Industrial Flow Solutions CEO John Wilson and President Andrew Frisbie answered the following questions from Pumps & Systems for our 2024 State of the Industry issue.
What are your thoughts regarding Build America, Buy America? How has that impacted your company?
With the needed and pending upgrading of key infrastructure in the US, we fully support the momentum around Build America, Buy America. This is shaping the future direction of our manufacturing and supply chain strategy. It provides an opportunity for US-based manufacturers to be a part of the solution in bringing the country’s infrastructure back to world-class levels.
How have any price increases of products or materials impacted you or your company?
With the high level of inflationary pressure, we have made multiple investments to minimize the direct impact on our customers. These include upgrading of manufacturing and assembly techniques, redesigning electronic components to utilize more readily available materials and improving product efficiency to minimize the total cost impact to users.
What is your company doing to address the skills gap?
It is a multi-point strategy that includes creating opportunities for ongoing training and development for our employees, working with local workforce development, trade schools and universities to partner in internship and development programs and utilizing business intelligence and data analytics to improve our ability to plan and optimize the entire quote to cash process.
What issues have you seen with any material shortages or supply chain issues?
While there has been significant in the broader supply chain, we continue to see issues with various electronic components and specialty materials. Transportation and logistics are improving with some minor issues due to consolidation in the US markets.
What industry trends are you seeing as we go into 2024?
With the rise in interest rates and impact on borrowing costs, OEMs and the associated supply chains will be stretched to operate on potentially less than desired inventory and stock levels. Meeting customer expectations, especially in the aftermarket space, could become challenging if this trend continues.
What’s on your mind/what are you most concerned about?
Talent development and retention remain both the biggest concern and the greatest opportunity. Taking the time to invest in and identify the right opportunities for each employee is of utmost importance to both their development and in supporting our customers.
What are you most looking forward to in 2024?
Ideally more stable financial and lending markets.