ILMA Compoundings - June 2021 - 34

SPEAKER SPOTLIGHT
Embrace the Change
By Jack Uldrich
T
he past year has been unlike any in recent memory.
The coronavirus has turned the business world upside
down and personal lives inside out. One of the most
surprising and yet overlooked developments has been how
the global pandemic advanced the future by accelerating the
adoption of e-commerce, remote working, online education
and telemedicine.
After a year of near constant change, many people are
undoubtedly hoping the near future will slow down and
allow the world to catch its collective breath. Unfortunately,
this isn't going to happen. A number of technologies are
poised to continue transforming the world, and the prudent
business leader must begin preparing for a world in which
" business as unusual " is the new reality. Here are four techniques
that will help you embrace the change.
EXPECT THE UNEXPECTED
Synthetic biology is a complex science, but at its most basic
level, it is programming cells like we program computers. One
company is already programming microbes to manufacture
fertilizer for crops. As significant as this market is, it is just
the tip of the proverbial iceberg. In the near future, synthetic
biology could be used to sustainably manufacture everything
from foods and fuels to " greener " oils and lubricants.
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JUNE 2021 | COMPOUNDINGS | ILMA.ORG
EXPLORE THE UNKNOWN
On a single day in February, SpaceX launched 143 satellites
into space, and by the end of the year, the company hopes to
launch another 1,400. If successful, this will allow SpaceX to
blanket the globe with high-speed internet and potentially
bring another 3 billion people (primarily in Africa, India,
Indonesia and South America) online and into the modern
economy. If this happens, it could be an extraordinary
growth opportunity for the lubrication industry. If you don't
have a presence in some of these global areas, now is the
time to begin exploring these emerging markets.
EMBRACE UNCERTAINTY
Advances in battery technology, concerns over climate
change and growing competition are fueling extraordinary
growth in the production of electric vehicles (EVs). This
could be unwelcome news for many lubricant manufacturers,
because the number of products requiring lubrication
is lower in EVs. While this market may be diminishing,
other technologies are creating new opportunities in the
commercial marketplace. For example, the field of robotics
is exploding, and there is even the possibility that flying cars
will arrive sooner than expected. In March, Fiat Chrysler
announced it intends to begin manufacturing flying cars by
2023. Don't fear uncertainty; embrace it with the heart of
an explorer - the early rewards will go to those with the
courage to set out into the unknown.
LEARN TO UNLEARN
The field of artificial intelligence (AI) is growing by leaps
and bounds. To understand just how powerful the trend
is, consider this fact: Using AI, pharmaceutical companies
are now developing drugs that previously took 10 years to
create in as little as two months. There is little reason to
believe that AI won't also radically facilitate the development
of new, better, cleaner and more affordable lubricants. It is
entirely possible that a new golden era for the industry is
just beyond the horizon.
The aforementioned technologies are by no means the only
ones that will transform the lubricants industry in the near
future - 3D printing, blockchain, quantum computing,
renewable energy, the Internet of Things and advances in
material science are all accelerating at a torrid pace. Every
business leader must accept the reality that their industry and
their business model could swiftly be upended, and they must
be prepared to adjust their thinking and take action accordingly.
Forewarned is forearmed - business as unusual is here
to stay, and you will need to embrace the change.
Uldrich is the keynote speaker at ILMA ReEngage 2021. He is a global
futurist, a best-selling author and a member of the Forbes Business Council. His
latest book is Business as Unusual: A Futurist's Unorthodox, Unconventional,
and Uncomfortable Guide to Doing Business (River Grove 2020).
http://www.ILMA.ORG
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