The Automotive Industry is one of the largest economic sectors. The revenue generated by this Industry is massive and provides employment to many people. The Automotive Industry is often characterized by designing, manufacturing and selling of motor vehicles. The large industry is comprised of many large companies and organizations, which are always competing for their market share. Many large companies like Hyundai, Suzuki and TATA have a global presence. They essentials are multi-national corporations, as most of their business isn’t restricted to one continent. Roughly, the Automotive Industry is currently led by global brands like Toyota, Volkswagen and Hyundai.
Each country has its well-developed automotive industry. Many large and small companies are often fighting in the same market for the attention of the customers. In this intense competition, it was always better to listen to the customer. Automotive Media Monitoring allows you to get feedback from your customers, using social media platforms like Facebook, Twitter etc. This allows a company to establish a direct back-line with their customers. Social media is often a platform for people to express their views, opinions likes/dislikes etc. Using this, the company get exactly to find what the customer wants. The customer feedback also allows them to work on their existing products, allowing them to fine-tune their services to help gain better market share.
Having a social media account to represent your company is the first and foremost thing one should while looking to gain a digital footprint. A social media account will serve as an online portal, through which people can interact with the company as a whole. By posting regular updates, you can easily engage with your customers. Running fun online games is also a good way to promote your company. While all the data generated from these activities will tell you a lot about your customers. One can also make use of data analytics, through which analysts can easily predict whether the customers are happy or not.
Social media provides a platform to automotive companies to connect directly with their customers, as it provides the customers with ease of access. Solving customer grievances using the social media account can also help a company realize their problems, which can be worked upon.
Operational Risk Management is the practice of realizing the risks that are faced by a company. This not only helps them find their shortcomings but also advises them to chalk out a backup plan. ORM in Automotive is greatly required by all companies. Since many large organizations are often running simultaneous operations in various countries, it is essential for them to realize the risks they have taken. Since operations this large are often prone to some sort of failure, it is often better to prepare for it rather than not being prepared at all.
People often undermine the importance of ORM in the Automotive Industry. The Automotive Industry serves a million customers and provides employment to many, so if any failure or disaster affects the industry, it would affect millions of people. Hence, Industry Leaders often stress the importance of Operational Risk Management in the Automotive Industry.