Risk Matters X.0
Risk Matters X.0, an ABS Consulting Podcast, explores the evolving landscape of risk and its impact on our world today and tomorrow. Join ABS Consulting experts as they dive into critical topics shaping our future—from cybersecurity and OT convergence to industrial safety and power systems reliability.
Risk Matters X.0
Building a Culture of Reliability: Technology, Training and Transformation with Terrence O'Hanlon
Join host Frank Morphis III and special guest Terrence O'Hanlon, CEO of Reliabilityweb, as they dive deep into building a culture of reliability and the future of asset management. With over 40 years of experience, O'Hanlon shares invaluable insights on integrating new technologies with fundamental maintenance practices, addressing the challenges of data quality and embracing AI in industrial operations. The conversation explores how organizations can create effective asset management programs while balancing risk and opportunity. O'Hanlon also discusses the upcoming 2024 International Maintenance Conference (IMC) and shares his vision for the future of reliability leadership. Whether you're a maintenance professional, reliability engineer or asset manager, this episode offers practical wisdom on navigating the evolving landscape of industrial reliability and maintenance excellence.
Produced by Diego Galvez and Oscar Diaz, Digital Communications at ABS Group.
And that's where we say culture really plays a role. You can turn the risk to medium risk, you can turn it down to low risk, you can turn it up to high risk, based on these things that we're talking about. So don't think that just because you're not dealing with your data quality that you don't have risk. Your risk is already there.
Speaker 2:Welcome to the Risk Matters podcast. My name is Frank Morfis and I'm your host. In each episode of this podcast, we uncover why effective risk management is fundamental in protecting people, strengthening businesses and sustaining industries. Our focus today is on building a culture of reliability, whether that's through technology, training or transformation within an organization and our goal today is to provide insights into creating a culture that prioritizes reliability and maintenance excellence throughout the organization what we like to say from the top down.
Speaker 2:I've got a very special guest with me today. I would like to welcome Terrence O'Hanlon. Terrence O'Hanlon is the CEO of ReliabilityWeb. I think for most of those that are probably listening to, this needs no introduction, but Terrence has over 40 years of experience as a reliability leader. With his innovative work with Uptime Elements Framework, he's transformed the industry, making him a key influencer and an expert in asset management, in reliability and in operational excellence. Terrence thank you so much for joining us today.
Speaker 1:Really great to be here. I've been an admirer of your company since I started and learned a lot from the approaches of the experts that you have on your team, so it's been a really great relationship.
Speaker 2:Absolutely, and I think that we do the same. There's a lot of going back and forth on LinkedIn that we've seen right, and it's great to just watch the things that you do and really work together in a social platform and through things like IMC. I think that before we dive into this podcast today a very hot topic throughout the industry, something that we're pushing pretty hard and we know you are as well but IMC is right around the corner. How is preparation going for that?
Speaker 1:Well, we're going into the 38th year for the International Maintenance Conference. I believe it's the longest running maintenance conference anywhere and the only year it didn't happen, of course, was during the COVID year 2020. But it's going great. When we first started, they said you can't do a maintenance conference at a beach, no one's going to get permission to go. You can't do a maintenance conference in December no one will be able to come around Christmas and holiday time and I remember the first year we did about 550 people showing up and it's been growing, you know, ever since then. So we have, I think, 25 or 30 countries that are engaged and coming.
Speaker 1:You know I love the opening of this podcast. You know where you're focusing on risk, both in terms of something that can be negative, but also something, if companies manage it right, that can really be opportunity. So a lot of that's in the decision making and the strategy and the planning, you know, and not that it doesn't have anything to do with the specific assets. Of course it does. But there's a business side to maintenance as well, and I think you know your firm has always brought that sort of overall business.
