The future of the traditional automotive industry is in question. Urbanization, changing consumer expectations and emerging digital technologies are forming a new mobility ecosystem and setting the stage for immense innovation. Keeping pace requires incumbents to transform by developing new business models and services — and at unprecedented speeds. Success will depend on companies’ ability to radically shift work practices and culture — they must think like a start -up, tap into new talent, commercialize new business models and harness the power of shared data.
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Perspectives from our leaders
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“Speed is key. It’s a sprint, not a marathon. Rapid innovation and experimentation with a fast launch of new business models will separate those that can seize the opportunity from those that will miss the tipping point."– Randall J. Miller, EY Global Automotive & Transportation Sector Leader
How EY can help
EY is helping companies simplify complex business issues, build better mobility businesses and futureproof their businesses for tomorrow, today. We’re helping them address key issues, including:
How do you innovate at pace with start-ups and outside disruptors?
Auto incumbents are struggling to experiment, test ideas and design new models outside their core business. They need a solid approach for developing a large portfolio of mobility ideas, evaluating value, designing sound, in-market experiments, learning from failures and understanding when to scale.
EY has a proven approach to help companies be successful innovators. Our broad approach can help you innovate, commercialize and scale new mobility businesses and revenue models with the agility and speed needed to compete with the new entrants who want to grab your market share.
Blockchain for mobility
How do you commercialize new business models as a part of a digital mobility ecosystem?
Consumers are shifting the way they think about vehicles and how they move around. Why spend a lot of money on something that sits idle a lot of time? In a world full of apps, people appreciate the value of paying for what they use, and saving on what they don’t. Automakers need to find new ways to make money and test new models to disrupt how consumers pay for mobility.
Our offering, EY Tesseract, answers consumer pain-points and demands of shared ownership while offering OEMs the opportunity to create new value and new revenue streams. Enabled by blockchain, our integrated mobility platform allows consumers to buy into pools of shared vehicles and exchange currency based on usage.
Future of work
How can you build and sustain an effective talent community?
Automotive and transportation incumbents currently do not have and cannot attract or retain the requisite talent that is needed to design and deliver new mobility services. They need help filling the shortages of innovation, data, software and service design talent, and more importantly, managing the process of working with that talent to enable innovation.
Our offering, EY Nödia, bridges the gap between new thinking, talent and your business, helping you find and work with the people you need to deliver new mobility products and services. Our technology-enabled platform and set of services allows incumbents to engage and access scarce innovation talent.
How do you create mobility services to remain competitive and keep up with consumers’ demand?
By 2022, connected car services are expected to generate US$49b. However, even with access to connected car data, the auto industry (and adjacent industries) are making only incremental progress on creating limited services. Their focus is on “monetization” of data rather than identifying consumer problems to be solved and delivering an exceptional connected customer experiences.
EY is developing a set of assets that comprise of unique services for the connected car. Our vision is to create an open trading platform for mobility data that will benefit all ecosystem stakeholders. We plan to achieve this by breaking down barriers to collaboration through aligning incentives, which will help create recognizable value for all.
Randall J. Miller
EY Global Automotive and Transportation Leader
+1 313 628 8642
Global Future of Mobility Leader
+44 20 7951 9489
Kristin M. Schondorf
North America Future of Mobility Leader
+1 313 799 4400
Director, Innovation and Growth
+44 20 7951 2648