It’s no longer business as usual in the automotive industry, and not only because car sales have started to plateau as predicted. According to KPMG’s 2016 global auto survey, 82% of auto executives say a major business model disruption is extremely likely in the next five years.
That’s because the industry is facing emerging technologies that will profoundly transform the automotive business. These disruptive forces include connectivity and digitalization, electric and autonomous vehicles, and ride-sharing services.
For industry executives, a global view has always been a priority, but it’s of greater necessity now. Many of these changes not only are coming fast, but they’re also being developed by competitors located far outside of Detroit. Auto executives now need to keep an eye on what’s happening on the streets in Silicon Valley as well as on the streets of Singapore.
For this reason, competitive intelligence needs to be expansive and searchable immediately after airing, because in markets undergoing massive disruption, surprises can come from the least expected places. Broadcast media monitoring can help automotive executives and competitive intelligence teams stay on top of what’s happening with both traditional and new competitors, as well as track developments in local markets around the world.
Here are just three of the ways broadcast monitoring can help the industry navigate the changing landscape, stay competitive and identify new growth opportunities.
Be Alerted of Competitor Moves
As the race accelerates toward a new business model, auto executives need to quickly search what competitors are doing and saying. For example, Ford CEO Mike Fields recently announced major initiatives on mobility and self-driving cars, and he is scheduled to speak at the Consumer Electronics Show in January 2017. With a broadcast media monitoring tool, executives can set up searches for top competitors and issues and be alerted by email as soon as news hits the airwaves.
Monitor Developments in Local Markets
While the center of the auto industry traditionally has been Detroit, the next wave of innovation is happening in cities around the world less well-known for their impact on transportation. For example, MIT spinout nuTonomy is trialing a self-driving taxi service in Singapore, while self-driving Ubers are on the road in Pittsburgh. Because breakthroughs, setbacks and news of government regulations are likely to hit the local news segments first, having comprehensive broadcast coverage of these markets is mandatory.
Identify Emerging Players and Opportunities
Perhaps the greatest threat to the industry comes from technology companies in Silicon Valley. Tesla and Google are known players in the electric and autonomous vehicle market, but the industry’s new business model will likely be service-oriented and data-driven.
Yet connected cars can mean lucrative new opportunities for carmakers – from digital services such as “smart mobility” to consumer services that involve revenue-sharing. Much of this has yet to be defined or mapped out. Executives need systems in place to track trends and identify potential partnerships, acquisitions or mergers. With broadcast media monitoring, executives can follow consumer technology trends and identify potential partners in Silicon Valley.
With such significant change underway, the automotive industry can’t afford to make a wrong turn. Broadcast media monitoring can provide crucial business intelligence that can guide them in the right direction. Learn more by requesting a free trial of TVEyes broadcast media monitoring services today.