Speaker 1:Look, because you do much more than maintenance and reliability and asset management. That's what we try to do as well is there is a you know you make investments in assets. They're expensive, it's like a lot of your cash and you're making these assets and you want to. You want the assets to produce well and of course, it's very exciting. You build a new facility, the politicians and the executives come and cut the ribbon, but now you got to take care of it for the next 25 years or 30 years, and that's where some of the maybe you could say no fun part, because no one's cutting the ribbon, because you need to lubricate the bearing.
Speaker 1:You know, all the hard work comes. So we like to celebrate this group that comes to IMC because really, what's the job at the end of the day? Make sure the plant doesn't. No downtime, no injuries, no environmental incidents. In other words, make a boring day, and in our business and in Western society in general, no one chases you down in the parking lot and says, wow, thanks, today was so boring. Nothing happened today.
Speaker 1:But in reality, that is the goal of the people you serve and the people we serve and we want to. We want to celebrate that you're here. Nothing happened. You can be here because you have proactivity back at your plant. You can be here because you have proactivity back at your plant. You can come to a conference and we can celebrate you and you can meet all kinds of solution providers and technology providers. It's just a super exciting experience for me. I'll say one more thing. I grew up in a family of eight kids where we were the small family of all the cousins, 13 and 14 over here, and our Thanksgivings were like 150 people. It was like a mini conference and that is where I learned how to host large crowds. So to IMC is kind of like coming to Thanksgiving at the old Hamlin house as I was growing up.
Speaker 2:I love it, and it's Thanksgiving in Marco Island right, so you can't beat that.
Speaker 1:Well, it does help, it does help. I will say the place helps me look good. It does look good. Oh, that's awesome.
Speaker 2:No, thank you for that, and I think, a lot of what you touched on there and the goals that you guys have with this conference. They really align with some of the things that I want to talk about today. Some of the questions that I think we've seen at ABS Consulting, some of the questions that we get asked pretty regularly, and they're typical throughout the industry. Right, I don't think it matters who you are as a service provider, what services you provide or what kind of organization you are. The industrial organizations are all dealing with the same things, right? When it comes to reliability, when it comes to new technology or existing technology and systems in place, right, or systems of consideration. So I've gone back and forth on really where to position some of these questions, and the first one for me is looking at the integration of new technologies into systems. Right, there's so many things out there.
Speaker 2:I've got a question on AI for you here in a little bit, right. But when people start to look at new technology and how to integrate that technology with fundamental maintenance practices right, the ultimate goal is to enhance overall effectiveness and prevent future issues, right, can you take a spin at that for me? I know you've probably seen a lot of folks with outdated systems and equipment you touched on it a minute ago but how are you seeing the best way to integrate technology into maintenance practices for?
Speaker 1:success. Well, there's a couple of things I'd unpack there. The first one's the big elephant in the room data.
Speaker 1:I love maintainers and reliability teams and asset management teams, but we are got to look ourselves in the mirror. We are bad at data and because our, because the assets over here, the technicians over here and our IT system is over here in our application, 50 percent of reliabilityiabilityWeb's audience so we think we've got a pretty advanced audience can't get a work order on a mobile device today, in 2024. You know, imagine hiring. You know some 28-year-old and you're giving them a stack of work orders. You know paper work orders but that when you have that manual data collection, it takes a lot of work to do data governance correctly and you can't really leverage these technologies without the proper data underpinning, so to speak. So there's one thing I'll just jump up and down about Our research shows that the overall trust in asset data is 60%.
Speaker 1:I mean, if you only had a 60% trust in your financial data of your company, you know your CFO would be fired, right the thing it wouldn't be allowed, it wouldn't be permitted. So that's one. Get your data house in order. Easier said than done, you know, because you have all kinds of issues of implementation, adoption. And I love that you all are bringing cybersecurity into the conversation because we typically ignore it. We want to be unbridled. You know, that's why I get so freaked out around us, because we just, you know, we just want to go out and do the job kind of a thing, and we don't want to be locked down. Well, it's a dangerous world, not that we have to be locked down, but we have to do things right and I really appreciate that. Your company sort of putting in a framework. I know it's not a fun conversation, but we have to make sure we're secure.
