A sudden rush to chase the latest trend. Or is it to navigate the hurdles and the congestion faced in supply china in the automotive industry and provide more effective end product results?
The preceding techniques, however, are nearing their breaking point because of the corona pandemic’s intensifying economic and technical advancements, such as supply constraints that destroyed the just-in-time idea.
As per Statista, the sales in 2020 were 378.17 billion euros which are 58 billion significantly low than the previous year’s high. It is expected through digitalization companies can profit from the transformation successfully like in industries like banking and retail.
A new approach is necessary to remain competitive in the digital economy of today. Leading automakers should develop a digital thread that links data as a single, thorough, and precise business asset. In order for all data to be aggregated, evaluated, and used to produce value, this entails not only gathering specific data at various phases of the process but also dismantling silos in various departments or systems.
Integrated data is essential for productivity, cost reduction, and the flexibility and agility required to compete in international markets. Automobile firms must first establish the proper context and data environment for machine learning and artificial intelligence to grow, despite the fact that many people readily adopt these technologies.
The idea of the digital red thread eliminates bottlenecks and substitutes semi- or manually labor-intensive tasks. Data is transferred from one system to another without having to be repeated, copied, or even transferred on paper by moving data from one stage of the lifecycle or process to the next.
Leading automakers no longer limit their use of data to business reports and information. They serve as the basis for analytical methods that allow for small-scale adjustments to current procedures and business model innovation. When the digital thread links pertinent data from throughout the organization to create whole new perspectives and sources of value, the actual added value is created.
Source:- Industry of things