Digitalization of the Finance Function in the Automotive Industry
A successful implementation of the digital transformation is of decisive importance for the long-term success of companies. For the finance function of companies, it is important to support the management in the company to adapt the business models, organizational processes and internal cost structures to the new competitive conditions on the one hand, but also to rethink their own role, structures and processes on the other.
Previous studies on the digitalization of the finance function have in most cases been cross-industry; the automotive industry has not yet been explicitly empirically examined. In view of the major challenges facing this industry, with changing business models and simultaneously increasing demands on the digitalization of the finance function, this study focuses only on the automotive industry.
With more than 100 companies surveyed, this study is the first to systematically show the status of the digitalization of the finance function in the automotive industry. It provides answers to the question of which goals are being pursued and have already been achieved with the digitalization and which factors are decisive for successful implementation. In addition, the first recommendations for action are formulated. The study was developed through cooperation between the universities of Göttingen and Groningen and the management and IT consultancy MHP. The following results can be recorded:
- Approximately half of the companies do not have a comprehensive digital strategy, even though this turns out to be an important success factor
- While employees are usually positive about the digitalization, top management support is often times lacking
- The finance function of companies will act more entrepreneurially in the future
The detailed study can be found here: