Statistics For almost 50 years, the Association’s statistical surveys have provided members with valuable insights into key trends in the fluid power industry. Feedback from survey respondents consistently confirms that the BFPA market intelligence service is particularly valued among BFPA manufacturers and was identified as a key ‘Strategic Pillar’ of the Association at BFPA’s most recent Strategy Review in 2021. An ‘Industry Intelligence Strategy Team’ working group was formed in 2022 with a mission statement to: “Make BFPA Statistics and Industry Intelligence more user friendly and relevant to members’ needs”. This group met several times during 2023, with Kevin Mooney of Moog Industrial Group as Chair, to address some of the key issues raised and action points arising from a consultation with members in the initial stages of the project. Review of questionnaires Simplification and relevance of survey questions were key takeaways regarding BFPA surveys. The working group duly reviewed all three annual market and quarterly survey questionnaires (hydraulic, pneumatic and distributor) and implemented changes for 2024 (on 2023 data collection). Rationalisation of product lines was one objective, with the introduction of several new categories to reflect changes in technology and the increasing incorporation of electrical and digital technologies and fluid power, another. Improved BFPA survey reports Members asked for updated and more easily digestible reports, with ‘at a glance’ displays of survey findings. This resulted in work to update the look and feel of the reports, to adopt a more modern style. After review and consultation, new layouts for the monthly and quarter trend surveys were introduced at the end of 2023, and similar formats will be adopted for the various annual surveys during 2024. As well as receiving the traditional report formats, survey participants are now also provided with the combined data behind the reports in data worksheets, recognising the fact that many companies now choose to analyse trends in their own software analytic platforms. Future projects Projects for the future include cloudbased report access, the introduction of better visual displays of report data and work to increase participation in all the BFPA surveys. The introduction of a modern CRM at the BFPA in 2024 should allow progress in these areas, with BFPA being able to ‘showcase’ to members the range of reports which are available to those who reply to the various surveys. Economic forecasts and updates Accurate and reliable economic forecasts are a key aid to successful business planning. The BFPA works with Oxford Economics, the world’s leading economic consultancy and forecaster, to produce an annual forecast for the UK fluid power industry. Published each autumn, it looks ahead to the next 5 years and includes studies of end-user sectors as well as up to date economic summaries for Europe and the rest of the world. Members who subscribe to BFPA industry intelligence and statistics 32 www.bfpa.co.uk By Sarah Gardner, Market/Statistics Manager, the BFPA.
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