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The pumps industry has largely been slow to incorporate computer technology to operate, control and protect pumps and systems and reduce LCCs. Manufacturers have only recently begun to develop smart pumps, which integrate a pump, a variable-speed drive, a diagnostic system and a control device. The system eliminates the need for a control valve in the pump circuit and by itself acts as a controlling device. (The pump is made to run only at the required system capacity rather than at full capacity with the flow regulated using a control valve.) These systems contribute to saving energy, prolonging the life of the equipment, minimizing manpower and lowering ownership costs.

The rapid evolution of our global hyper-connected markets drives manufacturers to develop knowledge capabilities. In other words, an increasing proportion of business value resides in trusting knowledge-based relationships, which allow manufacturers to create value with clients, suppliers, alliance partners and individual workers. Relationships are the future of society and business, and rich knowledge exchange will hold the key for gaining competitive advantage. The mantra for manufacturers today is to build long-term renewable relationships internally and externally.

One of the key challenges for manufacturers today is to focus on fostering collaboration between individuals, teams, divisions and other organizations. This requires a knowledge sharing infrastructure that allows people to connect to people as well as to valuable information. The next decade will increasingly see manufacturers shifting their focus from traditional business processes to processes that will enable smooth and efficient workflow. Having made this shift, companies can reconfigure how work is done, and even allow clients and suppliers to participate in their processes, creating powerful lock-in.