Singapore has been eyeing the use of electric vehicles since 2011 towards a greener Singapore by 2030, which leaves us asking when the best time to shift and how Fleetnetics, an automotive ERP system, can benefit the electric vehicle industry.
Singapore's automotive industry consists of ICE vehicles by 89% while electric cars by 1% only. Although EVs are not yet common in the Asian region, Asia being the largest continent and China being one of the highest consumers of energy, Asia adopting electric cars will contribute hugely to solving the problem of climate change.
Because of this, traditional workshops are looking into shifting their business into adopting electric vehicles.
The Electric Vehicle (EV) industry in Asia looks forward to reaching an annual growth rate of up to 6.42%, according to Statista.
That means it anticipates to generate a revenue of up to $428.2 billion or 588.9 billion in Singaporean dollars by 2028.
Despite low electric car sales in Singapore, four-wheeler electric vehicles have continuously increased for the past few years after the COVID-19 outbreak.
However, these events have been causing a dilemma for traditional workshops and EV manufacturers. Factors such as high costs, low demand, long charging time and limited workforce contribute to these challenges.
Electric Vehicles (EV) vs Internal Combustion Engine (ICE) Vehicles
To address the challenge of high upfront costs, the Singapore government has given tax incentives:
- the EV Early Vehicle Adoption Incentive (EEAI);
- Enhanced Vehicle Emissions Scheme (VES);
- Additional Registration Fee (ARF) reduction; and,
- Revised road Tax structure for electric vehicles
These tax incentive programs significantly favour electric and hybrid car consumers over ICE vehicle users, pushing more consumers to lean towards purchasing electric vehicles.
But how do you decide on converting from ICEVs into EVs? Which aspects do you prioritise?
Anyone can tell you that electric cars will soon take over the automotive industry, and it is time for you to shift. But the answer lies in what you currently need without eliminating the possibility of adapting it in the immediate future.
From fixed assets and spare parts inventory to unit maintenance and service check-ups, keeping track of your electric vehicle is more vital now than ever due to different factors, such as high costs.
Why do you need an all-in-one automotive ERP system to manage your electric vehicles?
Enterprise resource planning (ERP) software in the automotive industry helps streamline the overall processes of running an auto leasing business, auto repair shop or auto spare parts distribution company.
These processes include processing customer data and transactions, distribution of goods and services, collaboration among different departments, and managing inventory and finance.
It proves that an automotive ERP system streamlines daily operations and produces more output with high accuracy or in a shorter period.
Hence, automotive management software helps equipment or vehicle rental companies, auto repair shops and spare parts distributors acquire more prospects, which translates into more earnings.
But how important is an automotive ERP, particularly to Electric Vehicles?
The Benefits of Automotive ERP System to Electric Vehicles
The COVID-19 outbreak has opened our eyes to a new normal and let us see the maximum capability of digital operations. DewTouch Innovations was blessed enough to stand still in Singapore after the global lockdown.
Of course, we are not bragging about this. We want to highlight how important it is to pandemic-proof your EV business.
Allowing your EV rental, workshop or spare parts retail to continue with the workflow with minimal human intervention or personal interaction is one way to be more adaptable to unforeseen events.
Automotive ERP systems like Fleetnetics benefit the electric vehicle industry by helping you project an outlook from gathered data to reach your business objectives.
Starting from adopting electric vehicles to replace ICEVs is the goal we want to achieve in the next 2 to 7 years.
SPECIFIC
Fleetnetics ERP system helps you manage your commitments by calculating the payments for your acquired assets within a period and your vehicles by arranging, recording and monitoring vehicle information and movements all in one platform.
Setting goals, of course, is not enough for running an EV rental business.
MEASURABLE
Since we are speaking of a significant amount of investment, you need to review your business status holistically with figures.
Using an automotive ERP for your EV rental, repair or spare parts business will help lighten the burden of calculating and analysing the data you need to have a solid foundation for building a strategy.
ATTAINABLE
Once you have the data to back everything up based on numbers, making a feasible plan should naturally follow. These strategies must be achievable with resources and available opportunities.
Some companies offering automotive ERP also provide training seminars for the end-users to make the most of its features. Some automotive ERPs are limited in features, but some offer modifications too. Fleetnetics, for one, lets you have the training and custom features by request.
This way, you can invest more in acquiring talents knowledgeable in electric vehicles and computer technology combined.
RELEVANT
Relevant goals are said to implement actions based on the gathered data with the opportunities and limitations considered.
Menial tasks, however simple they are, can be strenuous or time-consuming. Focus all your energy and time on more complex tasks by letting the Fleetnetics ERP system handle the menial ones.
Energy is the ability to do work. Work consumes time to make customers happy. We all know that time is money, and customers are the lifeblood of a company.
TIME-BOUND
With every aspect of your rental, workshop or spare parts distribution business considered, setting the time duration for the plans is vital.
You already know you can gather data using automotive ERPs, like the Fleetnetics ERP system, in a specific period.
You also know that you and your team have a limited time each day to accomplish your tasks, which can be automated or completed faster.
There have been ongoing changes in the automotive industry.
Singapore has plans set for 2030, less than seven years from now. It means you must execute the action plan in just a matter of time to prepare your company for an electric or hybrid-dominated automotive industry.
With automotive ERP software like the Fleetnetics ERP system, you can take advantage of the opportunity to expand your services or products and your network. It is a long-term commitment but with a better return on investment.
Especially since the costs are not a joke, and there is a surge of demand after having a long pause in 2020 and 2021 with changes in consumer preferences, the technology is fast-changing globally, and the world is unpredictable, it just makes sense how you should invest in an all-in-one automotive ERP system.
Fleetnetics ERP system is highly flexible and adaptable to your automotive business needs. It helps accomplish tasks faster using functions fully integrated into one another - Operations, Administrative, Finances, Customer and Vehicle Information, Fixed Assets, and Inventory.
Our clients have been with us for years as we value their insights and unique business needs.
We are on Google Business, YouTube and Capterra, where you can read and watch customer feedback to understand how we address their daily challenges.
With the hundreds of modules available in the Fleetnetics ERP system, you can run your electric vehicle rental business at your fingertips, overseeing the progress of every job and the business aspects that need to be improved further.
Fleetnetics, operated by DewTouch Innovations Pte Ltd, is a Singapore-based company that helps the automotive industry take advantage of business opportunities for managing services, equipment and vehicles.
We also offer a free demonstration of the Fleetnetics ERP system to provide a personal experience for those interested.
You may request a demo by sending us a message here.