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Big data utilization is the wave of the future for all aspects of business including supply chain management. The problem is that not every company has the resources to begin the process of big data management and have yet to see the extent of benefits it can provide to analyze and use such data management. Pricing Management.
Thanks to data gathering programs, supply chain software , and data entry applications, this represents a mountain of data, which has the potential to provide ground-breaking insight into how to improve business-model efficiency. What Is Supply Chain Big Data? How Does Big Data Improve a Supply Chain?
A growing trend across all industries has been the application of big data , with the use of algorithms and the hiring of data scientists becoming commonplace. As businesses collect and store an ever increasing amount of data, the algorithms required to make sense of this data will become even more valuable.
Given that our proprietary TMS, the Cerasis Rater , provides multiple reports, giving our shippers’ many insights, this post is quite appropriate, just like getting the data that is meaningful , in order to make the best decisions for your business possible. . Driver wages represent 26% of costs. Specialized – $1.73
Supply chain leaders are enthralled with the idea of using big data, but they tend to fail to understand how to disseminate big data in their organization properly. True, they may know how to roll out big data in a single warehouse, or they may have heard their competitors used branded systems for implementing this new technology.
As a transportation management third party logistics company, we know at Cerasis that transportation makes up a large portion of the costs and efficiencies of any supply chain. As pressure to improve supply chain cost performance increases for many companies, the evaluation and selection of competent suppliers becomes a key concern.
Their metrics are often misaligned as well – supply chain focuses on service and procurement focuses on the cost of acquiring materials and services. This approach results in inefficiencies, higher costs, and missed opportunities. These costs fall within the “Cost of Goods Sold” components of the company’s financial statement.
Walmart would not have the ability to provide such low prices and have consistent inventory in the over 5,000 stores in the United States and over 1.3 “The net true cost considers issues such as waste-to-landfill, greenhouse gas emissions, economic mobility, worker safety and food safety. .” Decades in the Making.
Today begins our series about electronic data interchange or EDI in transportation. What is Electronic Data Interchange? First we must understand and get on the same page of what is Electronic Data Interchange, or EDI, as it is not only used in the transportation industry. How does Electronic Data Interchange (EDI) Work?
Apart from the fact that they’re swimming in a sea of paper, manual document distribution can cost big bucks in terms of wasted time, extra costs and decreased efficiency. Higher costs. Printing, posting and storing paper documents all cost money. Don’t forget the cost of energy to operate printers and other machines.
Wholesale Weakness Slowing US Inventory Destocking Show Submenu Resources The Logistics Blog® News Press Whitepaper Case Study Webinars Indexes Search Search BlueGrace Logistics - July 17, 2023 The effort to cut inventories is being slowed as consumers reduce goods purchases, forcing companies to continually rebalance inventory.
When a business, or other organization, purchases equipment, parts, or remanufactured equipment it is an investment. This is routinely a positive occurrence and helps keep the prices of products affordable. Additionally, reduced business expenses translate into savings for the company and lower prices of their goods and services.
Furthermore, innovation has replaced previous expectations and practices of reducing prices and focusing on reducing the consumers’ costs. This occurs as more consumers have sought out ways to purchase goods or services online due to increasingly chaotic and intensive work schedules or inability to reach your business due to location.
Technology can help to simplify your supply chain management, which will enable your business to operate more efficiently, give you more visibility and control over your inventory, and help to reduce your operational costs. Source: Morai Logistics. Source: SupplyChainOpz.com. Check out the infographic below for all the facts!
In a thoughtful webinar today digital freight forwarder Zencargo co-Founder, Richard Fattal, and Bis Henderson ‘s Louisa Hosegood debated the unprecedented pressures in the global supply chain this year and how they jeopardise retailer’s profitability. They are evaluating purchasing needs and ethical choices. Own the total.
A Cloud-based supply chain management solution has several advantages over the traditional model of manual inventory analysis combined with local area purchasing. The wide market offered by Cloud-based supply chain management technology creates a highly competitive environment where the service user wins in terms of both features and cost.
E-commerce is driving the demand for last-mile delivery, causing parcel shipping costs to increase at twice the rate of inflation. Data-driven analytics enables you to make cost-effective transportation decisions. Enterprise Parcel TMS: Pulling it all together Reducing parcel shipping costs starts with effective planning.
According to Paul Myerson , reports Industry Week, up 70 percent of a company’s costs come from procurement and logistics operations. Collaboration is poised to enable better flow of information and resources in both directions for both parts of the supply chain, which will inherently lead to more efficient processes and data-based decisions.
Many shippers think that knowing freight cost as a percentage of goods is enough for decision making. This leaves them in the dark about how much money shipments are actually costing them, and whether or not those shipments are actually worth the cost of doing business. What is the cost of doing business with a vendor?
On this position, you’d be managing all activities for purchasing raw materials, delivering them to the right point across the organization, making sure the organization is producing enough supply to meet the demand of the audience, and deliver the product to the right place at the right time. Impressive Communication Skills.
You may opt to organize your business into an independent third-party logistics provider (3PL), or you may want to purchase software for tracking, monitoring, and processing all of your needs. However, you must factor in the cost of purchasing an ERP system and compare it to the cost of purchasing an individual TMS , or SCM system.
In this week’s InFocus webinar series, we had the opportunity to gain key insights on 3PL and e-commerce in the Saudi Arabia region from Salah Taha. Watch the full webinar here ! Key Takeaways from this Webinar 1. If available technology aligns with a business’s needs and processes, they’ll purchase it.
