Summary
In this conversation, Tom Price, president of Price Engineering, shares his journey in the hydraulics and pneumatics industry, detailing the evolution of his company, innovative projects, and the challenges faced in the industry. He emphasizes the importance of education and workforce development, the impact of technology and AI, and the ongoing supply chain disruptions. Tom’s insights provide a comprehensive view of the current state and future of the industry.
Takeaways
Tom Price’s journey into the industry began with his uncle’s influence. Price Engineering has evolved significantly since its inception in a garage. The company focuses on taking on unique and challenging projects. Innovations like the dry air blanket have been pivotal for their success. AI and technology are becoming increasingly important in the industry. Workforce development is crucial for attracting new talent to the field. Supply chain disruptions have significantly impacted operations. Education systems need to adapt to better prepare students for industry demands. Collaboration and communication are key in overcoming industry challenges. The future of the industry will rely on integrating new technologies effectively.
Chapters
00:00 Introduction to Tom Price and His Journey
02:32 The Evolution of Price Engineering
05:15 Innovations and Unique Projects
07:52 Challenges and Industry Changes
10:52 Education and Workforce Development
13:50 The Impact of Technology and Automation
16:36 Future of the Industry and Consolidation Trends
26:42 Harnessing Technology for Operational Insights
28:41 Challenges in Workforce Engagement
31:39 The Need for Collaborative Learning
36:00 The Role of AI in Future Innovations
39:15 Navigating Supply Chain Disruptions