It is foretold...
All empires fail eventually.
The Roman Empire failed, IBM nearly failed, Boeing is close to failing. In the UK, GEC, Marconi, EMI, British Leyland are all gone.
They were all seemingly too big to fail.
The problem is nearly always the same one - the distance from the top to the bottom is too big. Those at the top have no idea what is going on further down. And those at the top rarely have gotten their hands dirty.
The problem has to be laid at the Company Directors' doors. They took their bonuses and share offerings whilst still enjoying good lunches in executive dinning rooms. They thought that more MBA qualified consultants would fix the problems while they rearranged the deckchairs on the Titanic. And, the big joke is that, when their current business fails, they will still offered well paid part time jobs is other companies. Recently, the Post Office enquiry paraded lots of part-timers which always "had no idea" what was going on lower down. Yet they still got paid - and handsomely too.
Over in Germany Bosch, Siemens, Mercedes-Benz, BMW, Allianz, VW etc are still going strong. Remember, after WWII, we helped the Germans rebuild the VW business and the Americans Honda for the Japanese.
As others have written, there is no secret sauce here; we need good engineers at all levels of the businesses and, particularly at the top.
Yes, we still need bean counters, but bean counters on have one vision which is money. Engineers dream and, sometimes, there are riches to be had.