We are entering an age in technology where self-driving vehicles will soon be a reality. With many radical innovations, the technology exists but the practical and swift adoption of these inventions holds many companies and geniuses from ushering in the future. This bottleneck will always exist in the auto industry; the phrase “if it ain’t broke, don’t fix it” holds too much truth for car owners.
Nonetheless in a move to remain competitive, recapture market share, and bolster profits, Ford has replaced CEO Mark Fields with Jim Hackett, a proven executive who was brought in a year ago by Ford to head its electric and self-driving vehicle development. The move signals to investors and to the public that there are serious pressures in the auto industry and especially for Ford. It will take a strategic balancing act for Hackett and the entire team at Ford to manage costs, bring jobs back to America, and invest in the future of vehicles.
Pressures in business can be caused by your competitors, investors, financial performance, and more. As the business environment changes, companies and their leaders must adapt. The rapid pace of innovation in the world is becoming survival of the fittest, which means it is increasingly important to manage time. If you own a big business or a small business, you must constantly assess the market and your performance to know when is the best time to act. For Ford, that time was now.