Digital Transformation can be found in every corporate strategy deck these days. But how did we get here, and what now?
Proco Global have partnered with industry expert, Armin Prommersberger to bring you this insight report on the digital transformation trends shaping the future of the automotive industry. To address the situation we are effectively in, it pays off to understand the trends that are shaping the need for the automotive industry to turbocharge its digitalisation efforts. So let’s look at the four mega-trends and the catalyst that are disrupting the automotive landscape:
01. Software is taking over the world
A key element reshaping the Automotive world is the omnipresent and general trend of almost everything going from hardware centric to software driven. Software affects almost everything we do or what we use. It can be as direct as the app’s running on your smartphone and it can be as invisible as the algorithms monitoring and controlling the movement of public transport in the cities we life in.
02. Disruptive new entrants
With the growing dominance of software, a related key trend is the rise of a whole new breed of digital native companies challenging the incumbents and the status quo of whole industries. These new digital native entrants deploy disruptive approaches thus are changing the value proposition. A good example is the watch industry. What was considered a fashion accessory for decades is now an integral part of our digital lifestyle, loaded with sensors and connectivity. This phenomenon is happening in many industries right now, specifically in segments that were hardware centric.
03. On-demand economy
The on-demand model describes a new way of consumption where physical or digital goods and services are available to the user instantaneously. The on-demand economy is an umbrella for many ways of instant consumption. It became quickly popular in domains that provide digital products or services as the fulfilment of these can be initialised right after the purchase.
04. The connected everything
The on-demand economy is an umbrella for many ways of instant consumption. It became quickly popular in domains that provide digital products or services as the fulfillment of these can be initialised right after the purchase.
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