Common Mistakes in Importing and Exporting! (Infographic)

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The trading industry has grown over the years in different areas of the business world, especially in how it affected the online community’s ability to market different products. The importing and exporting business is still the most lucrative industry anyone could venture into.

Aside from the full range of goods to choose from, playing a critical role as an importer/exporter can help you generate anywhere from a few thousand to millions of dollars monthly in revenue.

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Thank a Trucker!

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As the coronavirus pandemic spreads, the impacts are rippling through the economy and the supply chain. While many workers have been forced to sit at home while their workplaces are shuttered, truck drivers are facing extra demand.

Their work to transport goods where they are needed is more vital than ever. Drivers who haul LTL and FTL freight are finding their work more challenging than ever.

That’s why Red Stag Fulfillment is promoting #ThankATrucker. It’s our way to raise awareness and generate support for the drivers who work hard to keep us supplied during these difficult times.

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Process Based Inventory Turnover Improvement!

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Inventory management is a critical area for most companies. And breakthrough improvements require a process based inventory turnover improvement strategy.

Too much inventory, especially the wrong inventory, can negatively impact cash flow, return on investment, customer satisfaction, and profitability. Too little inventory, especially the wrong inventory, can result in lost sales, inability to delivery to customers, and also impact cash, ROI and profitability.

Despite these devastating and far reaching implications of poor inventory management too often this area is not given the respect and attention that it deserves. You cannot just wave a wand a wish inventory levels will be magically lower.

Brute force approaches will at best result in short term gains. In our experience the best way to systemically, and sustainably, optimize inventory is to take a process based inventory turnover improvement approach.

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Is Just In Time Past Its Time?

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The prospect of having a Just In Time (JIT) Supply Chain system has been the goal of innumerable businesses and industries for decades. And for those who have implemented Just In Time processes it has been the backbone of their entire operating structure.

But the global pandemic exposed the fragility of the Supply Chain in virtually every industry. We quickly ran out of healthcare supplies, toilet paper, and more. The extent of disruption has spread to lumber, steel, computer chips, automobiles, furnaces, and any number of additional products.

The fundamental principle of just in time delivery based on real time demand, combined with the unrelenting focus on inventory levels and faster inventory turnover, has created an operating paradigm that is great when things are going well, but which has proven to be ill-equipped to handle disruption the likes of which the pandemic has created.

Does that mean that a Just In Time philosophy has outlived its usefulness? Is JIT past its time?

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How to Invest to Make Your Supply Chain More Efficient!

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With the advent of Amazon Prime’s free two-day and one-day delivery, customers have come to expect faster, free shipping from online sellers. How do you make your Supply Chain more efficient?

A PayPal study shows that 43% of shoppers will abandon their carts if hit with high shipping costs, while 84% won’t purchase from a brand again after a single negative delivery experience.

To compete favorably with their grown-up brothers like Amazon, small businesses in the eCommerce sector should know how to invest in keeping their supply chain running like a well-oiled machine. That way, they can dwarf shipping times and delivery costs to meet customers’ expectations.

Of course, a supply chain upgrade is a major investment that may require you to obtain a working capital loan from reliable lenders. But the resulting time and cost savings are so huge that the loan pays for itself in a few years.

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The 3 Pillars of Digital Procurement!

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Procurement professionals have the same question looming over their head on a daily basis about Digital Procurement:

“How do you plan on dealing with digitalization?”

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Cutting Edge Warehouses! (Video)

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Last week, the Wall Street Journal reported that in 2017 total spending on logistics in the US rose to a record $1.5 trillion, up 6.2% from the year before. What’s more, the costs of warehousing, fulfillment and delivery are expected to keep rising in the upcoming year. This is why the biggest players in the market are investing in cutting edge warehouses and technology.

Here are 4 amazing examples of beautiful warehouse operations in which the latest technologies are helping ecommerce giants handle record volumes of parcels faster and more efficiently than ever before.

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4 Ways Packaging Optimization Can Improve Business Processes!

