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.
With unprecedented and uncontrolled advancements in technology grasping the professional sector, such as the legal industry, everyone’s concerned about the changes it would bring in the daily operations and the careers of those whose jobs will get substituted with technology.
When discussing technology replacing professionals, what crosses the mind instantly is the Artificial Intelligence(AI) and Machine Learning (ML) that have even started making their space in the legal industry. Both considered as the crux of advanced technology is an efficient workforce of tomorrow.
How AI and ML are transforming the legal industry is unparalleled. But, their main task is to take over the clerical work of the law practitioners and augment it to free them to take up and concentrate on higher-level tasks, viz negotiating deals, appearing in courts, advertising to clients, and more.
Hence, to understand how AI and ML are shaping the law industry, we have made a list of benefits that the two technological tools would be offering.
It generally takes quite a bit of convincing to get business leaders to sign off on a data analytics user experience initiative — especially when it involves upgrading from a legacy system to one offering the latest wave of advanced features.
Then it’s continually important to justify the initial investment by demonstrating how analytics are driving performance with factors such as reduced inefficiencies and increased revenue.
Far too many companies have deployed analytics systems with high hopes, only to find the results underwhelming. Why? Because employees weren’t adopting the tools made available for any number of reasons.
It’s not enough to have analytics available; your employees have to be willing and able to incorporate them into routine business decision-making.
Only then will enterprises experience the return on investment they’re hoping to see.
In going door to door trying to sell a Freight Management service, as well as in my experience working in companies, I have had the opportunity to see a variety of ways in which companies, large and small, were managing their Freight and Logistics spend.
Most everyone felt they were doing a good job already. But I’ve seen instances where Freight is one of the top 5 largest expenses within a company. Yet it is managed by one or two people, with no support, and no visibility from upper management.
Depending on the industry your transportation spend can make up anywhere from 1-10% of your company’s total revenue. Aside from the cost impact the service implications of a poor Freight management system are enormous.
So do you have a strategy for managing Freight and Logistics or are you spinning your wheels?
Many a project starts off with very lofty objectives. And with a lot of work and a little luck those desired results are often achieved. In every case those results usually have been achieved within a certain timeframe and with a lot of momentum.
Yet once you achieve those goals in many respects the energy and momentum which got you there may start to fade. Yet your work has just begun. The next question that always comes up is whether you can sustain, and further improve, those results.
Additionally if you are trying to drive Cultural Change and long term transformation after a while your initial project may become stale and your participants demotivated or distracted.
To avoid your project becoming “just another program” you need to proactively recognize when your project needs to be reinvented or rebooted to avoid irrelevancy and the back-sliding of your results.
The overarching strategy for limiting exposure to, and spreading of, the Coronavirus is that of Social Distancing. We are all instructed to keep 6 feet apart from anyone, wear masks, and avoid any social gatherings and don’t touch. How does this relate to a Don’t Touch Supply Chain strategy?
Even with social distancing, the global lockdowns, temporary closures of many businesses and disruptions of economies everywhere there are still Supply Chains in action, as disrupted as they may be.
Truckers are still moving goods to points of consumption and essential services such as grocery stores are still in operation, providing the basic goods we all need to live. Everyone involved in these Supply Chains is abiding by the social distancing and protective mandates we all are adhering to.
How can Supply Chains be changed in the future to make them more robust and resilient and less disrupted by any future catastrophes, and god forbid, a future pandemic?
One approach is to develop and deploy Don’t Touch Supply Chain strategies!
The idea of starting a business partnership can be very exciting. It allows you to utilize complementary talents and shared resources. Diving into this endeavor also means a lesser financial burden as you can share this responsibility with your partner.
However, business partnerships aren’t all good as there are several cons to this setup. For one, working with a partner will prevent you from making decisions on your own. Any decisions you make, whether big or small, should be consulted and approved by your partner first and vice versa.
If you’re planning to start a business partnership, think about the information below.
I recently had the privilege of attending a program at MIT’s Sloan School of Management about Organizational Design for Digital Transformation. My curiosity on the topic, inspired by the daily barrage of articles, emails, white papers, and webinar invitations on digital transformation, piqued my desire to get to the bottom of what it is or isn’t by way of an informed, expert source.
I must say, MIT opened my eyes to another way of thinking.
“I’d like you to join our company. One of the Projects you will lead is our ‘Productivity Initiative’ unless you will be naming your project. We need to transform all of our business processes and culture and improve our efficiencies everywhere.”
Wow! What a great challenge and opportunity to make a difference. But calling it the “Productivity Initiative”? That was as inspiring as watching paint dry or grass grow.
“I’ll do it! But we need to give this Project a NAME. A NAME that will inspire people, motivate people, and capture the essence of the change and cultural transformation that we are looking for. And this can’t be an ‘Initiative” … it has to be an ‘Imperative’ … this is not optional … we have to transform the business and we need everyone to rally around our cause!
Network optimization is a critical issue across all Supply Chains. In Manufacturing, Distribution, Logistics and Retail the effectiveness of your network will make the difference between success and failure.
There are many environmental factors that must be taken in to account in order to define and optimize your network. Your business may be growing or declining. You may be expanding into new channels, such as E-Commerce, or you may be pulling back. And you may have just received a cash infusion allowing you to invest more, or you may have enormous cash and profit pressures forcing you to ratify your network.
Whatever your situation your network must continually be optimized. Your facilities, whether owned, rented or outsourced, are the living organism which make up your network and define how your company goes to market.
In the current digital world, a successful business isn’t necessarily an efficient business. The difference between these two businesses often comes down to deploying smart and innovative processes, like business process outsourcing, that match customer expectations.
Apart from changing company structures, business process outsourcing is another excellent business process management technique that assures success. However, success with BPO requires careful and conscientious integration and working with quality vendors, such as this website.
This guide highlights important things businesses should understand on business process outsourcing.