Horizons Spring/Summer 2019

INDUSTRY UPDATE MANUFACTURING & DISTRIBUTION

Next Decade: AI & Robotics by Jim Mather, CPA, CGMA T he impact of technology including artificial intelligence (AI), the internet of things (IoT) and robotics and automation will continue to drive the manufacturing and distribution industry over the next decade.

The continued upward pressure on the cost of material and resources will make many look very closely at making investments for long-term production savings through automation and robotics. The introduction of new technologies will ultimately also enhance quality, minimize waste, improve efficiency and shorten production cycles. All of these improvements will lead to reductions in production and fulfilment costs. Research and development will be an even larger part of companies strategic planning and key to long-term survival as change is constant and accelerating through technology.

Emerging technologies coupled with the lack of qualified skilled and unskilled labor in our markets throughout the U.S. will accelerate change and investment in automation and technology aimed to keep up with market demands. Technology appears to be at the core of many companies strategies as they focus on continuous improvement, innovation and long term cost savings. We may very well be on the edge of another industrial revolution.

Spring/Summer 2019

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