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If there is any stage that can affect the supply chain process, it is the packaging and packaging optimization.

Shipping companies and fulfillment centers package products to guarantee protection and ensure the end-user receives them in good condition. However, if suitable packaging materials are not used, the items might get destroyed. So when goods get destroyed, there are high chances of customer complaints, which can cost a company’s reputation.

While you might not have control over what happens during transportation and delivery, optimizing your packaging solution is the only way to reduce such issues.

Here are factors worth your consideration about this critical supply chain management element.

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Are We Facing the End of Supply Chain Management?

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A new article in Harvard Business Review has been generating some automation-related controversy in the Supply Chain Community, as well as lots of buzz and interesting conversation. Naturally, we want to weigh in and the end of Supply Chain Management.

Titled, “The Death of Supply Chain Management,” the article discusses the way that automation, AI and big data are transforming the industry.

It raises the alarm that the function will soon cease to exist, only to – as these “X is dead“ articles often end up doing – assert that it will still exist, just in a very different form.

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7 Ways the Right Pallet Racking Optimizes Warehouse Efficiency!

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Are you thinking of streamlining your warehouse operations to increase efficiency and productivity? If so, worry no more as this guide gives practical insights on selecting the right pallet racking, which is critical to optimizing your warehouse efficiency. 

Warehouse professionals face a lot of challenges, such as inaccurate inventory, avoiding product damage, and poor space utilization. Fortunately, having the appropriate pallet racking system can help address these challenges.

There is a wide range of pallet racking systems on the market, and choosing the right one could be downright confusing.

So, here are several tips to help you decide on the pallet racking system that would best meet your warehouse needs. 

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The Importance of Cloud Storage in Supply Chain!

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The supply chain industry is changing at an alarming rate as new technological innovations launch. Cloud storage is one of the technologies that have significantly revolutionized supply chain management.

This page will look at ways in which cloud storage has impacted the supply chain sector.

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Logistics Trends to Watch!

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As the logistics industry, and the broader business world, looks ahead, it’s time to explore what the next years will bring to logistics and logistics trends.

After reviewing several industry sources most Logistics professionals are in agreement with all of these trends.

We hope this information will help your organization prepare for what’s ahead. 

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Get Customer Reviews on Loyalty Programs and User Generated Content!

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Retail seeks to convert lookers into bookers and make them come back for more. What will help you accomplish this mission? Of course, we are talking about authentic and honest real customer reviews on loyalty programs and user generated content.

If there are none or few, this may be a signal that something is not right, I’ll look at something else. How to convince buyers to leave reviews every time they make a purchase? And why should you consider an opportunity to embed Google reviews or any other reviews widget to your website?

Let’s discuss getting customer reviews in the article below. 

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The Hard Economics of Justifying a Digital Supply Chain Transformation!

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There have been countless times throughout my career where I was either a recommender or approver of significant IT projects. And, I must say, I have always experienced a prevailing attitude among senior management that these transformations are black holes and money pits, including a Digital Supply Chain transformation.

I believe many (if not most) companies still feel this way. Why? There is a litany of cautionary tales: From Hershey’s widely reported $100 million failed ERP implementation in 2015 to our own personal stories.

I’ve seen businesses engage consulting firms only to give up about six months in after slow progress and skyrocketing costs; I’ve witnessed first-hand how a $15 million project ballooned to $40 million before it was even finished. 

Let’s talk about why this happens and what can be done about it.

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Tips on How to Sell Your Accounting Practice!

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Selling any business or practice is going to be tough, and if you are looking into selling your accounting practice, this is going to be more complex.

Indeed, the majority of accounting firm owners are now reaching the age of retirement, meaning there is likely to be an increase in the number of accounting practices being put up for sale. If you are looking to sell your accounting practice, it’s highly likely that there will be some competition to get the asking price that you want.

So, how do you ensure that you sell your accounting practice quickly and with as little hassle as possible? Read on for some top tips.

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