“I realized that our company could change some of the products and services we were offering, and optimize our offerings by coupling what we did well in the U.S. with what could be done more effectively in China… The company has grown over 300 percent in five years.”
Dan Stern, EMTM’05
Dan Stern, EMTM’05
EMTM ROI… 300% Growth
As the president of Everite Machine Products, a Philadelphia-based company that provides manufacturing solutions to a wide range of industries, Dan had no shortage of experience in both engineering and management. Dan studied mechanical engineering as an undergraduate, preparing him for his work in the family-held company that he has led since 1982. When the opportunity arose to go back to school he felt that an integrated technology and management program like EMTM would best suit him with his two decades of on-the-job experience. "The alternative for me would have been a straight MBA but I already had a lot of exposure to business in the real world."
The academic environment at Penn with its extensive resources was a big draw, as was the exposure to students from other industries, and the ability to forge new networks. "At EMTM, you find out what the best practices are in other companies large and small, all the way from management techniques to company policies. You can glean a lot of information."
Dan liked the fact that he could both refresh his existing knowledge in subjects like computational finance and materials engineering and learn more about new technologies. "A lot of the technology electives in the program, like nanotechnology, didn't exist when I was an undergraduate. At Everite, we work in many different industries, so having access to these subjects was very useful."
For Dan, the program paid off immediately with both tangible and intangible rewards. "The new methods I learned in Decision Models, Finance and Statistics, some of which I'd never been exposed to, made the greatest impact on my company." Tools like Crystal Ball Risk Analysis Software and extensions of Excel helped Dan better forecast sales and develop robust problem-solving techniques. He particularly enjoyed classes in photonics and nanotechnology and says that he took as many electives that related to his work as he could. "I had to stop taking classes only because there were no more classes to take, but I was sorry to see it end."
From a long-term standpoint, EMTM enabled Dan to become more strategic, and these strategies have paid off enormously at Everite. During his first year in the program, Dan had the opportunity to take part in EMTM's Global Immersion Trip to China, where he got a firsthand look at the Chinese economy. "I realized that our company could change some of the products and services we were offering, and optimize our offerings by coupling what we did well in the U.S. with what could be done more effectively in China. We found that we were able to provide an excellent value to our customers and the company has grown over 300 percent in five years." Today, Dan says, Everite is still harvesting relationships from that decision.
Dan knew that he would benefit from the program, but he had not been expecting the results to be quite so dramatic. "Earlier, I would have been hesitant to go off to China and start new ventures but EMTM gave me the confidence to do that. It has transformed our strategy and our growth."