Manufacturing Excellence
By Seraph Consulting
Manufacturing ExcellenceMar 27, 2023
Saman Farid of Formic: Closing the 1M Worker Gap with a Robotic Manufacturing Workforce
Saman Farid, CEO of Formic, is a leading figure in the US robotics industry, with a focus on enhancing factory productivity and capacity through cutting-edge robotics technology.
Prior to founding Formic, Saman ran the global investment fund for Baidu Ventures, specializing in AI and Machine Learning, and founded Comet Labs, an AI technology investment fund and incubator. Before his investment work, Saman built and sold two tech companies and worked on technology infrastructure projects in alternative energy. He also held positions at global tech giants Verizon, Microsoft, and Honeywell.
➡️ Follow Saman on Linkedin: https://www.linkedin.com/in/samanfarid/
➡️ Learn more about Formic: https://formic.co/
Chapters
(00:00:00) Using Robots to Solve Manufacturing Labor Shortage
(00:02:47) Boosting Manufacturing Productivity with Robot Staffing
(00:05:19) Robots in Manufacturing and Food Production
(00:07:59) Robot Workers in Manufacturing and Service Networks
(00:10:27) The Benefits of a Technicians Network for Robotics Maintenance
(00:13:03) Formic's Rapid Robot Deployment and Ambitious Goals for the Future
(00:15:46) The Rise of Professional Managers of Robot Fleets
(00:18:21) Financing and Repurposing Robots in Manufacturing Plants
(00:21:00) The Importance of Simulation in Robotics Deployment
(00:23:37) Solving the Robot Adoption Issue
(00:26:25) The Different Types of Engineers Involved in Robotics and Manufacturing
(00:29:02) The Need for Training Programs for Robotics Technicians
(00:31:41) Creating a World of Abundance in Manufacturing with Formic
(00:34:23) The Critical Role of Robots in Manufacturing
➡️ See more from Seraph: https://seraph.com/insights
➡️ Follow us on Linkedin: https://www.linkedin.com/company/seraph-consulting-inc
Seraph is a global enterprise consulting firm that partners with business leaders to handle their most complex supply chain, operations, and manufacturing challenges delivering long-term operational and leadership improvements. Seraph has extensive on-site industry experience in supporting clients across automotive, private equity, defense, medical device, electronics, energy infrastructure, and engineering engagements. The Seraph leadership team brings vast expertise across; crisis management, mergers, acquisitions, due diligence, restructuring, turn-around services, product launches, and logistics. Our four-phase process has been proven to provide quick payback and positive ROI, which is measured throughout customer engagement.
In this episode we discuss:
✔️ Transforming the future of US manufacturing: inside the origins and impact of Formic's robotics technology on customers today
✔️ Mitigating risk and maximizing ROI in the adoption of robotics technology
✔️ Revolutionizing labor: building an efficient service network for hourly deployment of robot workers across regions
✔️ How a disruptive business model is changing the robot industry: insights from a company working with a wide range of robotic suppliers
✔️ Benchmarking deployment speed: how does Formic compare to traditional competitors?
✔️ Challenges and strategies for building the world's largest robot workforce
✔️ Enhancing manufacturing operations with automation: overcoming financing challenges and streamlining growth
✔️ Adaptability of robot workers: a key factor for lending in the manufacturing industry
✔️ Scaling new robot applications: mitigating venture risk and expanding markets
✔️ Exploring the organizational structure of the robotics company: software and implementation teams coordination
✔️ The future of manufacturing: in-demand skills for robotic automation
Sam Simon of Simon Group Holdings: Leadership, Culture, and Talent for Operational Excellence
Sam Simon is the Founder and Chairman of Simon Group Holdings (SGH), which he formed in 1985 with the founding of Atlas Oil Company, headquartered in Taylor, Michigan.
Simon Group Holdings, directly and through its subsidiaries, has interests in and is an active investment manager within the following sectors: Commercial Fuel Supply and Distribution; Oil Field Services; Logistics and Transportation; Commercial and Residential Real Estate; Aviation; Technology SaaS; and Insurance Solutions. The SGH Investment Management Team has active investments throughout the capital stack including: Venture Capital, Private Equity, Mezzanine, and Senior Debt. SGH has over 1,000 team members among its family of companies.
In this episode we discuss:
✔️ Unlocking the power of company values: how they shape your culture and drive business success
✔️ Leading from the field: the power of hands-on management
✔️ Building a winning team: tips and strategies for attracting and retaining top talent in manufacturing
(00:00:00) - Building a billion dollar company from scratch with Sam Simon
(00:02:21) - Building a strong company culture with passion and communication
(00:11:19) - Assessing business opportunities based on people and facilities, not just financials
(00:16:14) - The importance of being in the field
(00:20:54) - Tools for entrepreneurial clarity and focus
(00:23:10) - The importance of hiring the right people and providing training
(00:27:34) - Advice for young people starting their career
Learn more about Simon Group Holdings: www.simongroupholdings.com
Learn more about Sam Simon: https://www.simongroupholdings.com/leadership-team
Follow Sam Simon on Linkedin: https://www.linkedin.com/in/samsimonceo
➡️ See more from Seraph: https://seraph.com/insights
➡️ Follow us on Linkedin: https://www.linkedin.com/company/seraph-consulting-inc
Seraph is a global enterprise consulting firm that partners with business leaders to handle their most complex supply chain, operations, and manufacturing challenges delivering long-term operational and leadership improvements. Seraph has extensive on-site industry experience in supporting clients across automotive, private equity, defense, medical device, electronics, energy infrastructure, and engineering engagements. The Seraph leadership team brings vast expertise across; crisis management, mergers, acquisitions, due diligence, restructuring, turn-around services, product launches, and logistics. Our four-phase process has been proven to provide quick payback and positive ROI, which is measured throughout customer engagement.