Speaker 1:So the second part of it security, trust. We call it trustworthiness. You know that the system's trustworthy and you're not going to violate or hurt the company by using it. It's all secure. And then it comes down to the people. You know, does it make their job easier? Does it make their job harder? They'll do a little bit of harder work if it improves performance. But if it makes their job harder and it's not really affecting performance, adoption really slows and that's one reason why the data doesn't come in and things of that nature. So it's not an easy answer. I will say I love the question because I think it's something we have to solve. We've we've been a great community. I don't want to say without technology. We've always had technology but we haven't used it, we haven't leveraged it like other parts of our companies have, like accounting and sales and marketing and supply chain, and we can't. There's no reason why we can't.
Speaker 1:And so we need to pull together, get those case studies where it really worked and what the secret sauce was you know out front. And that's why what we try to do at IMC we must cross the technology threshold here, because it's safer, it's more secure, it's more successful, it's just smart business.
Speaker 2:Yeah, absolutely. It makes me think a little bit too. It's really twofold when you talk about the workforce, right, the existing workforce or those that maybe haven't relied as heavily on technology as some of the newer age would like to today or is trying to with the advancements we've mentioned.
Speaker 3:Ai right, there's my second mention of AI so far in this discussion.
Speaker 2:But when you look at some of those folks right, the loss of technical expertise, as people are starting to retire from organizations that's difficult to replace, right? Or simply making strategy adjustments. When you look at the workforce and a lot of the organizations that we work with, they don't have time to step away from the shop floor. They don't have time to step away and look at these capital projects or these large implementations, and it's oftentimes looked at as difficult, right? What are some of the things that you are seeing reliability leaders do, or some suggestions that you have for reliability leaders to make improvements to their operations? Well, and how do you increase adoption? I guess it's a good question, right, yeah?
Speaker 1:Well, constancy, constancy, constancy, constancy. You're going to get some things right, You're going to get some things wrong. Just keep putting one foot in front of the other and going. You're going to meet people at IMC that have been on this journey 10 years, 15 years and staying with the same company, sometimes staying in the same position, and that constancy of purpose, as Deming called it, is not to be underlooked. Time, it's like putting money in a savings account. It compounds over time your continual effort towards a true north over time. That's the winning math Trying to do it in three months and closing out the project and getting adoption, or nine months, or a year or whatever.
Speaker 1:Of course we're going to have projects that come up, but reliability is not a project. Reliability is how you do business. You may have projects within reliability to help advance the performance of things, but you really need to have it as the way you think, the way you do business. We have a rule that how things occur to you, how it's in your brain, is how you perform it. So with our, with our training, we work in changing how it's in your brain, how you think about it, because we know we can change how you think about it about where it fits in the overall organizational picture. You'll make those journeys and then you'll get it right more often than you get it wrong.
Speaker 1:But even when you get it wrong, you correct the course. You know, and you do so with integrity and authenticity. And you know you do so with transparency and you move forward. You just keep moving forward. There is no real secret. There is no archaeological dig. We're waiting for the silver bullet here. It's a lot of hard work and it's a lot of things coming together and coordinating all at the same time, and it is not a maintenance function. That's like trying to say maintenance is responsible for safety. Maintenance plays a big role in safety and we want to keep our maintainers safe. But the whole company plays a role. Every person plays a role in safety. I could make the argument that every person also plays a role in reliability.
Speaker 2:Yeah, yeah, absolutely. I love that and I think you made a good point too there in two responses. Right With with the, with the loss of some of that technical expertise, or the potential loss of some of that technical expertise, it is crucial to document those things, not only documenting processes but experiences right for the folks that have been in those organizations for 10, 15, 20 years and have learned and grown and really developed, the beginning stages or the current state of whatever asset management plan is in place.
