by John Currado
The process around automotive leasing has remained unchanged for decades. While one might argue that we “do a lot more online”, the actual process has stayed the same. If you were to ask automotive customers, they’ll tell you the existing process is invasive, frustrating, and time consuming. With all the digital tools at our disposal, transforming the very old and dated leasing process through digitization AND digitalization is the key to finding a competitive edge in this very rapidly evolving industry.
Digitization and digitalization are not one in the same. They, in fact, represent two distinct but synergistic concepts. In the easiest of terms, digitization is the process of converting analog information into a digital format and to that end, many companies have adopted digitization elements, implementing tools that allow the digital collection and submission of documents, which make things far simpler for the customer. Digitization represents what we might refer to as the first or second generation of digital solutions – means by which things are made easier but they haven’t fundamentally changed the process itself.
Digitalization centers around automating processes throughout an organization and signifies a necessary step towards a company’s complete digital transformation. It centers around the integration of digital technologies into every aspect of an organization’s operations, leading to fundamental changes in how it conducts business. In the world of leasing, digitalization involves leveraging technology to enhance customer experiences, improve operational efficiency and create new business models, of which digitization is a small part of that. Both digitization and digitalization play key roles in a moving a company towards complete digital transformation. .
The digital transformation of any organization could be overwhelming task. In many cases, it involves changing industry behaviors that, right now, align too closely with antiquated processes.
taq Automotive Intelligence is excited to have partnered with strategic customer SCI Lease Corp to help them overhaul their leasing process and move towards a complete digital transformation for the organization. For SCI Lease Corp, putting the customer at the core of all processes is the foundation to transform the vehicle leasing experience into a fully digital one. This approach marries well with taq’s commitment to deliver technology built on the tenets of convenience, autonomy and connectivity, keystones to delivering an optimal experience to the market.
Without a doubt, the next generation of customer experience will be rooted in delivering intuitive and customer-centric tools and technologies. Extending to your customer the ability to own and process every transaction, wherever and whenever they are, will be what differentiates you from your competition.