Chris Cummins, CEO of Micronics: Building Winning Teams, Integrating Acquisitions & Driving Continuous Improvement
With over 27 years of manufacturing experience in highly-engineered products, Chris brings a wealth of expertise to his current leadership position at Micronics Engineered Filtration Group. Prior to joining Micronics, he held various senior leadership roles, including President, COO, SVP – Global Operations, and General Manager, in a diverse range of privately held and public companies such as Danaher Corporation, Colson Group, Symmetry Medical, and Abaco Systems.
Chris's professional strengths are centered around Lean principles and Six Sigma deployment, driving global manufacturing strategies, optimizing supply chain, and continuous performance improvement. He is also currently an Operating Partner at Vance Street Capital.
Follow Chris on Linkedin: https://www.linkedin.com/in/christophergcummins
Learn more about Micronics: https://www.micronicsinc.com/about
Learn more about Vance Street Capital: https://vancestreetcapital.com/team/chris-cummins
In this episode we discuss:
- Successful acquisition integrations in manufacturing businesses
- Leading through tough choices: transparency and team support
- Lessons from his leadership roles in corporations and PE-backed companies
- Talent acquisition: attracting, recruiting and developing winning teams
- Effective leadership communication
- Navigating differences between COO and CEO roles
- Streamlining sales management to provide better customer service
- Advice for young aspiring executives in manufacturing and private equity
See more from Seraph: https://seraph.com/insights
Follow us on Linkedin: https://www.linkedin.com/company/seraph-consulting-inc
Seraph is a global enterprise consulting firm that partners with business leaders to handle their most complex supply chain, operations and manufacturing challenges delivering long-term operational and leadership improvements. Seraph has extensive on-site industry experience in supporting clients across automotive, private equity, defense, medical device, electronics, energy infrastructure, and engineering engagements. The Seraph leadership team brings vast expertise across; crisis management, mergers, acquisitions, due-diligence, restructuring, turn-around services, product launches and logistics. Our four-phase process has been proven to provide quick payback and positive ROI, which is measured throughout the customer engagement.
Doug McCormick of HCI Equity - Investing in human capital, consolidating fragmented markets & leading teams
Doug McCormick is a Co-Founder and Managing Partner at HCI Equity Partners and oversees the origination, management and development of the firm’s investments. Mr. McCormick joined the HCI team in 1999 and has served as a Managing Partner since 2006.
HCI Equity Partners is a Lower Middle Market Private Equity Firm that targets growth-oriented, independently owned manufacturing, service and distribution companies. The company aims to deploy $15 to $75 million per investment either upfront or over time. The firm is headquartered in Washington, DC.
Doug received his Master of Business Administration from Harvard Business School and his Bachelor of Science in Economics from the U.S. Military Academy at West Point. Mr. McCormick previously served as a Captain in the U.S. Army’s 25th Infantry Division, receiving numerous awards for performance and achievement.
In this episode, we'll discuss:
- HCI Equity Partners' innovative investment strategy and its impact on business growth
- The importance of leveraging the operations team to improve the portfolio
- Doug McCormick's military background and the differences between leading in the service and business
- How owners considering selling should vet their private equity partner
- HCI's three-pronged approach for transforming companies into industry leaders
- Short-term and long-term trends accelerated by the pandemic and their implications for businesses
- Applicable lessons learned from Doug's career
- His personal finance book Family Inc.
Steven Wybo of Riveron - Navigating a Financial Crisis, Lessons from Turning Around Manufacturers in a Cash Crunch
Steven Wybo has over 20 years of experience helping manufacturers through insolvency, bankruptcy, turnaround and crisis management. Steve is the Senior Managing Director running Riveron’s Automotive financial consulting business. He’s led 75+ turnaround as Chief Restructuring Officer, interim CFO and other critical positions.
To learn more about Seraph visit us at seraph.com or on Linkedin.
John Stewart of MiddleGround Capital - Profitable American Manufacturing, Preparing for the Labor Bubble, Investing in Electrification
John Stewart is the Founding Partner of MiddleGround Capital, a private equity firm that invests in B2B companies in the industrial and specialty distribution sectors in the lower middle market in North America & Europe with $2.2 billion of Assets Under Management.
To learn more about Seraph visit us at seraph.com or on Linkedin.