Globalisation continues to support technological developments, including big data topics and digitalization. Industry 4.0 is connecting value chains around the world, while political developments may have adverse impacts on global trade. Just as technology is impacting operations, political decisions such as customs regulations and the establishment of trade barriers is making it harder to predict business opportunities. This is why strategic decision-making is likely to become even more of a challenge for global business leaders.
Slovak CEOs currently have strong confidence in economic growth and in the success of their companies. They have a high degree of trust in their business and capabilities. Slovak CEOs and global leaders are alert to the challenges of technological transformation.
Digital transformation requires new skill sets, and the importance of HR management continues to increase.The ability to recruit the best people and to retain the talent organisations want to keep remains a priority. Dealing with these topics goes beyond discussions about salary levels, which are already becoming more and more of a challenge for the automotive sector in Slovakia. It is also about dissatisfaction with the quality of education in Slovakia and the relevance of science for the industry including the automotive sector.
2017 was another year of success for the Slovak automotive industry and going forward, the impact of the automotive sector on the GDP of Slovakia will continue to grow. The pipeline of new models made in Slovakia is robust, and future success will depend on the ability of the country to adapt. PwC expects that the transformation of the automotive industry will accelerate, driven by several factors: electrification, autonomous driving, car sharing, and ongoing connectivity and there will be many challenges and opportunities.
This is the sixth Slovak Automotive Supplier Survey, whose results were published in May 2018. Slovak automotive suppliers remain positive about the business environment and investors continue to be confident. The competition continues to be high and productivity needs to match costs. We hope you will find the survey interesting reading. This year, the analysis also includes the results of PwC surveys conducted in Hungary and Austria, and features information about the differences and similarities in these countries. I feel certain you will find the results useful and that they will add value to your business.
PwC | Partner | Audit
PwC CEE Automotive Industry Leader
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