There’s a joke that’s doing the rounds on social media these days; one many of us may have heard or read and had a good laugh, and it goes - Who drove digital transformation in your company? Answer - Coronavirus!
The world will never be the same as before COVID-19 paralyzed the world. In the future, we will talk about a before and an after corona. Many of the trends which were in their rising before the crisis have speeded up. And especially four megatrends have taken off. By Thomas Honoré, CEO & President, Columbus
Even though you were not born into the digital world, you can still join the digital journey. It is all about getting ready for the future, so you can become one of the winners. In short, it is about becoming a digital ninja within your field.
Digitalization has created a new paradigm in manufacturing—where factories are becoming more modern and sophisticated. The use of technologies such as IoT, robots, automation, sensors, advanced analytics, and artificial intelligence has revolutionized industrial-scale production, and its impact can be seen globally. Although the manufacturing industry aspires to setup near-total automated factories to achieve cost savings, it has raised concerns about eliminating human jobs. While there are significant deployment challenges, will digital technologies take control over the manufacturing assembly lines of futuristic factories? Or will it bring a paradigm shift where ‘human touch’ and ‘craftsmanship’ be dominant? Let us try to shed some light on the puzzle and look at the role of humans in shaping the next industrial revolution.
Lease agreements get modified all the time; due to a change in the asset or a variation in the lease timeline and price. These modifications are nothing new; however, with the mandate of the latest IFRS 16 Lease this year, entities following the IFRS standard must adhere to the new accounting practices. The IFRS 16 Lease implementation is one of the most disruptive and complicated changes to the Lease standards ever. According to this, a lessee is required to recognize a Right of Use (RoU) asset to represent its right to use, and a lease liability to represent its obligation to make lease payments. The lease liability is measured at the present value of the lease payments and calculated over the lease term.