Chris Visnic, VP of Seegrid Sales, explains 2015 was a banner year with over 17.5 million vehicles sold in the U.S., according to the Wall Street Journal—the automotive industry is poised to continue this pattern of growth through 2016 and beyond. That doesn’t mean the industry is without challenges, though. Automakers are beginning to feel the effects of an increasingly competitive market as an influx of tech companies enter the automotive game, embracing big data to identify and solve problems, and touting a “fail fast” mentality that enables the quick production of innovative new products.
Failing fast leads to a rapid product development cycle, which stands in stark contrast to the way automotive manufacturers have operated for decades, designing products in one, years-long development cycle, writes McKinsey. Automakers need to optimize efficiencies and embrace flexibility in their plants in order to keep up with the agility and speed of innovation inherent to Silicon Valley.
Many automotive executives have already recognized the value of connectivity in their facilities. In KPMG’s 2016 survey of 800 automotive executives, more than 80% of respondents believe that connectivity and digitization will strongly disrupt the auto industry by the end of this decade. Similarly, 74% of respondents in a recent Accenture survey stated they are planning initiatives in the next 12 months to invest in and strengthen IT applications. Clearly, automotive manufacturers recognize the need to capitalize on big data to stay ahead of the tech companies on the innovation front. The next step is to implement IIoT-enabled technologies.
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Company Name: Seegrid Corporation
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