Page 3: Strategic convergence
Strategic convergence provides IMI with a clear focus. At the ‘sweetspot’ IMI’s knowledge and skills are delivering products and services which meet long term customer needs and help to give greater product differentiation. This means offering products which do things competitor products cannot. This enables IMI to attract higher profit margins as well as gaining clear market leadership and creating barriers to entry for other competitors.
This strategy IMI defines as ‘Engineering Advantage’. By understanding the needs of its markets and customers, IMI is able to provide them with customised products and services. This creates customer loyalty and enhances competitive advantage.
IMI’s technical focus is on the precise and reliable control of gases and fluids. However, to retain its leadership position IMI needs its people to develop business competencies such as:
- Key Account Management (KAM) – which requires highly talented and customer-focused people to maintain the company’s in-depth insight into what its markets need.
- Project management – translating the insight offered through KAM into products and services which deliver real commercial advantage for its customers. That advantage could be unique selling features to increase market share or lower supply chain costs.
- Seizing the initiative in emerging economies – IMI invests in emerging economies – areas of the world that are rapidly growing and industrialising such as China, India, Brazil and Eastern Europe. These offer great potential for growth, so IMI needs people with strong commercial skills and local market knowledge to win new business.
IMI’s people are a key factor in helping to deliver its strategy and their skills are a core competence for the business. Engineering and technical know-how is important. However, IMI looks for people who also have an entrepreneurial spirit. This mindset helps the company to look for new and creative to add value for customers and the business.
IMI also supports ongoing development of its people in various ways in order to maintain its innovative edge. For example, the IMI Key Account Management Academy not only provides training for employees but also establishes best practice across the Group. This also helps the company to transfer knowledge from one part of the business to another.