BizTimes Milwaukee: What does innovation mean at IEWC?
Veum: Innovation at IEWC isn’t just about developing new products or services; it’s about how we approach our work, solve problems, and continually improve processes. Innovation can happen everywhere – at every desk, on every forklift, and at every spooling machine. It’s about thinking differently and being creative. To do that, you need to foster an environment where everyone feels encouraged to be creative in their roles, failure is reframed as learning, and we all continuously find better ways to do things.
BizTimes: How does innovation play a role in IEWC’s partnerships with customers and suppliers?
Veum: Our vision is to accelerate and simplify our customers’ and suppliers’ businesses. Innovation in partnerships is about being problem solvers, not just product sellers. We focus on understanding and addressing our customers’ and suppliers’ needs – helping them distribute data and power more effectively. By being good problem-solvers, we build trust and long-term relationships. I don’t view financial results as the goal, they are the result of being a good partner. Financial results will follow if we solve their problems.
BizTimes: What is your most important responsibility to your employees?
Veum: My most important responsibility is to preserve our great culture and continue to attract and retain talented people. Our employee ownership model means that we are not just responsible for their livelihoods but also for their retirement, which adds a layer of responsibility to ensure the company’s long-term success. Most of our employees’ retirement money is tied to IEWC’s success. In many cases, we’re creating generational wealth by just working here. So, maintaining a great culture based on our values is crucial.
BizTimes: How does IEWC’s ownership structure influence its long-term strategy?
Veum: Our employee ownership structure allows us to think long-term rather than just focusing on quarterly results. This perspective helps us make decisions that will benefit the company and its employees in the long run. Our board supports this approach, placing an emphasis on preserving and enhancing the company’s value for current and future employees. This structure allows us to invest in the future, even during economic downturns, ensuring sustainable growth and stability. We prioritize long-term benefit over short-term gains, always asking if a decision will make us a better company over the long term.
BizTimes: Where do you see IEWC in one year versus five years?
Veum: Within the year, we’ll have ramped up our capabilities and expanded our facilities to meet the demands of key markets like data centers, 5G, power distribution, and industrial automation. We’re adding staff and increasing production capacity to handle the expected growth in these areas, even in the face of short-term economic headwinds. In five years, we envision a more diversified company with a strong presence in key markets and new product areas, achieved through both organic growth and strategic acquisitions. This diversification will allow us to serve a broader range of markets and customers, positioning us as a comprehensive solutions provider in our industry.
5001 Towne Dr • New Berlin, WI 53151
877-613-4392 • IEWC.com