Speaker 1:Right, we're clearly aging out. Right, we're, we're clearly aging out. You know, the, the, the, the older workers who maybe weren't so great at documenting everything you know, are retiring. They're heading, all heading down to Florida and you know, faster than we're replacing the knowledge. We still have people coming up, but there are people without that knowledge that the 20, 30 year, you know, veterans had, um, it's a, it's a tough solution, it's a tough situation because we don't have a lot of great solutions.
Speaker 1:I am all in on ai, yeah, and if I had some older workers that were getting ready to retire, I would be sitting them down with the gen ai model training, absolutely that gen AI model training, that gen AI model on what they know ASAP, you know, and AI is not the answer to everything, but it's got some amazing features of capturing knowledge. You know, we're seeing. We're sort of seeing AI. You know machine learning, if you want, at the condition monitoring level vibration sensors and oil sensors and temperature sensors and things, and that's pretty sensors and oil sensors and temperature sensors and things, and that's getting pretty standardized Wireless sensors all throughout sending up to the internet and the machine learning sort of managing the alarms and the conditions and doing some advisory. We're seeing sort of this middle layer where they're doing sort of the statistical and process-oriented reliability, facilitating failure modes and effects analysis, facilitating RCM and things of that nature. And then we're seeing this Gen AI as sort of the knowledge base being able to have a human conversation with your data in context, which is super interesting. I mean I love it. I'm training a lot of different kinds of agents right now and I just find it fine. I know everyone really complains about open AI and hallucinations and all that kind of stuff. I really a lot of.
Speaker 1:It has to do with the way you ask the questions and if you don't like the answer, you tell them to ask the question again. There's just a lot of potential. Don't be afraid of it, you know. Start embracing it. It's going to be in almost every application that you're ever going to use on the computer. If it's not already, it's going to be soon, you know. So whatever you're using for work orders, whatever you're using for planning, scheduling, will be supported by AI. So start learning. Don't be afraid of it, although there is a lot to be afraid of with AI. Learn it. Learn it so you're informed and your people can be informed. There's a cliche. You know I'm not going to lose my job to AI. I'm going to lose my job to somebody who knows how to do my job with AI, right. So that's why you should be learning AI, because you don't want to get replaced by somebody who knows how to use AI to do what you do.
Speaker 2:You should learn how to use AI to do what you do, sure, and AI is obviously not new. I think that, right now, the biggest thing that we're seeing is it's being utilized successfully, right, and there are, there are organizations, there are applications right, that are starting I think you mentioned it that are starting to embed the AI capability into something as simple as WorkWorks, right, and a lot of things where it can be used fairly seamlessly, as you mentioned, if done correctly and if, for lack of a better phrase taught by those experts that know exactly what they're implementing into their systems by those experts that know exactly what they're implementing into their systems, instead of a computer system beeping at you because you didn't fill out a field or something.
Speaker 1:Imagine a nice calming voice. Maybe you should consider filling in the notes.
Speaker 2:That's right.
Speaker 1:And kind of encouraging you to do it the right way, rather than you know you can't save it and you can, you know all that kind of stuff, absolutely.
Speaker 2:I think we all prefer to be talked to that way, right or corrected in that manner, rather than the slap on the hand or the loud yell yeah. Last question that I have, on AI, I think, but I know that even at Maximal World, mastering AI was a big topic and you're speaking with folks about this all the time. I'm sure that at IMC it will be a big topic of discussion there as well. What's the feedback that you're getting from audiences? I think you shared a lot of your feelings and I've done the same, and we're very excited, and I know a lot of folks that are. Are you getting that general consensus from the audience?
Speaker 1:Yeah, I think what we're getting a couple of things. The theme at IMC is intelligent reliability leadership, and what we mean by that is sort of AI combined with leadership. So the human and the AI, but a human who's empowered as a leader. I think. A couple of just quick responses off the top of my head. The data a lot of companies are hitting the wall. They have the money, they can buy the technology, they got the contacts, the right technology company, but when you let AI go crazy on your data, it comes back on you know you know, it's like you're creating Frankenstein they're hitting walls with the data.
