Pumps & Systems staff spoke with Thompson Pump Chairman Bill Thompson about the current state of the industry and what we should watch for in the coming year.
Q. What do you foresee are the challenges facing the pump industry for 2016?
A. We see a lot of challenges coming forward in 2016. … From a manufacturing standpoint, we’re still struggling with the integration of the Final Tier 4 engines into our product line. That is going to continue to be challenge not only next year and in 2017, but going on into the future if additional government regulations are imposed. From a rental standpoint, this year we’re seeing some pretty substantial growth especially in the construction areas and we’re looking forward to a good year in 2016 and on into 2017 from a rental standpoint. However, we’re still not seeing rental rates adjusting to where they need to be.
Q. What are some ways that businesses will be able to thrive during 2016?
A. One, a lot of it just goes back to fundamentals. If you are going to be successful, you have to take care of your customers, you have to have top quality products and superior service and support. On the other side, with the constantly changing environment, you have to be flexible and you have to be able to adjust quickly. It’s almost analogous to some sports, like a football team where you have to be able to adjust not in the weeks preceding a game but also in the middle of the game and in some cases in the middle of a play. And that’s what we’re experiencing.
Q. Are there any new technologies you believe will help the business landscape in 2016?
A. Like a lot of companies, we are upgrading our computer hardware and software. We are looking at more and better and easier communications systems, the GPS tracking of our corporate vehicles and also our rental fleet, the remote monitoring of our rental fleet in operation. … We’re integrating technology at a faster rate now.