Data practices could be impeding the automotive industry’s progress. The industry is increasingly reliant on data, but its management is often inefficient. Many companies are failing to utilise data to its full potential, leading to missed opportunities.
The data silos that exist within companies are a significant issue. They prevent cross-functional collaboration, impeding the development of new products and services. A lack of standardisation in data management is also problematic, leading to inconsistencies and inefficiencies.
The solution lies in adopting a centralised data strategy. This would involve standardising data practices across the company and breaking down data silos. A centralised approach would enable companies to harness the full power of their data, driving innovation and efficiency.
However, implementing such a strategy is not without challenges. It requires a significant cultural shift within the company, along with investment in new technologies. Despite these obstacles, the benefits of a centralised data strategy are clear. It is a crucial step towards a more data-driven, innovative automotive industry.
Go to source article: https://www.automotiveworld.com/articles/are-data-practices-holding-back-the-automotive-industry/