As digitalization takes hold in the industry, automotive players will need to act quickly to keep up with – and stay ahead of – digital transformation.
We have identified a set of ‘no regret’, short-term digital capabilities and strategies that organizations and enterprises in the automotive industry can adopt immediately to remain relevant in the digital age.
In a dynamic industry where digital is a relatively new concept, getting the basics right is necessary in the long run. No single set of recommendations will be equally applicable to all organizations across the value chain. However, our analysis points to several fundamental capabilities that are crucial to survival in the emerging digital world. We have grouped our no regret capabilities accordingly.
We raise three key questions for leaders and policy makers within the industry to consider and address:
- What incentives can cities and governments provide to prioritize self-driving and multi-modal integration?
- How can the auto industry collaborate with stakeholders in the private and public sector to save lives such as mandatory telematics solutions bundled with car sales and insurance?
- How can the auto industry create a greater democratization of the flow of profits from data platforms, in order to accelerate societal benefits such as reducing fatalities and lowering emissions?
The automotive industry is one of six sectors (along with consumer, electricity, healthcare, logistics and media) that have been the focus of the World Economic Forum’s Digital Transformation of Industries (DTI) 2016 project. An overview of the DTI program can be found here.
Our in-depth findings about the digital transformation of the automotive industry are available in a white paper, which can be downloaded here.
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