GLOBAL 2016: Success in evolving car market requires a cultural change
Many of the car companies are going through an internal cultural change as they face the need to navigate the increasingly complex landscape of new technologies, connectivity, and different mobility solutions. The automotive companies are good at spending several years to launch a perfect object. In contrast, technology companies are good at knocking something out and then making iterative improvements. The shift – from making perfect objects to creating rapidly improving technologically based experience – moves the car companies into new territory. Technology companies are interested in the car business because it can be profitable. But it’s difficult to make a car. Everyone wants to be in the experience business. People spend a few hours buying a car and many more hours in a car. If you have someone for that amount of time, you know where they are and what they’re doing, you’re connected to them and you gain data, insights, and potential revenue streams.