Annual Predictions
REFLECTIONS ON 2022 AND THE YEAR AHEAD
BONNIE HODSON , CHIEF FINANCIAL OFFICER ( CFO ), UAP
In a year that has been dominated by economic and political upheaval , there have been inevitable challenges for all businesses . For manufacturers , supply chain disruption has also continued as have fluctuating material costs , creating further bumps in the road . But against this backdrop , there are also positive trends which are driving growth in our sector and creating new opportunities .
Smarter strategies
One of the biggest drivers of new innovation has been the shift towards smart technology . The pandemic , which caused people of all ages to more actively use online devices , has meant that smart technology is no longer a nice to have .
This trend has seen more electronic door locks come to market in 2022 , including the IONIC , which is the first in a series of smart products to be launched under UAP ’ s Fullex-ai brand . Although the product launched at the end of 2022 , it follows five years of extensive research , planning and testing .
This saw us investigate customers ’ priorities and the factors needed to provide the best possible experience . The result is an ultra-secure electronic lock , enabling access via a smartphone App , a fob , push button on the inside , or a thumb turn . Security is enhanced through face recognition and the fobs can ’ t be cloned .
UAP has continued to carry out market and customer research over the past 12 months , which will result in several new product launches in 2023 .
Evolving processes
Keeping pace with customer demands also requires manufacturers ’ processes to evolve and that includes investment in new equipment . Automation is a crucial element in this strategy to improve capacity , manufacturing speeds and quality .
At UAP , we have been working on plans to integrate more automated technology into our operations to deliver a better customer experience both in terms of delivery times and stock availability .
At the same time , we have to be mindful of our impact on the environment . That is why UAP has launched a new initiative named S . E . E . which aims to go above and beyond standard environmental policies and accreditations such as ISO : 14001 .
A range of initiatives have been rolled out , including a competition to encourage our customers to upcycle crates or pallets , and a project to introduce manufacturing equipment that produces less waste and energy . We are also working with suppliers in China to audit products and factories to stop the use of virgin plastic packaging .
Building resilience The hurdles of the past year have underlined the importance of resilience . Managing ongoing uncertainty is incredibly difficult , so all businesses must be in a strong position to respond quickly and effectively to change .
At UAP , we have strengthened our operations through an acquisition strategy . Since 2019 , we have acquired two businesses , and set up two companies overseas . In 2023 , we will be back on the acquisition trail to provide our customers with a broader range of high-quality products .
To support our expansion plans , we have also restructured our finances this year and repaid our investors , providing us with more working capital to achieve our targets .
Of course , it is impossible to grow and strengthen a business without people and this has also led to new initiatives designed to support and develop staff .
Our growth share scheme means that every UAP employee now owns a share of the business and benefits from its future success . These shares are earned and can ’ t be purchased , with 20 % of the UAP share fund now owned by our employees .
In 2022 , we also embedded the UAP Training Academy , which is now integral to the way we operate as a company .
Unlocking potential
Over the past year , one of the key lessons learned is that economic and political challenges should not be seen as a barrier to growth . As we look ahead to 2023 , these challenges are unlikely to change , so we can ’ t stand still . Ongoing research , development and investment will ensure that our products , manufacturing processes and people can keep up with the pace of change and are fit for the future .
www . uapcorporate . com
CLEARVIEW-UK . COM JANUARY 2023
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