Speaker 1:Now, I think AI is going to be a big tool in fixing all of the data that we have in this industry as well, and I think people are going to be embracing it. We're sort of at. You know, any change, especially in maintenance, reliability and asset management, takes a long time. So we've got people who are sort of knocking at the door. We've got people who've already piloted, you know, a to Z, vibration analysis or some other system that contains AI, and they've done it successfully, just maybe not at scale.
Speaker 1:Others that are doing it with their like you say, their EAM and their work orders and things of that nature. Very few have made it through all the way to you know, scaling, where you could say, wow, that's digital transformation.
Speaker 1:They've transformed their whole you know, maintenance operation based on AI. But it's coming. You know it's in the next couple of years. Smart companies like IBM they got a whole R&D, watson X and IFS has AI built into the system. All of the modern like Maintain X and those type of CMMSs have AI components to it. So you know it's kind of coming with the meal, so to speak. When you buy a vibration application, the AI is going to come with it. When you are, or you do it as a service, the AI is going to be there.
Speaker 1:So dive in. You know you don't necessarily have to be the first one to cut your way through the jungle. That's what we're trying to do at IMC for you, so you can have some paths to follow of other people who succeeded. And the thing I love about IMC we have people come and tell us about their failures, which oftentimes is more valuable than the successes. We can all learn from the failures and what not to do sometimes is as valuable as what to do, and we're learning as a community together.
Speaker 1:You know your team adding this IT kind of ITOT I guess they call it information technology and the operational technology coming together with a blanket of cybersecurity. I think that's been one of the problems is the security. So I'm really glad to see you all addressing that. Problems is the security. So I'm really glad to see you all addressing that. It's all in the. It's not like you said, it's not new, it's been here for a long time. But the potential to make the application scale, that's what's new.
Speaker 1:And we have to get our house in order. We have to get our data house in order. We have to get our devices in order. We have to get our software up to date and do all the security patches and things of that nature. So we have to add some discipline that we've been able to engineer our way out of in the past, you know, because we have great engineering in reliability.
Speaker 1:But, ok, great, we have great engineering. You can do amazing things without a lot of data. Wonderful, congratulations. We'll create a new award for that. But let's use the data that we've got and let's collect it better, let's make it more accurate, let's put it in, let's know what we're trying to get to so that that data can work for us. The companies that get to the other side of the data river are going to go so fast that data can work for us. The companies that get to the other side of the data river are going to go so fast that they'll be buying the companies that don't, because they'll be able to operate with margins that the other companies won't be able to compete with.
Speaker 1:So move to the other side of the river. Yes, there are a few crocodiles in the river, but move to the other side before everybody else does.
Speaker 2:Yeah, I think the last thing that I'll add here, before we move on, is that it seems that most application or your EAM providers are establishing this or the AI capabilities as opportunity. Right, it's not forced, it's opportunity to grow. It's opportunity to have something that can help you tremendously grow with you. Right, and, like you said, it takes time. It's not a quick fix. It's not something to implement into an organization in a matter of weeks or months. It's something that encourages you to improve your data, to improve your processes and to get to the point of success that is different at every organization, but shares similar qualities. Obviously. Awesome, I appreciate that. That's exciting.
Speaker 2:The last thing that I really want to touch on is strategic asset management and saying that, right, we could spend another hour and a half here, probably significantly longer, and we won't. But two of the biggest questions that I have for you when we're talking about technology and we're talking new age, can you explain the importance of a comprehensive asset management program? But, more than anything, how or why it's important that that integrates seamlessly with your EAM application and your reliability programs. How do those things play on each other? What successes are you seeing? Obviously, we can get into inventory and lifecycle strategy and organizational preparation right, but what is your take on that? What is the importance of those things really working together?