In a recent study, MIT found that companies that focus on 5 key initiatives to improve their supply chain data can have a big impact on their bottom line. Obstacles to fully utilizing analytics included inaccurate data , cost, and lack of timely data. Supply chain data initiatives need a top-down mandate.
What’s key to making this work: big data visibility, flexible processes, and an agile ecosystem that can move swiftly to serve an increasingly fragmenting, but exceptionally demanding consumer base. Armed with industry knowledge, technology savvy, and purchasing power, customers control the sales cycle. The Customer Owns the Empire.
Manual data entry errors Have you ever been in a situation when your finance person mistypes an invoice number, the payment amount, or the vendor’s name while entering it into your finance system? Your employees may spend hours manually entering data into your accounting system and matching invoices to purchase orders.
This report, available for purchase here , poised some significant implications for the shipping, and by direct correlation, the logistics industry. Part of the significant freight increases derive from associated transportation costs through increased use of pipelines, which will increase 10.6 Freight Transportation Forecast to 2026.
It’s Time To Take A Closer Look At Your Parcel Shipping Costs eCommerce is driving the demand for smaller, more frequent last-mile deliveries. Shippers large and small need to look more closely at parcel transportation costs as a step in preserving margins. 5 Parcel Shipping Trends to Optimize Shipping & Reduce Costs.
Through the use of connected devices and greater abilities to capture data in real time, the concept of end-to-end visibility and improvement thru the use of supply chain analytics has changed. For retailers and grocery stores alike, the spoilage represents an increased cost to the company.
Top 3 Benefits of a Reverse Logistics Management Program: As shippers strive to wring every cent out of their logistics costs, they’re increasingly taking a hard look at their reverse logistics management practices. Below you can download the LTL Freight Management presentation with notes and also view the webinar in its entirety.
However, forward logistics management skills (involving original production and distribution of new products) may scarcely apply to reverse processes of moving products from buyers’ locations in order to recover remaining value or appropriately dispose of items. Effective Cost Management Driven By Reverse Logistics Systems.
Meanwhile, the majority of purchasers research potential products online before making a decision to buy. Mostly, this goes back to finding the best product possible at the lowest possible price. . Ultimately, customers work with your B2B partners, who then request orders or freight quotes based on their data.
Today we pick up our series on all things Electronic Data Interchange or EDI by busting the common myths around implementing an EDI Integration program. The truth is, many myths have circulated throughout the business world, and electronic data interchange is the focus of quite a few of these myths. Myth: It’s Too Expensive.
Understand where cargo can be consolidated to increase cost savings. Measure carrier cost structures to maximize efficiencies and lower costs. The data and analytics gathered during the measure phase is instrumental to a proper understanding of your operations. Enhanced control over shipment scheduling.
However, the overall cost of shipping through LTL modes will increase between three and four percent in the next few years. LTL Cost Increase From the Driver Perspective. LTL Management Cost Increase From the Consumer Perspective. He expects the LTL sector to decrease somewhat as other modes of transport remain low.
They should offer controlled and accurate data that is presented in a manner that speaks specifically to your organization's objectives and initiatives, producing KPIs specific to departments responsible for their consideration. Total Cost. The only meaningful measurement of total cost is on a cash basis. Total Cycle Time.
Jabil sponsored a global Dimensional Research survey to capture hard data on current experiences, challenges and trends with the supply chains of electronics manufacturing companies. Connected supply chains provide additional opportunity link supply chains and receive more data. The implication of this capability will be immense.
Whether the cost is lost opportunity, actual product damage, squandered time or even just emotional frustration, there’s a cost for everyone. For more on containment force, check out our on demand webinar on How to Properly Wrap a Pallet.) . Then there are cost and throughput considerations. Referring to the data .
Technologies like artificial intelligence continue to enhance these capabilities to become more attractive and allow new visualizations and data collection standards. MaaS can lead to cost-minimization of transport services like public transportation, rental, and sharing offerings. Another cost-controlling mechanism is data analytics.
Data Capture. Shipping freight inherently comes with a large amount data. Each data entry is an opportunity for data capture and analysis. Additionally, ensuring a superior data capture capability allows clients to become more confident in tracking and visibility in shipping. Knowledge of the Carrier's Business.
When it comes to executing mode-specific freight moves from origin to destination efficiently, reliably, and cost-effectively, transportation execution and visibility solutions play a critical role. and FourKites are building a data platform that aims to predict shipping delays and prescribe alternative plans for their customers.
Companies based on assets have had years of experience in purchasing trucks and managing warehouse inventories. Alternatively, intermediary-based, or non-asset 3rd Party Logistics Companies have waged a “near-war” with various carriers to negotiate cheaper rates and more rapid delivery times. How Does the 3PL Meet E-Commerce Needs?
Amazon’s purchase of Kiva Robots changed the landscape of robotics in the supply chain. Per IDC Manufacturing Insights , the use of robotics will become more platform based through robot-as-a-service, reducing costs of deployment and maintenance. Top 5 Trends to Know to Compete with Amazon’s Supply Chain.
Expedited Freight Questions Answered Show Submenu Resources The Logistics Blog® Newsroom Whitepaper Case Study Webinars Indexes Search Search BlueGrace Logistics - November 10, 2023 Whether your organization uses expedited freight shipping every day or occasionally, it pays to understand how to use these services as effectively as possible.
The evident change in consumer behavior and the booming e-commerce marketplace has opened access to new consumer segments relying on faster doorstep deliveries for products that were earlier purchased the traditional way. Finalizing Your 2021 Freight Budget Webinar October 21. Predictive Analytics. Operational KPIs.
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