2018 CEO Insights: Stephen Coop
Wednesday, 20 December, 2017
What opportunities do you predict for your industry in 2018?
Our industry is under increasing pressure to achieve competitive advantages through optimising asset utilisation, improving energy efficiency and complying with standards.
However, despite the competitive nature of the industry, now more than ever businesses need to not only capitalise on technological advancements but in doing so, embody and adopt an element of corporate citizenship. What I mean by this, industry should invest in and implement initiatives that are environmentally friendly ensuring a sustainable and energy-efficient future is strived for.
Within our industry, a major opportunity has been identified for 2018 cascading a steady growth into the future. With climate change impacting the automotive industry, in an attempt to reduce harmful emissions there is a shift away from fuel-reliant vehicles towards electric. Electric vehicles are forecast to make up over a third of new vehicle sales by 2040, indicating a huge part of the future of our industry.
So with this in mind, recently, we have partnered with innovative clean energy solutions provider Delta to bring their range of electric vehicle chargers to the Australian market. We are confident in the drive to a greener future and even more so with our latest global partnership and their sophisticated technology to achieve this.
What impact will big data and smart-device technology have on your industry in 2018?
As we move further in to the era of Industry 4.0 and the Industrial Internet of Things (IIoT), the emergence and importance of big data and smart-device technology has never been more critical to maintain a competitive edge in our industry.
It’s not just about accessing and aggregating data anymore, it’s about making that data work for you by creating better visibility that facilitates improved operational performance. This is where smart-device technology provides a platform to remotely assess, manage and control collated data. New business models and opportunities are arising from managing data to empower decision makers through a centralised real-time portfolio of information.
Recently there have been huge advancements in machine learning which grant the ability to identify and correct inaccuracies. These improvements in data quality allow us to turn assumptions and ideas into actionable, testable real-world hypotheses. Companies that don’t adapt by planning and implementing critical technology initiatives will fall behind, and the gap between success and failure will continue to widen exponentially.
What are your clients demanding of you now that they didn’t demand five years ago?
The digital world is evolving quickly and our customers are demanding access to information and content to base their purchasing decision off faster than ever before, transforming the way we do business.
With customers at the centre of all decision making, at NHP we ensure we are not only choosing the right technologies but implementing them effectively to create value-add experiences.
As the digital world continues to rapidly expand, our customers are becoming savvier with their consumer trends. Inundated with options at their fingertips, they have developed inbuilt filters to sift through what is relevant to them and what’s not. Because of this, it is our responsibility to ensure customers have access to all our business has to offer providing an exceptional and seamless customer experience.
And even though the digital realm plays a big part in satisfying customer demands, ultimately, customers are looking for a partner who is reliable, competitive and reputable — this is still a promise NHP is committed to keeping with our customers.
How should Australian industry respond to global competition?
To begin unpacking this, a business needs to have a concrete understanding of their place in the industry and the offering they supply to the Australian marketplace.
I have experienced being the global influence on the Australian industry, and now at NHP, being Australian owned and operated, have experienced how that global competition impacts our local market.
When it comes to NHP, ultimately we are a people business with a local footprint delivering the world’s best products and knowledge through global partnerships to your doorstep. Working closely with these partners, NHP brings together our own extensive technical knowledge and expertise of the ranges we stock, to develop innovative customer-focused solutions that are tailored for the local market.
It’s the local touch that sets us apart from the global competition, not only providing local jobs across Australia and New Zealand, but we have established a network of metro and regional locations that ensure our people, products and services are available where and when you need them.
Finding the balance between having a local presence and leveraging off global innovations is the key to assuming a successful place in the Australian industry.
Sam Staples from the Australian Energy Storage Conference and Exhibition said 2018 looks to be an...
Urbanisation — along with climate change and demographic change — stands as one of...
Stephen Coop, Chief Executive Officer and Managing Director, NHP Electrical Engineering Products,...