Would you consider Keyence a one-stop solution in the industry?

From a product standpoint, I think an area where Keyence lacks is in providing a full solution. Cognex and other competitors have done a great job of developing a machine building network or a full turnkey solution network. You buy the camera and sensors from them, and they put it all together on a conveyance system. In contrast, Keyence only offers the components and doesn't have as strong a network in that aspect as other companies. When I was on the strategic account team, my focus was also on machine builders. They're trying to develop that network, but it's challenging to penetrate that market.

What other advantages do Keyence products have?

Research and Development, 100%. Keyence, bar none, spends more money, time, and energy on developing new products. They often have products that are first to market. For instance, their clamp-on flow meters were an industry first, allowing flow readings without cutting into a pipe. Their vision systems were also first to market, mastering the art of pattern projection. They excel in strobing, structuring a light source on a product, and capturing three-dimensional data with cameras. They've mastered timing of lighting and cameras, and ultrasonic sensing, which takes competitors a long time to figure out. By the time competitors catch up, Keyence is already onto the next innovation.

Yes. What about the decay rate? If a product is introduced and becomes two or three years old, will it be heavily discounted, or how should we think about the decay rate in general?

Interestingly, there isn't a significant decay. For example, Keyence came out with the new VS Vision system. Some niche applications don't need the VS; they might need a controller-based vision system with four cameras. The price doesn't really decay on the older stuff. Products tend to phase out, especially with large customers willing to discount more. In terms of decay rate, older technology still has use and purpose.