Fruit of the Loom has moved from using data simply for reporting to using it in predictive analytics modeling, supply chain forecasting and machine learning. Location intelligence technology such as geographic information systems has given the company detailed data on customers at particular stores.
Target CIO Michael McNamara took on his position in 2015, when the company was struggling to overcome a data breach and lack of confidence in its digital offerings. He focused on trimming the IT staff by discontinuing most outsourced commitments and worked to attract in-house staff by "selling people on the future, not the present," he says.
Environmental performance is better in companies that have wider gender diversity, according to a University of Calgary study. "When you have diversity at the table, the entire group ends up looking at the information more carefully, considering a wider range of options and ultimately coming up with a more innovative solution," says Tanya van Biesen of Catalyst, a nonprofit focused on helping women attain leadership roles.
ESG funds raked in a record $20.6 billion in 2019, nearly four times the previous high mark in 2018. Besides the social and environmental appeal of these funds, analysts cite lower costs and increasing availability as reasons for the rising interest.
Forward-thinking companies must consider technology and sustainability goals in tandem. It is important that companies approach the adoption of any new technology by evaluating its sustainability impact while at the same time considering ways that technology can help them achieve sustainability goals. With the right approach, businesses can improve sustainability through technology implementation. Read more.
"Change fatigue" can cause digital transformation initiatives in manufacturing to fail, but there are ways to get reluctant employees to participate, writes GuideSpark CEO Keith Kitani. He lists five steps to become "change-ready," including explaining why changes are being made and prioritizing communication across channels.
Manufacturers need to take a human-centered, iterative approach to digital supply chain transformation while avoiding the common pitfalls of focusing only on technology and process and failing to build on the success of pilot projects, according to this McKinsey analysis. Successful transformations have a single objective, build on existing capabilities and use agile approaches, the authors write.