AI: The Future of Automotive Retail
by Hannah Bedrosian
ai today
Artificial Intelligence, most often referred to as AI, has infiltrated many parts of our everyday lives whether we are fully aware of its presence or not. We place our faith in voice assistants like Siri & Alexa. We rely on our banks’ fraud prevention systems to keep our money secure. We’re given personalized shopping ads (hello, Facebook!). We depend on email categorization to filter out spam.
From the inside looking out, it’s clear to us that the role of AI has had an even greater day-to-day impact in the world of business. Tech companies, health care, manufacturing, retail, transportation, and finance are just some of the industries that have integrated AI into their processes.
what does ai mean?
It’s here, but what is it really? AI has become an umbrella term that refers to any type of computerized automation.
Machine learning is one of the most common types of AI being used in business processes. This AI quickly processes large amounts of data, using algorithms that can recognize patterns and anomalies, almost instantaneously.
Of course, there’s also Deep Learning AI. This technology performs more advanced functions by analyzing many factors all at once. Self-driving cars use this type of AI when they change lanes; sensors observe the distance and traveling speed of other objects, then predict where they will be based on those observations. This is all done simultaneously.
specific applications of ai in the auto industry
How do you use AI in your car dealership operations? Whether small or large, a dealership that successfully implements AI processes will have a competitive advantage. Here are 8 unrealized areas of opportunity for dealers to utilize AI and automation to gain that edge:
- Automation of repetitive tasks such as scheduling social media posts, backing up files, and sending reminder emails
- Consumer-insight tools that analyze the behavior of past customers to allow for more refined CX processes
- Automation of lead management, such as personalized auto-quoters
- Customer service tools, including smart chatbots and AI phone line representatives
- Market research and competitive analyses
- Website and CRM optimization tasks
- Prevent cybersecurity threats
- Reduce overall costs by developing a more efficient supply chain and calculating pricing for optimal return
ai & dealership teamwork
Artificial intelligence certainly has the potential to completely change the infrastructure of business operations. However, the prospect of AI replacing human jobs and running business operations entirely is impossible—at least in its current form.
AI has a difficult time completing cognitive tasks that are easy for humans to do. Because of this, it cannot take the place of human thought. It cannot come up with creative solutions for every scenario. It cannot collect data and identify its qualitative nature without human input. It simply cannot be a do-it-all tool.
Instead, we identify AI for what it is: A strong supporting tool. Although the future isn’t set in stone, for now, artificial intelligence is only as good as the human intelligence guiding it.
what dealerships can do with ai now
With new AI possibilities on the horizon, the structure of the workforce is evolving. Knowledge is at our fingertips, and with that comes the need to create better automation. Coupling human capabilities with advancing AI solutions creates a highly customizable experience, making it easier and more effective to target specific audiences. And while AI investments are initially costly, the long-term effect produces profit and a competitive advantage over businesses that are not currently implementing AI.
Need help utilizing technology like AI and automation for your dealership? Find out about how our auto sales coaching can guide your team through CRM and process decisions to close more leads.
Want to test your current lead management automation and AI tools? Curious to see how well (or poorly) your dealerships are responding to customers’ inquiries? Let us show you the future of lead assessment by contacting us about a Digital Assessment.
Resources used in this article:
https://www.aitimejournal.com/benefits-of-ai-for-business/
https://www.businessnewsdaily.com/9402-artificial-intelligence-business-trends.html
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