In the world of cars, things are speeding up faster than ever! I’ve always been fascinated by engines and everything they bring to the table. So, naturally, I’ve been keeping a close eye on the automotive scene for years.
The industry finds itself under unprecedented pressure, demanding a paradigm shift that parallels the pace of innovation in the IT sector. Traditional car manufacturers, once accustomed to a leisurely seven-year life cycle for their premium vehicles, now face the daunting challenge of transforming into players in a high-speed, ever-changing arena. The contemporary automobile is no longer just a high-end vehicle with optional features like GPS, premium sound or adaptive cruise control; it has metamorphosed into a computer on wheels.
This radical transformation is particularly evident in the capabilities of new entrants to the automotive scene. From conceptualization to a fully finished product, these innovative companies can engineer an entirely new vehicle within the timeframe of 18-24 months. This revolution not only exemplifies the convergence of automotive and IT industries but also promises customers an experience that is consistently fresh and up-to-date.
For established car manufacturers burdened with so much egacy , this shift poses a formidable challenge. The industry’s historical reliance on a seven-year life cycle has cultivated a culture of incremental improvement. However, in the current landscape, where speed is paramount, this traditional pace may prove to be a hindrance. The race to adapt to the accelerated tempo of change is now more critical than ever for the survival and relevance of these longstanding automotive giants.
This is just an example of how traditional industries and companies are facing extreme challenges. How do you ensure your competitiveness in a time where everything just keeps getting faster and faster?
I often say that people have a tendency to “do the same thing as they did yesterday.” As a leader, you must find a way to turbocharge your company (on the theme of engines…).
Throughout my thirty years as a CEO, I have consistently grappled with these questions of how to ensure one’s company remains competitive in an environment that is constantly becoming more complex and competitive. I am passionate in my belief in people, and it has always been my focus – how do you extract the maximum horsepower (using the engine analogy again…) from your team?
Faster and faster …
