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REALISTIC OPTIMISM IN DIFFICULT TIMES. HP AMPLIFY CHANNEL CONFERENCE KEYNOTE BY
ENRIQUE LORES, CEO OF HP




April 3, 2023

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Enrique Lores, president and chief executive officer (CEO) of HP Inc., took the
stage at HP’s Amplify event, and delivered a message of what he called
“realistic optimism,” sharing his view of the coming months and years for HP and
the tech industry in general.

Lores was addressing HP’s channel partners, a part of the business worth he said
was worth more than US$8 billion to HP and one that has been part of their go to
market approach for eight decades.

The conference hosted over 1,500 channel partners from around the world. It was
the first event of its kind for HP in four years, but the energy of finally
meeting in person was tempered by the challenges that the industry is facing.

It was held in the shadow of a current tech industry retrenchment, following
challenging times during the pandemic. Sales of PCs and office equipment soared
in the early days of the pandemic, but supply chain issues made it difficult to
fulfill orders. Then, in recent months, PC sales have fallen enormously with
little hope on the horizon for a rapid turnaround.

But the real depth of the challenges of the past few years came into focus as
Lores apologized to the channel for some having empty warehouses and others
having warehouses that were full but unable to ship because of parts issues.

Then Lores delivered the frank message that “In 2022/23 we may not grow.”

REALISTIC OPTIMISM

Unbelievably, Lores was still able turn his keynote to what he called his
message of “realistic optimism.”

Part of this was certainly his personality. He appeared to be in his
environment, with a relaxed charisma and a folksy style that somehow still
communicates the air of a person in charge.

As the voice of HP, he has credibility. He started as an intern at the company
years ago. He went on to successfully head their print division. He took the
reins as CEO in 2019, just in time for one of the most tumultuous periods in the
company’s history.

He started his welcome with an upbeat and personal tone, talking about how this
was more of a “family reunion” than a business conference. This was, he noted,
the first “in person meeting in years. He talked about how wonderful it was to
once again meet people in person and catch up on marriages, new children and
even birthdays.

Then he turned to a more somber message about the state of the industry and his
view of the future.

“The world has been difficult for the past few years, ” he said. We’ve had
“strongest demand, but significant supply chain issues.” Now, he said, “key
markets are not growing, and may not for some time.”

Then Lores moved on and doubled down on “realistic optimism.” Perhaps it was the
frank and honest assessment of the past and current challenges, but he spoke
credibly as he talked about the future.

He also spoke with the experience of a business leader who had seen more than
one business cycle. “After a market slowdown,” he said, “there is always a
market recovery.” The task was to “make sure our company is ready for when the
recovery will happen.”

FOUR TRENDS FOR THE FUTURE 

Then Lores shared his ‘future ready’ plan. He called for a new kind of capital
“R” resilience needed by HP to meet the challenges and exploit the opportunities
presented by major changes that were happening in the world today. He outlined
four key trends:

 * evolution of technology and entering the age of AI. This will, Lores noted,
   “create new categories and expand the PC portfolio. The opportunity, he said,
   was to “improve the experience to customers.” He gave examples of how AI can
   be leveraged to drive preventative maintenance, to remove external noise in a
   video conference, and to make employees more productive.
 * rise of hybrid work. Although Lores is clearly someone who appreciates person
   to person contact, he admitted that the flexibility employees have is “here
   to stay.” But he was equally clear that “all work should not be done
   remotely.” Planning, designing, and discussion are, for Lores, the key
   elements that need face to face contact, something he clearly values. “With
   Zoom,” he said, “you are watching a movie. In the office, you are part of the
   movie.”
 *  the age of resiliency – “We have to build a more resilient supply chain,”
   said Lores. He said that we need to redesign factories and be ready to be
   able to deal with changes in the world – globalization, political change, and
   climate change.
 * the age of mistrust – “Citizens,” said Lores, “have built a lot of mistrust
   of their governments. They trust companies more than their government.” Lores
   talked of an enormous opportunity for companies who can build trust. “The
   companies that build trust will be the ones that will win in the future. One
   of the key elements of our brand is trust, and this will be critical for us
   going forward in the future.”

Having laid the foundation of the future in clear and realistic terms, Lores
moved forward to look at how meeting these challenges can bring new
opportunities.

A NEW WORLD OF WORK – A WORLD OF NEW OPPORTUNITIES

In this new world, PC’s have become more communication than calculation tools,
and are “not only for spreadsheets and documents.” The opportunity exists to
embrace “a very different use model that will affect the design of PCs.”

The hybrid office offers an “opportunity to design a new conference capability”
that can create a collaborative experience “when not everyone is still in the
room.”  Lores noted how frustrating the experience is today, with some people in
the office and others being remote.

This is not a new strategy for HP. In 2022, the company acquired Poly, who at
the time HP called an “industry-leading video conferencing solutions, cameras,
headsets, voice and software.” But as Lores noted, it was now time to “go on the
offensive” in capturing this and other key market opportunities.

If you can address the challenge of hybrid work experience, Lores noted, there
is an enormous market potential.

“There are 90 million meeting rooms,” he said, “and only 10 per cent of them
have video conference systems.” This, he said, “is a multi-billion dollar
opportunity.”

Another area of opportunity, Lores said, is to drive aggressively with HP’s
printing offerings, expanding these with new products and services. Demand for
printing/scanning in the digital hybrid office was noted as one current bright
spot both in the enterprise and the SMB market.

But Lores also spoke of extending the core printing capability to 3D printing.
HP already offers 3D printing in plastics, but Lores announced that HP had only
a few months ago launched what he said was the first 3D metal printing.

AN OPPORTUNITY AND VALUE PROPOSITION FOR THE CHANNEL

Lores spoke passionately about the importance of the channel to achieving his
vision of growth. He promised that the HP would work towards doing the “majority
of our business” with the channel. “Making sure our partners can benefit,” he
said, “is one of our core priorities.”

He committed to growing the portfolio of products and services with a strong
value proposition. That value proposition would focus on conquering “the
difficulty of experience when not everyone is in room,” alluding again to the
the idea that hybrid work is here to stay.

SUSTAINABILITY AS A MULTI-BILLION DOLLAR OPPORTUNITY

HP would continue to focus on sustainability, Lores noted, committing to what he
called “the need to continue to innovate with purpose.” Furthermore, he noted,
“sustainability is a fundamental driver of our growth. Its the right thing to
do, but helping us to win business.”

How much business is sustainability driving? Lores said that HP estimated that
three years ago, there was US$1 billion in opportunities to which they
attributed to their efforts at sustainability. This year, he said that that
number was US$3 billion.

A COMMITMENT TO “DOING THE RIGHT THING”

It’s not the only time that Lores’ has focused on “doing the right thing.” His
commitment to promoting gender equality was evident in the balance of women who
took centre stage in the presentations that followed his keynote. But it was
also evident in a small networking event for women, where Lores spoke briefly to
challenge the channel to work towards having more women in the audience of these
events. After that, he took his seat and sat attentively through the
presentation.

Lores’ message ended with his commitment to the channel: HP would continue to
innovate products and services to make opportunities for the channel. He
committed to working to make HP easier to deal with, reducing turnaround times,
and increasing assistance in winning opportunities in the channel.

Returning to the personal message he started with, he committed that HP would be
a “company you can rely on, on a personal level.”

Doing the right thing, for Lores, is good business. “If you win,” he said, “we
win in the market.”

 * Tags
 * HP
 * hybrid work
 * printing
 * sustainability
 * Top Story




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