Preparing Financial Executives for Manufacturing Challenges in 2021 - Manufacturing CFO Summit 2020

📅 Manufacturers across all industries are facing challenges due to the pandemic, and it's crucial for CFOs to prepare their organizations for the uncertain road ahead in 2021.

💼 The Manufacturing CFO Summit 2020 provides financial executives with information, tools, and technologies to better prepare their companies for the future.

🌍 The keynote speaker, Dr. Chris Keel, discussed the current state of the manufacturing sector and predicted a recovery in 2021, highlighting the impact of robotics and technology on reshaping the workforce and supply chains.

💼 There is a predicted increase in merger and acquisition activity in the corporate community as companies take advantage of available opportunities.

📈 The unemployment rate is higher than reported due to the inclusion of involuntary part-time workers and discouraged workers.

🌍 Manufacturers are still facing a labor shortage, even though there are people who lost their jobs during the recession.

💰 Central banks are not expecting significant inflation, but they are monitoring the money supply.

🛢️ Oil prices have remained relatively stable, with demand down and production up due to changes in oil markets.

💻 Technology will continue to play a major role in manufacturing, helping to improve efficiency and productivity.

🔑 Moving to cloud-based systems offers opportunities for increasing efficiency and gaining insights from collected data.

🔒 Security factors such as disaster recovery, remote access protection, and data protection are important for CFOs to consider.

🔌 Microsoft's Power Platform and Power Apps provide a user-friendly way to connect systems and leverage data for manufacturing companies.

👓 Augmented reality, such as Microsoft's HoloLens, can save costs and improve efficiency in manufacturing by enabling remote assistance.

📱📷 Advanced hardware like the iPad Pro with lidar built-in allows for creating great AR experiences.

💼💻 Microsoft's Field Service and Remote Assist provide convenient and efficient customer service solutions.

💡🔁 Digital transformation is a strategy, not just an app, and it requires business-focused thinking and organizational optimization.

👀🌍 Visibility across the company and supply chain is crucial for optimizing operations, managing disruptions, and meeting customer expectations.

💯💼 Investments in agility, visibility, and artificial intelligence are key trends in building a resilient supply chain.

🌐👥 Consumer demand and innovation are driving the need for different channels and a flexible platform.

🔍📈 Having visibility into logistics, inventory, and factory operations is essential for optimizing and managing the supply chain.

🔧🌐 Large product manufacturers can diversify and launch new product lines by leveraging social media and platforms like crowdfunding.

🔍 Understanding customer sentiment and interest in new products, as well as the potential value of data and partnerships with other companies.

💼 Importance of having flexible and agile business applications to support different product lines and supply chain demands.

💰 Cost-saving strategies for manufacturing companies, including digitization, automation, and AI-driven optimization of processes.

🔧 Tools and technologies offered by Microsoft, such as Dynamics 365 for supply chain management, to improve collaboration, visibility, and security.

📊 CFOs and CEOs are making adjustments in their supply chain due to material shortages, which affects their ability to respond to customers and impacts their reputation.

💼 Companies are focusing on cash flow management and cash flow modeling as a result of the tough economic conditions caused by the pandemic.

🔒 There is an increased emphasis on security roles, segregation of duties, and remote worker risk management to address the challenges of a remote workforce.