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January 22, 2019

Li & Fung speeds digital strategy with new hire

By Beth Wright

Li & Fung has taken another step to building “the supply chain of the future” after hiring Darren Palfrey to the new role of chief digital officer (CDO). 

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The Hong-Kong based sourcing giant says it made the appointment after reaching a “defining point” in its digital transformation journey – with the new position created to accelerate its digital strategy.

Palfrey’s primary focus will be to realise Li & Fung’s vision and build the LF Digital Platform, a fully-integrated digital platform that connects suppliers, customers and other partners with end-to-end visibility.

“Our role as a traditional sourcing company is quickly transitioning to becoming a provider of supply chain services and solutions that leverage technology and data to create value,” says Li & Fung CEO Spencer Fung. “2019 is the year of acceleration of our digital strategy and that’s where our new CDO Darren comes in. I look forward to creating a new generation of digital solutions to help our customers and partners revolutionise their supply chains.”

Palfrey has held a number of leadership roles including divisional director of supply chain at global supply chain and logistics company Allport, development director at  independent logistics and trade management provider Uniserve Group, and in the supply chain team at TTC Global. Most recently, he co-founded and was COO of Gravity Supply Chain, where his team developed and brought to market a state-of-the-art digital supply chain management platform.

Li & Fung says progress in its Three-Year Plan (2017-2019) themes of speed, innovation and digitalisation includes the development of industry-leading 3D design capabilities that are a key contributor to increasing the speed of customers supply chains and reducing, on average, 20% of the lead time from design to store, leading to a decrease in mark-downs and inventory for its customers.

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Free Whitepaper
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Internet’s Next Revolution: Can Web 3.0 Unlock Decentralized and Intelligent Internet?

Big tech companies have created massive ecosystems that offer the internet’s key services, making it impossible for users to break from their “walled garden” and ultimately surrender control of their data. A sharp rise in public awareness about data privacy and the value of their data has stimulated new awareness around web 3.0 networks. Web 3.0 is the third iteration of the internet, designed by token-based economics to wrest the control of user data from big tech companies and provide a user-centric internet. It creates a mesh of peer-to-peer communication and decentralized governance structures to enable individuals and organizations to tackle data privacy and censorship threats. Reasons to read: An increasing number of startups and tech players are shifting gears to create blockchain-powered decentralized ecosystems for different sector-specific applications and services. Against this backdrop, businesses need more awareness of the fast-paced fundamental restructuring of the internet. The report highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet. This is anticipated to unlock new possibilities for enterprises across sectors such as financial services, gaming, sports, media & entertainment, retail, and technology, among others. Read our report and gather insights on the following topics:
  • Evolution of the internet
  • Active players in the web 3.0 ecosystem
  • Key applications by major sectors
  • Driver and challenges
  • Top startups and Mergers & Acquisitions
  • Regulatory landscape & future scope
by GlobalData
Enter your details here to receive your free Whitepaper.

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