COVID-19 has impacted industries massively and has affected economies across the globe. The Automotive industry in specific has been crippled significantly by this black swan event. While production and supply chain issues are being resolved in erstwhile epicenters of the epidemic, vaporization of demand seems to be giving sleepless nights to top executives.
As a direct consequence, the Automotive industry is witnessing significant focus and investments on digital transformation, as companies seek to future-proof their technology estate. With the changing consumption patterns and the shift in R&D priorities, the Automotive industry is at an inflection point, where the current pandemic situation is accelerating digital transformation initiatives across the auto value chain. Few of the key initiatives that are expected to witness significant traction include:
- Strong leverage of online sales channels
- Enhanced focus on Industry 4.0 to improve manufacturing productivity
- Leveraging Cloud for mission critical systems
- Focus on Artificial Intelligence (AI) and Machine Learning (ML) for supplier mapping and monitoring