In a recent article, Louis R. Chenevert, Chairman & Chief Executive Officer of United Technologies Corporation, broke down some of the essential technologies that are having a tremendous impact on some of North America’s largest corporations. During his time at UTI, Chenevert has noticed one important fact; it’s critical to always look ahead beyond the current horizons of your industry and try to figure out what the next ‘big’ thing is going to be. This is why staying on top of the latest technological developments in your industry is essential to a company’s overall success. Listed are just a few of the most recent technological advances that helped shape entire industries.
The Automobile Industry Past and Present
Close your eyes and go back in time 90 years to the early 1930s. At that time most of the cars where steam-powered with small boilers built directly into the engine. As time progressed, Fords Model T became increasingly popular with the majority of new engines being converted from steam to gas. This advancement increased both safety and efficacy for newer vehicles. Louis R Chenevert understood that investing in the research and development of new technologies was essential to UTC’s success. In 2008, this paid off when the company released a new and improved F135 engine featuring a sole source position leading to a completely redesigned military propulsion system that offered a 7 to 10 percent increase in thrust and propulsion with a 5 to 7 percent increase in improved fuel efficiency.
Another victory won by Louis Chenevert related to the development of a better GTF engine. This resulted in a final product that boasted a twenty percent increase in fuel efficiency, a fifty percent reduction in noise and thirty percent fewer moving engine parts. These advances mean the new and improved GTF engine will last longer and exhibit a greater efficiency when compared to its older counterpart. Looking into the future, Louis Chenevert believes technological advancements in automation and artificial intelligence will completely eliminate the need for human factory workers. Furthermore, with the advent of Google’s self-driving cars, it’s very likely that fifty years from now, most people will quit driving altogether.
Louis Chenevert earned his Bachelors of Commerce Degree in production management from the University de Montreal. He is the founding director and Chairman of the Board of Directors for the Friends of HEC Montreal.