Thursday, March 10, 2016

How should fluid power companies approach the future

There were several good presentations done at the 2016 NFPA Annual Conference.  One of them was a macro economic review of the near term future for industry and the U.S. economy in general.  Frankly that presentation done by Oxford Economics was not real optimistic.  It looks like we have some flat times ahead before things improve.

With that being said, the next two presentations presented ideas that reveal how companies can distinguish their position at any time, including the near future.  The economic report was not based on opinion but facts and trends that effect economies, so, it is not Oxford's fault that there is not a lot of room for optimism in the near future.  Markets like Oil and Gas and Mining are struggling and that is a fact.

The second presentation given on the first day of the Annual Conference explained how the Internet of Things hold great potential for industry, including our fluid power industry in the near and long term.  Jamie Smith of National Instruments gave a clear and very understandable presentation of IoT and the many opportunities offered to industry by this phenomenon.

The third presentation was most intriguing.  It was given by Scott Klososky of Future Point of View.  Scott presented some amazing ideas such as the smart phone as the outboard brain and finding the right balance between Human and Technology efforts in industry, referred to as Humalogy.  He gave many references to disruptive innovations that have really altered how we do business.

My key takeaway from these three presentations is this:  fluid power companies can't do much about the macro economic conditions that we all face.  There is a lot that companies can do to grow and innovate to make their near term future better.  If you would like to learn more about these speakers and their presentations visit www.nfpa.com