"The key to our success is establishing a management system that enables both creativity and discipline. We are able to link our business model with the right strategy and execution," explained Larry Kingsley, CEO, IDEX Corp, at IndustryWeek's Smart Manufacturing 2005 conference held earlier this week in Bloomington, Ill.
IDEX Corp., a diversified manufacturing company with almost 60 manufacturing and sales facilities located throughout the world, operates with a mindset focused on continuous improvement as they drive growth through innovation. This requires implementing real time metrics to track performance so they are able to make decisions quickly. But all of these activities occur within the framework of a business model whose goal is sustainable profitable growth.
And how does a company sustain its growth? Kingsley offers these suggestions:
- Build strong brands with good distribution.
- Produce highly engineered products that are proprietary and thus have higher profit margins.
- Have diverse end-markets with a broad customer base.
- Use new product innovation to drive growth.
- Focus on high mix, customer-applied solutions.