Engineers on the business side

We have been harping on this topic in InTech for years, but it is so important it needs mentioning again.
For engineers to succeed in today’s work environment, they have to learn about the business side of their profession.
They can’t just get by on their pure engineering expertise alone anymore. Surely that is the baseline, but they need to know so much more.
More engineers seem to be getting that concept as most of the executive forums at this week's ABB Automation World Conference and Exhibition in Orlando, Fla., are usually full.
Late Tuesday afternoon ABB Chief Executive Fred Kindle moderated a lively discussion on global business issues were he outlined what he thought were some of the drivers behind the industry today and what may occur in years to come.
“Planning for the future is more difficult than ever. Even planning two years out is difficult,” he said.
Who could account for China’s and India’s growth? Who can predict isolated incidents such at 9/11, SARS, Katrina, the bird flu, and Iraq? He asked.
But ABB’s executive forum just didn’t stop with Kindle’s discussion.
On Wednesday, more business related topics were front and center. Leveraging technologies to gain productivity advantages, showing true collaboration between end users and suppliers, and how safety impacts a company’s profitability.
Sessions like these can really give an engineer a crash course in the entire business dynamic going on at a plant.
On the safety front, James Porter, vice president and chief engineer for DuPont’s Engineering and Operations, said “simply put, safety is good business.”
“The cost of safety is a hidden one with estimates coming in at $100 billion last year,” he said. He added that number is just the tip of the iceberg.
Darryl Hill, ABB’s safety and health officer, said he had statistics to show for a company to make up for one back injury claim that comes in at $50,000, they will have to increase revenues by $2.5 million.