As part of its ongoing efforts to highlight association members and their leaders, AEM recently connected with Taryn Kutches, vice president of brand and business development of AEM service member company Twisthink, to discuss the current state of the equipment manufacturing industry and where it’s headed.
Twisthink is a professional services firm that partners with forward-thinking companies to drive growth through consulting and product innovation. As the industry continues to place a greater emphasis on technology, companies like Twisthink can help create a roadmap for innovation and build digital tools that position companies for the future.
AEM: What topics do you feel are most talked about in the equipment manufacturing industry right now?
Kutches: Innovation and future readiness are at the forefront of the conversation right now. Many companies understand that to innovate, they must change their mindset to drive new ideas; however, this is easier said than done. We also hear a lot about technology in this conversation. I think organizations understand that technology can be a significant value driver, making this an exciting time in the industry, but there’s a gap between awareness and action right now. This is where Twisthink is primed to help companies with their digital transformations, especially those eager to make a change, but uncertain about where to start.
We also can’t ignore that there’s been an economic slowdown, especially within this industry. We would love to see companies use these periods of uncertainty to lean into innovation. In a report from McKinsey, companies that invest in innovation during downturns outperform their peers significantly, with 30% higher shareholder returns over a seven-year period. As a lot of companies are cutting costs, they need to make sure there is still a portion of their budget set aside for innovation – and, if they do that today, they’ll be that much farther ahead of their competitors tomorrow.
AEM: What can technology improve for companies and their end users?
Kutches: Well, I think there are two main areas where tech can make an impact. First, it can drive internal process improvements for your team. I was at an artificial intelligence (AI) conference last week, and I saw how companies are using technology and AI tools to do mundane tasks, freeing up employee time to focus on more high-value projects. This not only makes employees more motivated, but leads to high employee satisfaction, creativity, and excitement. The conversation has shifted from what can AI do, to what AI is doing, and the impacts are significant.
The second facet of this conversation is being able to improve your customer’s experience with digital tools and/or smart products. Technology can make it easier, more value-add, and more enjoyable to do business with your organization. Improvements in customer experience lead to increased brand loyalty, which leads to more sales, and ultimately business growth.
I would tie tech advancements back to better, more impactful, and more valuable experiences for employees and end users alike.
AEM: Where can companies start if they want to change up their thinking and implement more technology into their business?
Kutches: It’s kind of counterintuitive, actually! In this world where we are wanting to constantly go fast, I think companies need to slow down first. Going slow in the short term allows you to go fast in the long run. If you take the time to invest in building a product roadmap and a strategy, you will be more successful in the long term. You’ll probably spend less money, make less mistakes, and drive more value. We encourage companies to take the time to develop a comprehensive strategy that will maximize their business value. That’s the biggest gap that’s happening right now in the industry; there are opportunities available and not many companies are taking action.
I want to acknowledge that there is also a balance in investing in strategy – if you plan everything to an extreme it's probably not going to come to fruition. However, I do think that if you can align the organization with a clear vision for the future, and then accompany that with a roadmap of how to get there, it will allow you to move much faster. Keep flexibility as a part of that roadmap, and be agile in your execution. If companies don’t know where to start, that’s a perfect time to bring in a partner like Twisthink who has been in the industry for a long time to guide them on their journey, or at least point them in the right direction. Because you don’t have to figure all of this out on your own.
AEM: As a very engaged AEM member, do you have any advice on how to get the most value out of your AEM membership to position your company for the future?
Kutches: I would say that you get out of it what you put into it. We’ve gotten so much value from our engagement with AEM and other members such as Flexco and Vermeer. Our membership also gives us more insights about what’s going on in the industry. We’re able to share and take in other companies’ unique perspectives, and it’s allowed us to make so many connections within the industry. The more engaged with committees, trade shows, and regional events that your company is, the more we can move forward together as an industry. As a service member, we get to network and connect with our potential industry partners. And overall, we want to see this industry soar to new heights, and AEM is a part of making that happen.
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