Navigating Through Turbulent Times: Suggestions for the Automotive Industry

Abstract

The Auto Industry is obstructed by numerous patterns like electric and shared driving, autonomous, electric, resulting in unprecedented innovation and transformation of business model. In the midst of this change, the COVID19 is putting much more stress on the Automotive industry. In this research effort has been made to deal with the disruption, the work is done on strategic plans for overcoming turbulent times and making supply chain more resilient, responsive and efficient. The scenario is driven by the combination of resolutions. To navigate with minimum loss this year we need to minimize cost and improve efficiency in the possible areas. The motive of this research is to find out the combinations of resolutions to overcome turbulent times in automotive industry. In this study, combinations of steps are suggested which can be adopted by an automotive firm for navigating through tough times. PESTLE analysis for automotive industry is done for identifying the threats and opportunities in the industry, Standard MRP process and Actual MRP process of one of the auto ancillary plant is compared and gaps in the actual process are identified, benefits of automation of Purchase Order processing is explained with steps which can be implemented and Finally, Factor analysis is done for identifying major factors which can be considered for efficient work from home employee. For this Primary data is collected from 72 respondents (employees working from home) and respondents were from more than 15 companies. 4 Major components describing the maximum variance (around 70%) were identified out of 8 variables – Positivity for work in hand, Communication skills, Workplace Agility, Researcher of market trends, MS Office knowledge, Analytical skills, Knowledge of financial terms, Time management skills. SPSS software is used for the analysis of the data obtained from the respondents.