Automotive companies are the largest and most complex business in the world, but they also face the toughest challenges in their ability to compete, a challenge they’ve faced for decades, a new report says.
The Wall Street Council report says the industry needs to shift to a more agile, collaborative approach to solve its problems and make sure it stays ahead of emerging threats such as automation and cybersecurity.
It’s a big challenge for the industry, which has seen more than 2,600 jobs cut since the start of the year.
The council’s report, titled Automotive Innovation 2020: How to Take On the Automotive Industry’s Tough Challenges, lays out a number of solutions that can be used to drive innovation.
For example, the council said a shift away from software and data management and toward collaborative solutions is key.
The council recommends that automakers work more closely with other industry players and other sectors to improve their products and make them more efficient and cost-effective.
The report also recommends using autonomous vehicles, a shift that could create new jobs.
Automakers can use their expertise in robotics and data analytics to help customers and suppliers identify where to automate the most efficiently, the report says, and automate processes that can save time, money and create jobs.
The key is to focus on the tasks that need to be automated and not the ones that are most difficult to automate, such as the process of finding a new supplier.
Automotive executives also need to focus more on product and service quality, which is an area where the council recommends using automation to save time and money, reduce cost and speed up the supply chain.
Automation also helps companies focus on making better products, said Greg Maughan, president and chief executive of the Automobile Manufacturers Association.
“Automotive innovation is one of the greatest assets that automakers have and is the primary driver of the economic recovery,” he said in a statement.
“The council recognizes that we need to move beyond our focus on software and software systems and more to embrace a holistic approach to automotive innovation.
Automobile manufacturers have spent decades working to improve the efficiency of their operations, including by investing in new manufacturing technologies, better manufacturing practices, improved customer service and improving their product quality.
The report recommends that manufacturers use data to help them determine where to improve, and it urges them to adopt automation tools that can help them.
Automaker executives also should take advantage of their ability as a large business to innovate faster, the group said.
It suggests automaker and supplier organizations build partnerships that allow them to leverage their knowledge to improve processes and improve performance.
The council also recommends that companies use more research and development, or R&D, to help their products deliver better products. “
We think that’s going to be a critical component of the next three or four years of the automotive economy.”
The council also recommends that companies use more research and development, or R&D, to help their products deliver better products.
Companies should also consider using new technologies that are less costly to deploy and can help improve efficiency, said Mark Bessinger, chairman of the council’s automotive industry task force.
The task force recommends that automaker executives hire more researchers, train more researchers and hire more R&Ds.
“The importance of R&d in a company’s success is not lost on the council, as we see a significant role it plays in helping companies innovate and improve product quality,” Maughin said.
The new council also says the auto industry should use data-driven innovation to drive technological changes that will improve efficiency.
“This will help companies deliver on their promise to drive an economy of quality and save taxpayers money,” he added.