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Reflection
The Holiday Season is a time for reflection. It’s an opportunity to look back at the year and count our blessings, celebrate our successes, and identify areas for improvement. Many across the industry have told me that business was very strong in 2023. Demand remains strong, top line revenue is excellent and margins have remained relatively solid. There have been challenges on the supply side, which negatively affected delivery time as well as concerns relative to rising interest rates. Some have shared that while the cost of doing business is increasing, they will focus on product differentiation and specific unsolved needs in vertical markets served, allowing those to be their driver for growth for 2024. There are many new opportunities in microgrid projects (especially on the C&I side), EV charging, and energy storage opportunities. The IT/OT convergence is a trend that will continue to grow in manufacturing and how manufacturers adapt to change will be crucial. Spending in industrial automation is expected to rise in 2024. The pairing of solutions with AI will be a topic to keep an eye on throughout the new year. We will also see spending increase in cybersecurity, whether it be in IT, grid, or automation technologies. No area of the industry is protected against attacks and every business, regardless of size, should have a proactive cybersecurity program. My manufacturing and distributor clients both share that there is a need to focus on improving channel relationships. The requirement for more technically savvy salespeople and growing technical support is needed, both at distributors and rep agencies. Those that are focused on growing their sales organizations with technically focused salespeople and adding technical support / sales engineers are seeing ROI benefits immediately. 2024 will have challenges, not unlike any other year, but from what I’m hearing, the outlook across the industry is very strong. If you are forward thinking, use some agility, and focus on competitive positioning (product differentiation and solution solving), you will enjoy success in the new year.
I’m fortunate to work every day with the best client partners in the industry. I’m proud to grow their businesses by adding the absolute top talent to increase sales, cut costs, improve efficiencies, develop new products, and gain market share. Together, we have enjoyed an extremely successful 2023. I look forward to yet another outstanding year in 2024!
I wish you all a very Merry Christmas, Happy Hannukah and a prosperous New Year! Enjoy the Holiday Season with family and friends. Find your “Comfort and Joy”…It’s the most magical time of the year!
Rob
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