“The after effects of the downturn have altered the business landscape and have challenged long-standing assumptions about successful operating structures. A popular notion today is that there is a need to establish a new "normal" for the automotive industry.“
Current situation on the market requires new approaches in almost everything that automotive companies do, from reporting to their stakeholders and the investment community at large, to making decisions about their tax and legal structures in a depressed market, and to rethinking their entire business structure to eliminate complexity that hinders competitiveness and stifles innovation. Those new approaches in a changed global market are essential to ensure a successful future.
Main Industry Issues
Decision-makers in the Slovak automotive sector face high strategic risk and uncertainty in several areas:
- Lack of a qualified labour force.
- Interdependence with neighbouring economies.
- Application of the Slovak tax and labour legislation.
- Overall Slovak competitiveness in production costs.
- Inventory management.
- Productivity - scrap rates
- Changes in accounting regulations.
We can assist with
- inward investment advice, such as searching for a suitable site
- market analysis, competitor analysis, and analysis of macro- and microeconomic relations
- recruitment and professional development of executive staff
- procurement and supply chains, and optimizing the just-in-time chain
- consolidation of legal entities
- tax optimization of cross-border manufacturing, mainly VAT-related issues
- the right to draw investment incentives and the respective consultancy
- HR advice, such as benchmarking studies on wages and salaries, optimization of remuneration systems, and employee benefit schemes
- reviewing systems and processes
- comprehensive advice and training courses related to IFRS
- mitigating risks resulting from high scrap rates