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Executives cite a lack of expertise and the absence of a comprehensive data pool (Photo: IBM)

Automotive companies see the relevance of big data and analytics, but few have effectively introduced the new technologies, according to a new study.

Consultants BearingPoint polled 120 European decision makers at car companies and suppliers and found that 94 pc consider big data relevant to their businesses. But only 7 pc said they had fully deployed big data analytical tools in their operations.

"More of the potential still needs to be realized," said Matthias Loebich, who heads the global automotive business of BearingPoint.

Executives polled said data security, a lack of in-house expertise and a failure to capture all relevant data are the biggest issues they face in making better use of new analytical tools.

They said a cross-divisional data pool is needed to get access to relevant data along the entire automotive value chain.

BearingPoint distilled five action points from the poll:

  • Car companies must deploy big data and data analysis across their entire value chain
  • Data exchanges should be made possible between different divisions
  • Big data and data analytics should be recognized as core technologies for corporate digitization
  • Company-wide strategies need to be developed and implemented
  • Automotive companies should create more positions for big data and analytics specialists.