Technology and innovation for the automotive sector.
Deloitte have a new article on Steering into Industry 4.0 in the automotive sector that says automakers are struggling to keep pace with Industry 4.0. This applies not just to the OEMs but also their SME suppliers who provide parts and sub-assemblies.
Rather than going it alone or bringing in expertise, the automotive industry is taking on strategic partnerships and targeted mergers and acquisitions in areas such as technology solutions, cobots, digital supply networks, artificial intelligence, predictive and maintenance. However, the article says:
… but technology by itself is not enough
There are key challenges in areas of management, skills and corporate procedures. The article suggests you start by answering the following questions:
- What will future customers demand?
- Do I have the right talent to fulfill future expectations?
- How should I fund the investments needed?
Tackling a small problem first is a time-tested way to begin a transformational technology journey. Small successes can serve as proof points, leading to a greater willingness to take a chance on more substantive investments.
If you want to drill deeper into the challenges, read the chapter A Focus Group Study on Organizational Requirements of the recent new, free eBook.
It’s necessary to solve the following perceived challenges that are often not so serious when considered individually and in the light of pragmatic rather than idealistic solutions:
- High investments required
- Lack of monetary resources
- Lack of clearly defined economic benefit
- Lack of support by top management
- Preferred autonomy
- Lack of skilled employees
- Data security concerns
- Lack of standards
- Uncertainty about the reliability of the systems
- Weak IT infrastructure
- Difficult interoperability/compatibility
- Technology immaturity
- Need for new business models