Speaker 1:Well, I think it's super critical. Asset management is a coordinated set of activities. A coordinated set of activities to realize value from the assets. Well, how does that happen in most companies? Well, a group of smart engineers specify and design. A group of smart purchasing people procure and build. A group of smart commissioning engineers commission it. Then a group of smart operating engineers operate it. A group of smart maintenance engineers maintain it. But they're doing so without that coordination. They're doing so because in Western society we do departments and because purchasing does purchasing better than maintainers do, maintainers do better than purchasing does.
Speaker 1:So it makes sense to have these departments. Sometimes we suboptimize for the company. The company's got one set of goals, one set of objectives, and they really expect us in the departments to align. But what's the vehicle to align on? A specification that maintenance isn't going to see for six years, because it's going to take that long to build the asset or a design that you know that they're not going to see for multiple years?
Speaker 1:A lot of maintenance operations are busy, they're overburdened, they're understaffed and they don't have time to go in a meeting that's going to affect them six years from now. They don't have the resources to do that. You know, or maybe not even the interest in doing it, and either do the people in the projects. Because they want to, they're getting measured by how fast they move, how quick they stay on schedule and how they stay on budget. It's the wrong set of metrics. So, unless you it, I shouldn't say that. I don't want to condemn those metrics. It's great to be on time and on budget. I don't want to condemn those metrics. It's great to be on time and on budget, but if you do that at the cost of a later asset lifecycle, your total cost of ownership of that asset is going to go through the roof unnecessarily. Unnecessarily. And it's not just cost, it's safety. It's not just safety, it's sustainability. So it's really affecting almost every aspect of your business sustainability. So you know it's really affecting almost every aspect of your business.
Speaker 1:So the challenge, though, is how do you coordinate decisions across the specification phase, the design phase, the build and purchase phase, the commissioning phase, the operate phase, the maintain phase, the improve phase, because everybody's got different decisions that are driving them. Some people are interested in this today, some people are interested in this week. Some people are interested in this month. Some people are interested in this year. Some people are interested in this quarter century. You know you build a bridge, you better have a long plan for that bridge.
Speaker 1:So coordinating the decisions that are made on the daily, weekly, monthly, annual quarter century is difficult, and that's the value that asset management brings. It's sort of a layer between what top management wants and then down in the operational zone where decisions can be made that benefit the organization in the long run. You know we may decide that we don't want the long run benefit, we're going to take the short benefit. We may decide we want the long benefit, not the short benefit. We may mix them, but in either case the decisions are intentional and they're driven by policy and they're driven by a business strategy and they're driven by a business plan.
Speaker 1:So it's important that everybody sort of go up and work at that layer too, in addition to their departmental layers that they're at and I know that was probably geeky and long winded, it's hard to explain that part of the business, but we call it a decision layer. It's a layer that's specifically to coordinate and make decisions and it's where you know if you don't have an asset management policy then you probably don't have an asset management system that Frank is talking about. You know, and if you don't have a strategic plan, multi-year strategic plan, you probably don't have that layer that I'm referring to here. So that's the hard part is, when you go to't have that layer that I'm referring to here. So that's the hard part is when you go to management and say, hey, we have to add a new layer of bureaucracy in the company, they're like, nah, don't think so, and it doesn't really have to be bureaucratic, it can be effective and efficient.
Speaker 1:Public utilities are doing it because they have this water utility has the tax or the rate payer, taxpayer's money. They have a responsibility. So they're becoming transparent with their decisions. I think eventually it will work its way in a bigger way into industry. It's going to start with the public and the tax and the and the defense industries and all that kind of stuff that are more accountable to you and me as citizens, so to speak. But then it'll work its way into private because I firmly believe and I think your company does too it's just good, smart business to coordinate those big decisions that can drive cost and safety and success.
