The Growing Popularity of Digital Transformation Trends in the Automotive Sector

Auto Tech Outlook | Thursday, November 18, 2021

Summary: While the digital transformations in the automotive sector may take a little longer to complete, their consequences are already being felt.

FREMONT, CA: The automotive industry's technology is advancing at a breakneck pace. From the general use of software solutions that aid in dealership management to self-driving cars, the sky is the limit to the rise of digital technology in the automobile sector. The technology-driven automotive sector is increasingly successful at meeting customer demands at every stage of the car-buying process—from research to purchase to operation. Below are some significant recent breakthroughs in digital technologies in the automotive business.

Dealership Management Software's Popularity: As technology continues to invade daily lives, it is only a matter of time before dealerships throughout the country begin integrating dealership management software (DMS) into their daily operations. Not only does it automate and digitize a dealership's numerous verticals, but it also benefits overall process growth. As a dealership's inventory, customers, and finances develop, robust DMS will be required to maintain a firm grip on the numerous verticals. Unless a dealership is insistent about remaining reliant on human labor in this digital age, implementing a DMS is the smartest course of action.

DMS enables automobile dealers to manage their finances efficiently, maintain efficient bookkeeping, track sales, generate reports, and manage inventory. A system such as eMsys AutoNet provides comprehensive and seamless automation in addition to all the facilities and features required by a car dealership on a day-to-day basis. This program has an integrated accounting system that assists dealerships with GST accounting and tax compliance. Additionally, this popular DMS offers management information system (MIS) data on daily sales, parts, and service, and it operates across several locations for smooth dealership management.

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Blockchain Technology in the Automotive Industry: With concepts such as artificial intelligence, automation, and cryptocurrencies becoming hot topics of conversation, blockchain technology plays a critical role at the center of it all. A blockchain is a decentralized public ledger (or a decentralized database) in which transactions are continuously updated and digitally recorded. It is a significant technological innovation because blockchain enables transactions, digital transfers, and record-keeping without using a third-party intermediary. The automobile industry is leveraging blockchain technology to make it easier for businesses to share ownership of corporate vehicles and access to cars and trucks. Without the interference of a third party, blockchain technology enables shared access to data that is maintained by a network of computers.

Additionally, because data exchange via blockchain technology is peer-to-peer certified, no single party can tamper with it, ensuring data security. Additionally, there is the concept of the VLB Token, also known as the Vehicle Lifecycle Blockchain Token, which is a platform for storing and recording all information about a vehicle. This token is used to collect and preserve information on the vehicle's production, ownership, recalls, warranty issues, repair and maintenance records, accidents and damages, and insurance history. Access to this data will require payment of a set quantity of the platform's internal cryptocurrency, the VLB Token. Token holders will be able to follow and verify a vehicle's history down to the component level, ensuring profitability and facilitating transactions at the touch of a button.

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