Even before COVID-19, the automotive industry had its share of challenges. Sales were down in many markets. Huge investments in electrification, autonomous driving and digital were hurting revenue and profitability.
History tells us the automotive industry will very likely recover, and the winners will probably become stronger and more focused. According to asurveyed automotive executives say that to succeed or even survive in the next ten years, they need to reinvent their organizations with digital technologies, supported by data. In fact, 83 percent of executive respondents say they understand the strategic value of data in their industry.
From a consumer perspective, will the sharing economy lose traction as people reevaluate using someone else’s property? Will consumers prefer personal vehicles over public transport for travel—which in turn will increase traffic congestion? That’s why, despite the current struggle, the industry will be wise to accelerate this digital reinvention—driving a more rapid transformation and digitization of the core business with such innovations as touchless car purchases and AI-enabled connected services for vehicles.
We are also providing free tools to support employee engagement. IBM has developed a COVID-19 virtual assistant leveraging, pre-loaded to understand and respond to common questions about COVID-19. This tool also provides company-specific guidance as things change and evolve.
IBM Meaningless.
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