How to mitigate your losses and achieve cost saving

cost savings

The world is in the midst of the COVID-19 pandemic and the global economy has been greatly hit due to this. You may agree that during such time, it’s important more than ever to find ways for saving costs and take all measures possible to safeguard your business.

As a small or midsize business, there is no doubt that you are familiar with the stress of operating on tight margins, and you know how valuable even a small percentage of cost-savings can be to your bottom line.

However, what many small businesses don’t realize, is that their supply chain – particularly when it comes to imports – can be a significant source of cost savings!

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Difference between Maritime, Shipping, Freight, Logistics and Supply Chain

To the uninitiated (which included me at one stage), these industries are same or similar and it might come across that there is no difference between Maritime, Shipping, Freight, Logistics and Supply Chain ..

But once you are involved in the business or know about these businesses, you will very soon understand that these are very different industries with different workings, assets, architecture, requiring very different sets of qualifications, experience, expertise, knowledge and attitudes..

In this article I unpack the difference between Maritime, Shipping, Freight, Logistics and Supply Chain and how it is all connected..

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South Africa, Brazil, India, UK and Mexico top the list of countries for cargo theft in 2019

cargo theft statistics and trends

Cargo theft can occur anywhere along the supply chain, affecting local logistics, transporters, storage yards, groupage operators, LCL consolidators, ports, depots, terminals, insurance, carriers and freight forwarders equally..

BSI Supply Chain Services and Solutions and TT Club have come together again to release the BSI & TT Club Cargo Theft Report 2020 which covers a detailed report of cargo theft and associated activities in the full year of 2019..

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Don’t fear Supply Chain visibility – Embrace it to beat the monster

supply chain efficiency

Supply chain visibility remains a hot-button topic for supply chain executives. When executed correctly, it can open the door to new efficiencies, contributes to higher profitability, and reduces risk.

Meanwhile, the premature launch of systems and processes can dramatically add to costs. As Halloween approaches, poor implementation of visibility-gaining systems will reveal a monster.

This monster cannot die; it’s not susceptible to daylight or even the most intense of prayers. Instead, the supply chain visibility monster looks to show exactly every facet of an operation, including those you wish stayed hidden.

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How BlockChain is improving Supply Chain Management

blockchain - shipping and freight resource

A supply chain is defined as an end to end process involving a network of people, resources, activities, organizations, technology, information, etc. that provides a path to the movement and, the flow of goods and services from the supplier to the end-customer.

Now, this doesn’t sound troublesome when it’s carried out at a smaller level. But imagine, what it would be like for the companies and organizations having a business that is spread across multiple countries.

But blockchains can help in improving Supply Chain Management and here’s how..

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5 Tips to Improve Supply Chain Efficiency

supply chain efficiency

An efficient supply chain is known to provide a great competitive advantage over competition and make the process of supply chain seamless..

But to improve the efficiency of supply chain management and create effectiveness, companies need to create and improve predictability, optimize the supply chain costs, reduce or minimize working capital, do due diligence and risk analysis and have a proper handle on the data..

A resourceful and successful supply chain helps the business to achieve quicker delivery time, shorter processing time, better inventory management, all of which leads to better revenues..

Here are 5 tips to improve supply chain efficiency

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SCIT19 – where Supply Chain, Innovation and Technology come together

Supply Chain, Innovation, Technology - Shipping and Freight Resource

The digital era for supply chain is well under way.. Technology and supply chain having seemingly become inseparable..

Technologies such as Blockchain, IoT, Big Data, Machine Learning, Artificial Intelligence are all finding their niche in the whole process of supply chain..

Whether it is in terms of issuing a smart bill of lading to a customer miles away or ensuring quick delivery of mandarins to China, technology has found its place in supply chain and its influence is growing..

Digital freight forwarders are leveraging these technologies and offering instant solutions as required by BCOs and others involved in the industry.. These technologies also seem to have spawned Digital Shipping Lines who are seen as serious competition to the digital freight forwarders..

There have been and are many discussions, arguments, disagreements surrounding these technologies..But one thing is clear and that is the fact that there needs to be lots of effective and productive discussions about the use of technology, the innovations that has already happened and their future..

If you are interested in such discussions, Microsoft New York Headquarters, 11 Times Square, New York is the place you want to be, on the 19th and 20th of June 2019..

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