Speaker 2:Absolutely, and not geeky at all. I think that's exactly what we're looking for, but organizations are focusing on and they need to know how to get there and organizations like yourself and ABS Consulting. That's what we're trying to help them understand the different pieces of it, I'll do you one, better than what you think is your geeky response, and we typically have one big key takeaway from our podcast right, and that's that there's never a bad time to start right. Wherever you are in your reliability journey, wherever you are in your technology adoption process right within an organization, there's never a bad time to start right. Maturity, size, data quality I think you mentioned data quality a number of times, but they're not barriers right, they're not barriers in implementing an asset management framework.
Speaker 2:You have to start where you are. You have to start where you've lived, whether it's been over the last couple of days or months or years right, you have to find that starting point and what that end goal may look like, it's going to deviate from that path. It's going to change. New things are going to be implemented, like AI, and when those things are adopted, I think that that's the process or the roadmap that you and I would, both in our organizations would suggest people to focus on.
Speaker 1:Well, and you opened with this statement about risk and where it fits in the business and think about it like a knob. That's where we say culture really plays a role. You can turn the risk to medium risk, you can turn it down to low risk, you can turn it up to high risk, based on these things that we're talking about. So don't think that just because you're not dealing with your data quality that you don't have risk. Your risk is already there. You can reduce the risk by improving the data quality.
Speaker 1:Now it doesn't mean you don't have to go all the way up to zero risk, because it costs you a fortune to have that kind of, that kind of data quality. But you can find what's right for your business. If you're if you're you know you're building nuclear power plants, you might want to reduce the risk a little bit. If you're building frozen bagel pizzas, you might be able to turn it down a little bit, you know, and make it appropriate for the business. Remember, risk is negative and it can cause negative consequences. Risk can have positive, it can be called opportunity. Risk on the positive side is called opportunity and we have a lot of opportunity to gain with asset management, with reliability approaches and with better maintenance management, absolutely.
Speaker 2:That's awesome, I love it.
Speaker 3:Opportunity.
Speaker 2:I think is the motto for this one right, I like it. The last thing super short question. I imagine short answer as well, but you know everybody's starting to come up with their mottos for new year 2025. What is yours? What is your hashtag for INC? What is your hashtag for 2025?
Speaker 1:Well, we're finishing 25 years of business this year, so I see we'll cap off our 25th year and that has been a collection of the industry's body of knowledge. Now we've taken that body of knowledge, we've been practicing it for about 15 years and we plan to the next 25 years to well, really, what it's about, what our 25 plan is, is launch the next 25 years, put everything in place so that we have the next 25 years. It's different than the first 25 years. We're really at a demarcation, at Reliability, web, where we're going, and a lot of it is caused by AI I won't go into all that here Both the risks and the opportunities for every aspect of our business. So, as a result of that, we've made a different plan for the next 25 years and I'm super excited about it.
Speaker 1:So I would say it's future, it's the future, it's being not afraid, and this is a good message. Like you were talking about it. Don't be afraid to start. Would I like to be in a different place? Of course, every business would like to be in a different place and it's in right now, but I'm starting the journey for the next 25 years. Don't be afraid to reinvent yourself. Don't be afraid to go away from the model that may have served you well and worked well, but there are new opportunities. Reinvent yourself and take advantage of these new opportunities. It's great Hashtag don't be afraid.
Speaker 2:right, I love it. Terrence, thank you so much for joining the podcast today. It's been an absolute pleasure to talk through things with you. I hope that we continue to do this, learning from your experiences, your key insights in risk and asset management. We're super excited about everything that you're doing right now and look forward to seeing you at INC in a few weeks.
Speaker 1:We are too. We're very much looking forward to it. I appreciate the opportunity to be on the show Absolutely.
Speaker 2:Thanks. So there you have it, folks. As we continue this Risk Matters podcast journey, I encourage you to join us. I hear from many longtime experts and up and coming experts in the industry. Until next time, I'm Frank Northes. Thanks for listening.
Speaker 3:You've been listening to Risk Matters X.0, a podcast focused on all things risk and why it matters to the people, businesses and industries that sustain our world. Follow Risk Matters X.0 on your favorite podcast app and leave us a review. Thanks for tuning in.