Guidelines for Submission Using PowerPoint, create a 4–5 slide presentation that includes detailed speaker notes highlighting the important points you want to emphasize to your team members and includ

Guidelines for Submission Using PowerPoint, create a 4–5 slide presentation that includes detailed speaker notes highlighting the important points you want to emphasize to your team members and includ
MBA 580 Chief Technology Officer (CTO ) Brief Over the past three decades, sensors have been increasingly integrated into automobiles. Currently, a typical car has 50 –100 sensors (Tyler, 2016) , and this is expected to grow to as many as 200 over the next few years. These sensors measure everything from oil levels to the distance from the car in front . These sensors currently connect (Computers in Your Car , 2018 ). These computer sys tems can warn of a collision or an engine problem and communicate the condition to the driver ( e.g., turn on the check engine light). Increasingly, these computers are connected wirelessly via the internet to other computers , like the user’s phone for things like remote starting, and to the manufacturer to help generate predicti ve maintenance recommendations. The commercial term currently used for this is connected cars . Technically, this is part of the internet of things (IoT) concept —where device s from refrigerators to door locks are connected via the internet for convenient access by the user from phones, computers, and personal automobiles. Currently, and in the immediate future, connected cars will help the driver navigate, find the cheapest ga s station, locate the nearest Starbucks or parking lot with open spaces, and allow friends on social media to know when their friend will arrive . As more semi -autonomous driving features are added over the next few years, these wireless computers will also talk to other cars to help predict their next move and communicate to road se nsors to monitor conditions (Gossett, 2019) . Eventually, enough information will be provided to and from the connected car that autonomous driving will become commonplace. It is estimated that the market for IoT -connected cars will grow from $54 billion in 2019 to over $510 billion by 20 30 at a 25 % compound annual growth rate (CAGR) (Meola, 2020) . This compares w ith an overall industry growth of 4. 1% (The Global Automotive Motors Market Size Is Projected to Grow from USD 20,321 Million in 2020 to USD 25,719 Million by 2025, at a CAGR of 4.8% , 2020) . Our company is marketing some connected car capability —but we are not the leader. We need to innovate so that our products can be competitive in the rapidly growing market. Our cars have sensors and computers, and our technology expertise is competitive. We have some connectivity —driver apps for keyless start and OnStar (The Benefits of OnStar | Keeping You Safe and Secure , n. d.) connectivity to detect accidents and alert first responders . Our growth and ultimate health as an enterprise depends on us taking the leadership or, at least, keeping up with the leaders. Furthermore, there is significant opportunity to improve our cus tomer satisfaction and increase our repair and parts revenue streams by alerting customers to needed maintenance before an expensive breakdown occurs on the road. With our current technology implementation plan, however, we expect to grow at 3.1%, abo ut 1% less than the industry . Our growth projection for connected cars is 10.2% —less than the industry at large . We must speed up our innovation o r risk losing market share. Here is what we estimate our competitors are doing and how fast they are adding technology . The leader among existing auto manufacturers is BMW . BMW cars have significant connectivity to information services now. Some driver -assist functions, such as auto -parking and lane -keeping , have been in BMW models for several years. Market rese arch suggests that BMW will have a full suite of information connectivity in their cars within several years and that the company will begin producing fully autonomous driving machines within 12 years . Toyota has fully integrated social media in Japan and expects to implement it in European and U .S. markets, subject to 5 G wireless availability. Volkswagen is about where we are — but has partnered with Microsoft to jump ahead. Competitors from outside the traditional automobile manufacturers are also indicating that they intend to enter the connected car market with disruptive technologies. Apple, for example, is aiming for a fully autonomous delivery vehicle by the mid -2020s and an autonomous passenger car within a decade . Our goal is to launch an au tonomous vehicle following quickly after BMW, our main luxury competitor . However, we have a long way to go. We are considering two ways to get there : A) Introducing a radical innovative design in several years or B) Introducing incremental improvements faster than we have in the past and improving ou r current models each year . Option A does not prevent us from continuing to introduce incremental improvements in the interim. Our approach will depend on your analysis of our capabilities to innovate . H ow can we get the technology being researched in our lab ready —how can we develop it, produce it, and take it to market ? What technology do we already have , and what will we need to acquire? What are our competitors doing , and are there weak nesses we can exploit ? The two paths we can take are discontinuous or radical innovation , or incremental innovation . What do I mean by this?  Discontinuous or radical innovation. This would be more expensive —a completely new model is expensive —as much as $6 billion (Viswanathan, 2013). A major redesign and recent technology integration are also riskier to develop — we might fail —and it would take longer to get to market. We might require enough of our existing resources that we could fall behind with our current models, but it also might provide insight in incremental changes to current models while we developed a major new product line. It is a lot to think about. That said, we could take the leadership position ourselves in the growing market and better protect ourselves from competitors . If we took this path, we would first introduce a new high -end model and, as we brought costs down, rapidly deploy it across our whole product line, using this innovation process to accelerate our ability to innovate.  Incremental innovation. The automobil e is a mature technology —the modern automobile is over a century old and it has been changing and adapting over that time. Our company does incremental innovation as well as our major competitors and the costs are built into our way of doing business . Give n how we build automobiles today, we can continue to add sensors, computers, and IoT capabilities each model year just by upgrading modules . There are risks, though: 1) Could changes in the market impact what customers demand ? A faster competitor or a new entrant could produce a breakthrough in automobiles that makes everything else obsolete . It has happened in other mature industries —could it happen here ? 2) Are we missing significant new opportunities (e.g., market growth overall or opportunities in integrated maintenance , service revenues and parts , or a high -margin business ) that we do not control now? Reference s: Tyler, N. (2016, December 14). Demand for automotive sensors is booming . Newelectronics.Co.Uk. https://www.newelectronics.co.uk/electronics -technology/automotive -sensors -market -is- booming/149323/#:%7E:text=Currently%2C%20each%20vehicle%20has%20from,car%20b ased% 20on%20current%20trends Computers in your car. (2018, January 24 ). AAMCO Colorado. https://www.aamcocolorado.com/computers -in-your – car/#:%7E:text=Your%20Car’s%20Computer,controls%20to%20meet%20emissions%20standard s Gossett, S. (2019, August 13). IoT i n vehicles: A brief overview . Built In. https://builtin.com/internet – things/iot -in-vehicles Meola, A. (2020, March 10). How 5G & IoT technologies are driving the connected smart vehicle industry . Business Insider. https://www.businessinsider.com/iot -connected -smart – cars?international=true&r=US&IR=T The global automotive motors market size is projected to grow from USD 20,321 million in 2020 to USD 25,719 million by 2025, at a CAGR of 4.8% . (2020, August 17). PR News wire. https://www.prnewswire.com/news -releases/the -global -automotive -motors -market -size -is- projected -to-grow -from -usd -20 -321 -million -in-2020 -to-usd -25 -719 -million -by -2025 –at-a-cagr – of-4-8-301113089.html#:%7E:text=%2F%3Futm_source%3DPRN – ,The%20global%20aut omotive%20motors%20market%20size%20is%20projected%20to%20gro w,at%20a%20CAGR%20of%204.8%25.&text=The%20growing%20adoption%20of%20these,dem and%20for%20safety%20and%20convenience The benefits of OnStar | Keeping you safe and secure . (n.d.). OnStar. https://ww w.onstar.com/us/en/why -onstar/ Viswanathan, B. (2013, May 7). Why are cars not getting cheap even with better economies of scale? Forbes. https://www.forbes.com/sites/quora/2013/05/07/why -are -cars -not -getting -cheap – even -with -better -economies -of-scale/?sh=3ad2b1045ad9