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Globalisation has brought about major challenges for companies operating in the automotive industry and has increased the competition between international and domestic automakers. Also, the increasing demand for digitalization is pressurizing automakers to invest in technology and better supply and distribution chain management. Owing to such challenges, gaining a competitive edge has become all the more essential for companies in the automotive industry. To achieve this, automotive companies will need to compare their products, services, processes, and practices to their direct competitors using standard industry benchmarks. This is where companies realize the need to leverage competitive benchmarking analysis.
The client is an automotive product manufacturer based out of Central Europe. The company supplies instrument panel and cockpit components, safety products, and interior and exterior trim products. With a large number of automotive manufacturers and suppliers entering the European automotive market every year, the client was facing challenges in competing with them in terms of product, quality, and capability. Also, they were losing their market share to their competitors. Therefore, the client wanted to compare their own performance with other major automakers in the market.
Using our competitive benchmarking analysis, the client was able to :
- Analyze their performance relative to close competitors.
- Understand how the company’s processes, business planning, and financial performance compared with that of their direct and indirect competitors.
- Prioritize performance gap and implement improvement opportunities to gain a competitive edge in the market.
- Reduce operating cost by 20%, saving $7.8 million within eight months.
- For comprehensive insights, read the complete success story.
During the COVID-19 crisis, companies in the automotive industry must take calculative and well-executed measures to ensure profitable business outcomes post the crisis. Request a free proposal to know how industry experts at Infiniti Research can help you plan and create comprehensive action plans to navigate the crisis. Request a FREE proposal here.
You may also like to read our automotive industry clients’ success stories:
- Devising a Response Framework for a Chinese Automotive Industry Client to Combat COVID-19 Challenges
- Competitor Analysis for an Automotive Industry Player – An Infiniti Research Success Story
For an in-depth market analysis on how COVID-19 will impact the automotive industry and data-driven insights to plan your next moves, request more info here.
About Infiniti Research
Established in 2003, Infiniti Research, is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us