Technology

Technology Trends from the SMB Perspective: A Q&A With CFIT SMB Member Dave Sackett

FEI’s Manager of Technical Activities Tom Thompson spoke with Senior Director of Finance & Administration at ULVAC Technologies, Inc. and FEI Member Dave Sackett about the key takeaways from the March Committee on Finance & Information Technology (CFIT) meeting and how his company plans to take advantage of blockchain technology. 

 

Tom Thompson: What are some of biggest challenges in your accounting and finance department?

Dave Sackett: We continue to be asked for more data capture and reporting requirements. Management changes at my parent company are making new reporting requirements for my department. I am always searching for new technologies, like automation, and ways to try to streamline what we're doing to save time and cost. I’m trying to be aware of what solutions are out there for a lean Finance department. 

Thompson:  As a senior finance leader of an SMB, how does CFIT help you be better in your role?

Sackett: By gaining awareness of new technology and how it can be applied at my company. Also, learning strategies on how to roll out new technology. Those are kind of things that I hope to get from CFIT.

Thompson:  What were some of the key takeaways for you from the March CFIT meeting?

Sackett: I liked learning about the 3D printing – Carbon 3D, that was pretty cool. Talking about the business applications of artificial intelligence was a good discussion. Forward looking KPIs was a new concept for me. Usually when I deal with KPIs, it is based on historical data, but looking ahead really hadn't dawned on me as something that would be valuable. It is something I'm going to take on, and my key takeaway was meeting other members of CFIT who share a similar passion for technology.

Thompson: What are you most looking forward to at the upcoming CFIT meeting to be hosted by Johnson & Johnson?

Sackett: There's a lot I'm looking forward to. The factory tour, learning how J&J is improving their financial operations using technology. I know they are also doing an RPA project, and I'd like to compare and contrast what they are doing with what I'm doing. Blockchain technology is one of my latest obsessions, so I'm really looking forward to hearing new information on that topic in the IBM discussion. Also, talking with other CFIT members and finding out where people are with their projects and what technology they are rolling out.

In my case, I’m looking into electronic intercompany transactions, where you want to have a record of everything that happens between you and your parent company in a blockchain. I’m not sure how to do it yet, but I know that's a future option I would like to learn. 

Thompson: Japan is known for technology and technological advances over the years. How do you find working with the Japanese parent company? Are they the ones dictating the technology down to you as a subsidiary or do you have more autonomy in that regard? How does that relationship work?

Sackett: We have a lot of autonomy. We act like technology scouts. I'm encouraged to go out and find new technologies and report back to them, and say, ‘In the United States, this is what we're doing. Here is the new technology that we have rolled out. Here is the next wave of technology.’ So they support all my efforts to promote technology and to learn as much as I can about new technology solutions.

Thompson: In one of our previous CFIT meetings we had a presentation on blockchain regarding smart contracts and it was already being used in the Asia-Pac region. Is your company involved in blockchain there? Or are they still trying to figure out how to implement it and where would it apply?

Sackett: They are still on the same track that I'm on in terms of learning how to do it. They have really encouraged companies to invest in technology. Their main business is on the hardware side of technology. They make equipment that makes sensors for IoT. They make equipment to support the manufacturing of computer chips. So the more this kind of technology takes off, the more opportunity there is to support customers in these industries.