Currently, I am employed by a company that specializes in offering comprehensive Predictive Maintenance (PdM) services to various industrial clients. In the past, part of my role involved staying up-to-date with industry competitors, recognizing emerging trends, and being knowledgeable about the offerings in the market. In the past, there was a shift towards outsourcing the PdM function to external experts rather than developing internal resources. Is this trend still prevalent today? I have heard that PMCI was recently acquired by SKF, and it seems that SES Technical may have been purchased by Timken Services. Both of these acquired companies had talented teams that are likely enhancing their new organizations. When I first entered the industry in the late 70s, machine condition monitoring was a relatively unknown concept, understood only by a few individuals who recognized its importance for business success. However, times have changed, and now most business leaders understand the significant value that PdM services bring to their profitability. If the trend continues towards outsourcing our services, will we see a repeat of the acquisition processes that took place in the 90s, such as Emerson's acquisition of CSI, Rockwell's acquirement of Entek-IRD, GE's purchase of Bentley NV, and SKF's absorption of DI? Furthermore, how will this potential trend impact new talent entering our industry? - Gary Forsythe
Hi Gary, I've noticed a trend where specialized services like Predictive Maintenance (PdM), turnaround management, and reliability services are increasingly being outsourced to third-party providers. This can be attributed to various factors, but one common reason cited is companies' reluctance to invest in training employees for future roles. Often, once trained, employees use their new skills to enhance their resumes and quickly move on to different positions. I have included a link to a recent article I wrote discussing the labor shortage problem in the UK. I'm curious to hear your thoughts on how this issue is unfolding in your region. How are you handling the resource crisis?
A popular strategy among companies today is to invest in training programs to attract top talent.
Hi Gary, you bring up a substantial point of discussion. The trend you've identified does seem prevalent today, and I believe the rise in digitization and IoT technologies has accelerated it further. Outsourcing continues to be a viable option, especially when expertise or resources for PdM aren't available in-house. Acquisitions and mergers, like the ones you've mentioned, are indeed reshaping the competitive landscape, allowing bigger corporations to integrate specialized expertise from smaller companies. As for fresh talent, I see a silver lining. With increased combined resources and potential for cross-functionality, the industry should hopefully provide more opportunities. However, the challenge would be ensuring those entering the field can adapt to the changing landscape, particularly the increasing emphasis on tech-skills without losing sight of the core principles of Predictive Maintenance.
Hi Gary, it's a fascinating perspective you bring to the table here, especially with your experience dating back to the 70s! In my opinion, the trend of outsourcing PdM functions to external experts is here to stay. Companies are increasingly recognizing the cost efficiencies and the depth of expertise they gain when outsourcing these specialized services. We can indeed anticipate further consolidation in the industry, aligned with the instances you've mentioned from the 90s. As for new talent entering the industry, I see it as beneficial. Acquisitions often lead to an influx of resources and renewed focus on innovation, which can provide a nurturing environment for newcomers. They can learn from seasoned experts while also bringing fresh ideas to the table. An industry that's in a constant state of flux can indeed be intimidating, but it is equally full of opportunities.
Hi Gary, your historical knowledge on Predictive Maintenance (PdM) is really fascinating! Regarding your question, in my opinion, we are likely to witness more acquisitions and outsourcing in the PdM industry due to the increasing demand for expert services to improve equipment longevity and increase uptime. As new predictive technologies continue to evolve (like IoT sensors and AI), it might become even more cost-effective for businesses to leverage external experts who are at the forefront of these developments, as that might not be their key business focus. These external teams can apply their diverse experiences from various industries to propose innovative solutions, which might not always be feasible with internal resources. As for the impact on new talent, while some may view this as an industry consolidation, it also presents a unique opportunity to work with different organisations and potentially accelerate their learning and career growth. All the best in navigating these changes!
Great points, Gary! It’s fascinating to see how far predictive maintenance has come and the increasing recognition of its value. I believe the trend toward outsourcing PdM could continue, especially as companies seek to leverage specialized expertise and innovative technologies without heavily investing in internal resources. These acquisitions, like those you've mentioned, indicate a growing consolidation in the industry, which might streamline services but could also create challenges for new talent. Emerging professionals may find themselves competing for fewer roles as specialized teams merge, but this could also lead to exciting opportunities as these larger entities innovate and drive the market forward. I think it’s crucial for new entrants to stay adaptable and continuously upskill to remain valuable in this evolving landscape.
Hi Gary, you’ve raised some really interesting points about the evolution of PdM services and the industry's current landscape. I think the trend of outsourcing is likely to persist, especially as companies seek to leverage specialized expertise and innovative technologies without the burden of heavy internal investments. These acquisitions do suggest a consolidation of talent and resources that could enhance service offerings, which might actually attract newer talent looking for dynamic environments within larger, established firms. On the flip side, it could also create challenges for smaller entities trying to compete. It’s fascinating to see how far we've come since the late 70s, and I’m curious how these shifts will influence the next generation of professionals in our field.
Hi Gary, you bring up some fascinating points about the evolution of Predictive Maintenance. With the ongoing trend of consolidation in the industry, it does seem like we might see a resurgence of those acquisition strategies from the 90s as companies strive to enhance their offerings and capabilities. Outsourcing has certainly helped companies tap into specialized expertise quickly, but I wonder how it will balance with the need for internal knowledge retention as the landscape becomes more competitive. As for new talent, they might find exciting opportunities to work alongside industry veterans in larger organizations, but it’s crucial we continue fostering innovation from fresh perspectives as well. It'll be interesting to watch how these dynamics unfold!
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Answer: - Yes, in the past, there was a shift towards outsourcing the PdM function to external experts rather than developing internal resources. It is important to stay updated on current trends to understand if this trend is still prevalent today.
Answer: - PMCI was recently acquired by SKF, and SES Technical may have been purchased by Timken Services. It is worth noting that these acquisitions may involve talented teams enhancing their new organizations.
Answer: - In the late 70s, machine condition monitoring was a relatively unknown concept, understood only by a few individuals. However, today, most business leaders recognize the significant value that PdM services bring to profitability.
Answer: - In the 90s, there were notable acquisitions such as Emerson's acquisition of CSI, Rockwell's acquirement of Entek-IRD, GE's purchase of Bentley NV, and SKF's absorption of DI. Understanding these historical acquisitions can provide insights into how the potential trend towards outsourcing may impact the industry.
Answer: - The potential trend
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