforming markets. Manufacturing is an important aspect to support any economy and is technologically driven and has evolved by leaps and bounds. Among these contributors, OEM (Original Equipment Manufacturers) have significantly come forward to develop better solutions with the help of the latest technology. However, they do face disruptions from time to time, making it a challenging phenomenon to thrive in the competitive markets.
Digital transformation has the potential to redefine the OEMs industry, which includes automotive, electronics, industrial equipment, and more to name a few. Organizations that quickly turn towards technology while garnering useful feedback from their customers have a tendency to keep an edge in the market. Therefore, the OEMs are readily adopting digital transformation for getting a better reach in the markets.
Digital Transformation: A boon to the OEMs
The need of the hour is to make changes in the business models and to connect to a point where digital meets physical. A digital transformation process includes the implementation of different technologies in various areas of the businesses to deal with traditional problems and disruptions. With substantial improvements in the domains of data collection, information and marketing strategies, OEMs have entered the era where they can have better reach with the help of digital transformation. Although the demand for economic, lighter, smarter and faster products is gradually increasing, the OEM industry is adapting to new methods to keep the momentum active.
Thinking of Business Continuity
The blow of the pandemic proved to be gruesome for many industries, and OEMs were one of them. Due to the situation of lockdown, they were unable to continue their operations, which deliberately led to losses and in some cases, a total shutdown. In this scenario, they needed a remote ability to enable business continuity as every crisis brings an opportunity for growth, these situations led to the businesses briefly considering digital technologies in their operations to improvise their remote efficiency. However, this process needs multi-layer planning with appropriate business research and analysis to have insights into the depths of the business. OEMs are now collaborating with other organizations that could leverage their process of digital transformation. With many functions going online or on the cloud, they could monitor operations in a sufficient manner, enhance remote services and also saves costs for the organization.
Planning to include data-driven decision making
OEMs have faced challenges in terms of gaining new customers for their businesses due to their digital absence. As they cater to a specific domain in the market, sometimes it is difficult for them to find leads for their businesses. Digital transformation allows a company to have an ROI-based lead generation approach while sustaining an online presence, which helps them to have newer leads with consideration of the LTV (Lifetime Value) from their customers. This is made possible by reaching out to the relevant customers at the right place with the services they demand which in return increases the customer response and also customer acquisition rate. For the process, the companies need to have their targets and markets aligned with their goals. They must understand the customer at every level and use the latest technology like analytics to gain insight into the needs and make data-driven decisions.
Making allowances for the latest marketing methods
Businesses have considered that when the traditional methods can be replaced by digital, why should the marketing methods be bourgeois. They need to convert themselves into smart and technologically apt OEMs that can deliver the latest products which are needed in the market at a faster pace. However, first, they need to understand the clients they are delivering to and have a fair understanding of considering different marketing methodologies. OEMs have a challenge of cost saving and digital methods like performance marketing can lead them to utilize their marketing budget efficiently as they only need to pay when they have qualifying acquisitions. The new age of data-driven marketing methods not only gives an insight for better performance but also helps to make necessary changes to get better outcomes with informed business decisions.
Final Takeaway
Manufacturers need to consider digital transformation for a myriad of benefits such as increasing quality of output, accessibility, gaining insight into the market needs, better control over operations and getting a wider reach of their products to relevant customers. In addition, with this transformation, they can enhance organizational agility and reduce costs at the same time. Furthermore, by following a customer-centric approach, machinery can be adopted that is data-driven and can improve productivity. They can also migrate to cloud-based manufacturing to keep their operations aligned and make innovations in the traditional practices. Furthermore, developments can be made according to the equipment that is used under IoT (Internet of Things) to open gates for providing services to new customers in diverse domains. By appropriately following the best practices of digital transformations, OEMs can increase their market reach along with increased chances of better customer acquisition.
Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of exchange4media.com
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