3 Things Great Problem Solvers Do, as Told by Thomas Industry Podcast Guests

Brooklyn Kiosow Jan 31, 2023

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The printing press. The internet. Wheels. The lightbulb. The Internet of Things (IoT).

At the center of every innovation is an idea, and most ideas are born from a problem that needs to be solved. But even small innovations can be game-changers and industry disrupters.

Industry experts have shared their insights and stories of overcoming obstacles on the Thomas Industry Podcast since 2019. Providing insider knowledge on a wide range of manufacturing topics from managing an unpredictable supply chain to embracing Industry 4.0, our podcast guests impart solutions for industry-wide concerns to help listeners stay ahead of the industrial curve.

Below are three valuable lessons on problem-solving we learned from our Thomas Industry Podcast experts.

1. Think Outside of the Box

While manufacturing output is growing in the United States, with 32,000 jobs added every month in the sector last year, Saman Farid, CEO of Formic Technologies, said something is missing that could put the American manufacturing sector on top.

“There's no reason why American manufacturing can't produce really high-quality, low-cost products,” Farid said. “We're on the path to get there, but one of the big missing ingredients is robots.”

Formic Technologies, a company working to make robotic automation accessible to small and mid-sized U.S. businesses, recognized an opportunity for increasing factory production. According to Farid, most U.S. factories only operate between 2,000 and 3,000 hours a year, meaning that every factory machine sits idle 75% of the time.

The answer to keeping these machines running is automation, but Farid knows that it’s easier said than done. Automating can be time-consuming and expensive, and it also requires an understanding of specific company needs and how automation can help.

To democratize automation, Formic created a Pay-for-Productivity Robots-as-a-Service (RaaS) business model. This makes industrial robotics possible for manufacturers that don’t know how to begin automating.

Instead of buying expensive robots to replace manual processes, Farid explained that Formic rents robots by the hour without any upfront investment. They also do all the work of setting up and maintaining the robots.

“We started Formic with the idea that if we make it easy enough and risk-free enough for manufacturers, we would see a massive wave of adoption,” Farid explained.

Farid recognized that the previous options for manufacturers to automate included investing hundreds of thousands of dollars and trying to identify the right pieces of equipment to buy. So, Formic decided to think outside of the box and find a solution that works for all manufacturers — big or small.

Listen to the full episode with Saman Farid on the Thomas Industry Podcast.

2. Stay Positive

During the pandemic, many companies experienced supply chain shortages or holdups, a drop in sales, or temporary closures. However, some businesses experienced an unexpected boost.

“When the pandemic hit in March 2020, one of the most successful companies in the U.S. was Peloton,” said Jens Gamperl, founder and CEO of Sourceability and Sourcengine, the largest e-commerce marketplace for electronic components. “The gyms were closed. People would buy their workout equipment for home.”

But now that most businesses are back to normal capacity and people are going out again, sales for Peleton have dropped. Peloton reported a $189 million annual net loss in 2021, compared to $72 million in 2020. Sales dropped further last year.

While a drop in sales can be discouraging, being pessimistic can hinder ideation and innovative solutions for driving business growth. Sometimes it just takes a safe distance to recognize the path forward, Gamperl explained.

With a goal of digitalizing the supply chain, Sourcengine was born because Gamperl realized no existing company matched his mission. Remaining optimistic, Gamperl set out to close a gap in the market when it came to getting a quote on an electronic component. With Sourcengine, buyers can submit a request for a quote and get an immediate response from more than 4,000 suppliers.

“I’m very optimistic that from something really bad, it can change in a short time to something really good,” he said. “I always [tell my kids], ‘Look, if you really think you hit a wall, in a day or two, all that stuff becomes a bit more exciting, and there [is always] a future.”

He explained that the pandemic served as a “trigger point” to better prepare for future problems, whether it be supply chain disruptions or product shortages. It’s also made many businesses master problem solvers.

“It’s not always good to go in one direction,” Gamperl said. “We have to diversify.”

Listen to the full episode with Jens Gamperl on the Thomas Industry Podcast.

3. Listen, Listen, Listen

Sometimes even when a problem is realized, it takes a while to recognize its full impact. For example, the can opener was invented more than 40 years after the can.

For Tasneem Manjra, CEO and co-founder of Caravan, a vendor relationship management platform, the path to Caravan took 15 to 20 years. It began when her co-founder noticed a pain point in sourcing procurement groups at a Fortune 500 retailer.

“He noticed there is this lack of transparency in terms of what each procurement officer knew about the other's dealings,” Manjra said. “They were unaware as far as the quality of a given vendor across the board. Maybe one person knew about it but the other didn't.”

Once they realized this pain point, it still took it being validated by other major retailers to get them really thinking about a solution to close this buyer transparency gap. But they kept listening, and the problem was confirmed by many in the field.

What began as a conversation around a buyer concern, led to the realization that vendor relationship management could be more efficient.

A decade later, Caravan was born.

When they began validating the tool with CEOs and CFOs, they all agreed that they needed a platform like Caravan. In 2022, they had a complete enterprise-ready product.

“A lot of my career has been around listening,” Manjra said. “Listening to folks who are in the field who are ultimately going to digest your product or service, and then figuring out how to then build that. I think a lot of that is translated at Caravan.”

Sometimes listening is the first step in finding an innovative solution to an ever-present problem.

Listen to the full episode with Tasneem Manjra on the Thomas Industry Podcast.

Hone Your Problem-Solving Skills

Below are a few questions to ask as you sharpen your problem-solving techniques.

In what area of your business could some out-of-the-box thinking help you overcome a challenge?
How can you turn a current challenge into an opportunity?
How can you improve employee morale to keep innovations flowing?
What is something you consistently hear clients say that could be an opportunity for your business?
How can you get better feedback from clients to ensure you're hearing their needs?
How can you crowdsource industrial insights that could help your business?