The promise of digital manufacturing is drawing closer to fulfillment as many of its separate components simultaneously evolve and mature. It’s not just about CAD/CAM or PLM any longer but now includes innovations in 3D printing, robotics, M2M sensor data and 3D simulation.
It’s a fact that new technologies like cloud-based accounting are changing standard business and decision-making processes for many companies. The threat of a bottleneck forming in the finance department increases as an organization grows and departments need much faster financial approvals and accurate, timely information.
In a spot survey of CFOs conducted by GCE during its seminar at SSON’s 8th Annual IT Financial Management Week, participants were asked, “How would you describe the distribution of information in your organization?”
Determining what kind of financial accounting technology solution a business needs is often a matter of asking one simple question: How big is the company?
Different-size organizations have different needs. Small companies, where the owner is master chef and chief dishwasher, typically need a system that allows them to do more cooking and less washing. Medium-size organizations need a system where financial applications are integrated with operational applications and the controls that come with that. Meanwhile, large enterprises need a full scope enterprise resource management system that enables data to remain consistent between departments.
Have you had the experience of walking into a new store or restaurant on opening day? All bright and shiny, entirely overstaffed with smiling faces tripping over each other to help you. Or the grand opening of a grocery store, with the aisles all clean, the lighting bright, all the lanes open. Then you come back in a year or two or five – the linoleum is stained and yellowed, the ceiling tiles streaked with smoke and grease, doors are broken, light bulbs burnt out, signs are crooked, there are only two lanes open, staffed by clerks who are too busy to acknowledge you, and the portions are smaller.
It’s not just that the cost accountants moved in – something fundamental and special has been lost, and no one seems to have taken notice.
“The financial crisis and subsequent recession turned these efforts on their head, rendering almost every five-year plan into worthless scraps of paper,” according to the article.
While this opinion is apparently common, and may be true, it uncovers a need for both long-term planning and flexible adaptation.
Organizations clearly project for a reason. The reality is that, major worldly events, economic changes and other news worthy events happen all the time. It may not change your business overnight, but you can be sure change will happen over time.
What trends have developed over the past century for enterprise and corporate performance management methods and business analytics?
One way to find an answer is if we performed research using a Google database that was unveiled in 2011. It includes 5.2 million books published between 1500 and 2008. With this database, one can input search words and phrases and discover how frequently those different terms were used during different past time periods.
With this Google database, researchers have been learning about interesting and possibly relevant shifts in social values or cultures. For example, one study revealed that between 1960 and 2008 self-centered phrases about an individual increased while group-related communal phrases declined. That is, phrases like “I come first” increased as “community” and “common good” decreased.