RiskAfrica.com
is available for sale
About RiskAfrica.com
Risk Africa is the former domain of a magazine that showcased articles related to the latest trends in insurance, financial independence, cybersecurity, and lifestyle.
Exclusively on Odys Marketplace
$5,064
What's included:
Domain name RiskAfrica.com
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Complimentary Logo Design
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Built-In SEO
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Tech Expert Consulting
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A chat with PFK Electronics
Mike Parnaby, CEO of PFK
We speak with Mike Parnaby, CEO of PFK Electronics, about the company and its offerings.
As one of the founding members of the company, why did you begin PFK Electronics?
I used to work for a company designing military communication equipment. I left largely out of frustration believing that there were many opportunities that I could do far better.
PFK Electronics began designing and producing electronic devices for the military. How has this developed?
PFK was initially formed with a group of passionate engineers with the intention of doing specific key projects for the military and the SA Railways. We started out developing a full duplex portable radio for the SA Railways and we developed a repeater for the military that could be suspended from a balloon to enable long convoys of vehicles to communicate from front to back.
The opportunities of working with the Defence Force did not materialise as anticipated. It was around this time when Russia and Communism was disintegrating and the SADF (South African Defence Force) was radically revising its role and budgets.
Why did PFK venture into vehicle security, vehicle tracking and alcohol ignition interlock breathalysers?
To pay the bills we looked for manufacturing work and we heard that Shurlok in Johannesburg was having a vehicle alarm manufactured for them. We wanted to get this business so we approached Shurlok to manufacturer their PC boards and when they showed disinterest, we took their PC board and redesigned it using a better, cheaper and more reliable technology. We then showed them our new board. Shurlok were then in a predicament because if they didn’t buy the board from us, we could sell a better product at a cheaper price in competition with them. Because we were running from premises that we were paying R50 a month for, we hired the Durban Chamber of Commerce board room to meet with the executives from Shurlok. They wanted control of our business so we declined to deal with them and because of the work we had invested in understanding, which was the vehicle security market, we decided to make and sell our own product.
Vehicle security was under threat due to these devices being installed at an OE level, so we decided to diversify into automotive aftermarket products; starting with vehicle tracking, leading to telematics and then video and fleet solutions, as well as alcohol interlock breathalysers. The requirements for devices to prevent drivers from starting vehicles ‘under the influence’ has been legislated in many European countries and in the offender market in the USA – and thus our advanced interlock product met many market needs abroad.
How did the acquisition of Shurlok impact PFK?
The acquisition of Shurlok was a very important move for PFK. It initially created some confusion because PFK was founded based on excitement and passion around innovative technology and Shurlok, out of necessity, was a formal and staid manufacturing company approved by most OE vehicle manufacturers, such as Ford, General Motors and VW. Both companies had a unique offering and it was an initial mistake thinking that these could be merged into one entity. Once we realised this, we focused on keeping PFK an innovative technology company, employing 50 electronic design engineers and technicians, where we believe our major growth will continue to come from; as well as benefiting from having the largest OE approved automotive electronic manufacturing facility in South Africa.
How does PFK differentiate itself from its competitors and in designing and producing an impressive array of products? Furthermore, what do you think gives PFK an edge when it comes to being a technology partner to your customers?
I was accused of being arrogant when I said in passing that PFK “doesn’t have any competitors”. This wasn’t intended to be arrogant. I was simply saying that we do not want to compete with large companies like Tracker. In the same way we do not want to compete with China. PFK needs to use its unique ability to create niche opportunities rather than take large competitors head on. The use of technology is changing the landscape and it is very difficult for large companies to adapt.
PFK has the experience in and capabilities of making an array of products, such as advanced video and vehicle telematics systems, vehicle tracking devices, alcohol ignition interlock breathalysers, and vehicle security systems, all within the famed Autowatch brands; as well as PFK Shurlok products which are developed for the OE market. PFK’s leading advantage is that all of our products are designed by our engineers and manufactured in our award-winning factory.
PFK has the unique ability to customize solutions and products. Have you seen a marrying of industries, such as OEMs requiring telematics solutions?
Over the years PFK has invested in a variety of different solutions driven more by excitement than financial gain at the time. These assets and IP include an OE approved manufacturing plant; expertise in CANBus technology allowing our products to interface into vehicle computer systems; vehicle security products; telematics products capable of streaming valuable data for use by all our customers, especially the insurance industry; advanced video telematics and fleet products; internationally approved breathalysers; and a backend server capable of linking all these products together to provide our customers with value added services.
This variety of offerings gives us a unique opportunity to work together with our OE customers, the insurance industry and other customers, all of whom can benefit from a data streaming telematics product. Whereas this may not be viable to these customers individually, if we create a common purpose and a common vision, economies of scale will make a huge difference to everyone, including other manufacturers.
In order to confidently create unique designs and solutions, what do you think is the future of electronics, technology and manufacturing?
The theme of the WEF (World Economic Forum) this year at Davos was around the ubiquitous Internet of Things (IOT) which is considered to be the Fifth Industrial Revolution. The Internet of Things is going to be part of our everyday lives at home and in business. With the introduction of LoRa, promoted by the LoRa Alliance (which is a non-profit organisation lead by leading electronic manufacturers), access to the Internet will be so cheap that it has unlimited applications. For example, it can be fitted to everyday appliances, in business, for reading meters, monitoring important equipment, etc.