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

The Manufacturing CFO Summit 2020 provides financial executives with information and tools to prepare for challenges in 2021. Topics include new manufacturing norms, tech trends, supply chain oversight, and managing risks.

00:24:45 The Manufacturing CFO Summit 2020 is a virtual event that provides financial executives with information and tools to prepare their organizations for the challenges ahead in 2021. Key topics include the new normal for manufacturing, tech trends for CFOs, supply chain oversight, and managing internal and external risks. The forecast for 2021 shows a respectable recovery for the manufacturing sector, with a focus on robotics and technology.

πŸ“… 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.

πŸ’Ό 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.

00:49:29 There is a prediction of an increase in merger and acquisition activity in the manufacturing industry. The unemployment rate is higher than it appears, and there is a labor shortage in manufacturing. Central banks are not expecting significant inflation, and technology will continue to play a crucial role in the industry.

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

πŸ“ˆ 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.

πŸ’° Central banks are not expecting significant inflation, but they are monitoring the money supply.

πŸ›’οΈ Oil prices have remained relatively stable, with demand down and production up due to changes in oil markets.

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

01:14:15 Manufacturing CFO Summit 2020: Exploring the importance of moving to the cloud in manufacturing, the ROI and TCO factors, security considerations, and the use of power apps and augmented reality in the industry.

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

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

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

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

01:38:59 The Manufacturing CFO Summit 2020 discussed the challenges and trends in digital transformation and supply chain oversight for manufacturing companies. The pandemic has impacted supply chains, with some companies experiencing growth and others needing to cut costs. Manufacturers are investing in agility, visibility, and AI to build more resilient supply chains.

πŸ“±πŸ“· Advanced hardware like the iPad Pro with lidar built-in allows for creating great AR experiences.

πŸ’ΌπŸ’» Microsoft's Field Service and Remote Assist provide convenient and efficient customer service solutions.

πŸ’‘πŸ” Digital transformation is a strategy, not just an app, and it requires business-focused thinking and organizational optimization.

πŸ‘€πŸŒ Visibility across the company and supply chain is crucial for optimizing operations, managing disruptions, and meeting customer expectations.

πŸ’―πŸ’Ό Investments in agility, visibility, and artificial intelligence are key trends in building a resilient supply chain.

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

πŸ”πŸ“ˆ Having visibility into logistics, inventory, and factory operations is essential for optimizing and managing the supply chain.

πŸ”§πŸŒ Large product manufacturers can diversify and launch new product lines by leveraging social media and platforms like crowdfunding.

02:03:42 Manufacturing CFO Summit 2020: Insights on customer sentiment, partnering with other companies, and adapting business applications to support agility in response to market changes and cost-saving strategies for manufacturers.

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

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

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

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

02:28:26 A discussion on the challenges facing CFOs and CEOs in managing supply chain adjustments, cash flow, and security in a remote work environment. The importance of automation, predictive analytics, and secure ERP solutions like Microsoft Dynamics 365 Finance and Operations is highlighted, along with the value of cyber liability insurance for mitigating risk.

πŸ“Š 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.

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

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

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