Automotive Industry Could Soon Witness Renaissance - KPMG Report
FREMONT, CA: Automotive industry is at the doorstep of re-invention, says the the latest report from KPMG, a company into audit, tax, and advisory. Driven by factors such as ubiquitous connectivity, tomorrow’s vehicles are set to undergo comprehensive transformation.
Detailed in the company’s recent whitepaper titled ‘Me, My Car, My Life’, the whole idea of ‘Car’ is getting a renewed definition as it transforms from a means of reaching from one place to another to being a control center of current mobile lifestyle.
“At this moment every aspect of the automotive business is changing: from how cars are designed, produced and built, to how they are marketed and sold, to the underlying economics,” said Gary Silberg, national automotive industry leader for KPMG LLP and author of the report.
Key areas of focus for automotive industry include: focusing on investment in new technologies, new talent, and conducive strategic alliances; leveraging customer data to understand them better; new economic models for demand prediction and capital expenditure; providing customized user experiences with faster time-to-market; creating adaptable organizations.
These aspects would help automotive industry in addressing the challenges such as: inadequate economic models followed by Original Equipment Manufacturers (OEMs); focus on opportunities in emerging markets; vehicle launch marked by flaws fuelling recalls; well worked-out software and electronics integration.
The report predicts that those who implement customized user experiences with flawless production processes stand to gain and will lead the industry.