Truck 2020: Overcoming turbulent times for sustainable prosperity
In the face of multidimensional challenges, the truck industry finds itself in need of immediate transformation. Brand eminence is fading, sustainability concerns have created an urgent focus on hybridization and increased urban development is driving ever-increasing regulation. The industry is at a crossroads, unsure of its next steps toward globalization. Tomorrow's winners must take decisive actions today in globalization, brand development, technology integration, partnerships and workforce transformation.
To create the opportunity for sustainable prosperity, tomorrow's winners must act today. Five industry imperatives – in the areas of globalization, brand, technology, partnerships and the workforce – will define the path to prosperity:
- Resolve the globalization dilemma. Globalization is not the only strategy. Companies must pick a path to profitable growth – comprehensive global integration or regional specialization – and understand that either path requires major transformation.
- Redefine the brand. Identify future brand characteristics and develop a framework to support them.
- Enable technology. Innovation in technology is redefining all facets of the industry. Leaders must assess, prioritize and integrate technologies across the value chain.
- Enrich partnerships. Traditional partnerships will not suffice. Companies must evaluate and embrace partnerships both within and outside the industry. The truck ecosystem will thrive because of – rather than in spite of – a chaotic introduction of new players.
- Transform the workforce. Assess the workforce, identify gaps and prepare the organization for the transformation ahead.
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