The Digital TransformationArticle by Lisa Anderson, April 25, 2020
I’ll be talking more and more about the digital transformation as it will impact every client in a substantial way. Recently I met with a significant, regional CPA firm’s manufacturing and technology experts. We saved time to discuss thought leadership ideas which of course crossed over into the digital transformation. What a fun conversation! A few of the topics that arose included:
- Artificial Intelligence – it certainly has the power to transform entire industries. If that alone doesn’t prompt you to pay attention, it seems like the attractiveness of predictable demand just might. There are vast implications for the supply chain. Our 2020 predictions document will discuss this further.
- Internet of Things – we have embraced the internet of things in our personal lives with step counters, Apple watches, self-adjusting cars, and more. There is definitely ample opportunity in manufacturing and supply chain as well. Think of tracking shipments with GPS, monitoring storage conditions of products to name a few.
- Blockchain – although all reports are that there is a long way to go and it will require a collaborative effort, the big firms are dumping money into blockchain, it came up in our 2020 predictions and seems to be hailed as transformative. Thus stay alert!
- Additive Manufacturing – Who cares about all these sourcing decisions with lengthy lead times (causing cash flow delays), risks of IP and trade secret theft, and hidden costs and burdens related to a BUNCH of factors out of our control if we can produce customized product on demand next to our customers?
- Physical Internet – As a part of my role with the consortium for advanced manufacturing and logistics success as a part of IEGO, I am reminded of the importance of the physical internet. GA Tech’s research is quite intriguing. It combines many of the concepts into a way to share infrastructure such as freight and warehouses.
I’ll be doing interviews on these topics and more as part of my new video series so that our clients can stay AHEAD of the curve.