ILMA Compoundings - April 2020 - 39

have contributions that others simply
can't provide.
COST-EFFECTIVENESS FOR
THE FUTURE
It's important to understand that
cost-effectiveness is a twofold process.
One part of it is internal, as in taking
a close look at your business's practices
and procedures to make sure that costs
don't outweigh profits.
The other part involves looking outward and keeping a close eye on the
lubricants market as a whole. When
that is accomplished successfully, you
keep your business poised to adapt
- not react - as inevitable change
comes to the industry.
The push toward electrification of
vehicles is just one example. According to The Kline Group, hybrid

vehicles will have fulfilled their
purpose as bridges to fully electrified
vehicles (EVs) by the year 2040. Battery-operated vehicles will drive the
development of products like specialized greases, coolants and other EV
fluids, and lubricant manufacturers
that are prepared for those eventualities will be able to easily adapt to the
industry disruption.
In this way, paying close attention
to market trends and industry developments - especially disruptors like
EVs - allows businesses to remain
cost-effective, even in the face of
possible wide-sweeping change. It's all
about balancing the potential rewards
of innovation in order to remain
relevant with the costs associated with
those ventures.

BALANCE IS KEY
In some ways, remaining cost-effective
as an independent lubricant manufacturer requires the same approach
as it always has: balancing operational
expenses with resulting profits and
taking steps to curtail excess spending
wherever possible. In other ways,
lubricant manufacturers must take new
approaches to the concept of staying
in the green, like revisiting financial
assessment processes and adapting to a
rapidly changing industry. When your
business works on both simultaneously
- sticking to what has always worked
in terms of a cost-benefit ratio, but also
looking toward the future and keeping
an open mind - you'll better secure
long-term success.
Moul is a freelance writer based on the East Coast.

James Vence
Technical Director

" IN THIS INDUSTRY,
IT'S NOT ABOUT WHAT
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information on
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solutions.

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©2020 The Elco Corporation

39


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ILMA Compoundings - April 2020

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