Supply chain headlines
- Food & Beverage is currently the fastest-growing sector. According to the latest Lloyds Bank UK sector tracker, growth in the F&B manufacturing industry increased faster in July than any other monitored sector.
- Diversification from China leaves $85bn gap in copper supply chain. Existing mines and projects under construction are expected to meet only 80% of copper needs by 2030, reports Mining.com.
- IKEA says AI-powered warehouse drones will optimise the retail shopping experience. After a year of testing, the furniture giant will deploy drones across locations over the next year to accelerate stock checks and data collection, writes PYMNTS.
Peak Season eCommerce Benchmarks Report reveals new insights
Warehouse management software provider Mintsoft recently released a ground-breaking new report that delves into years’ worth of data to identify eCommerce peak season trends seen across the industry. Here are some of the biggest takeaways:
- 83% of survey respondents begin planning for peak season more than 3 months before, with a third planning more than 6 months in advance.
- A third of workers processed 50% more orders, and a fifth processed twice as many orders. 79% of operatives using Mintsoft processed more orders throughout November, compared to October.
- During the week of Black Friday, 2023 daily carrier costs were 25% higher than a week in October 2023 – rising from an average cost of £3.50 to £4.37.
Best-practice time management for product businesses
In the supply chain, time wasted = money lost. And time saved means higher profits and happier customers. Here are some efficiency-boosting time-management best practices you can implement today:
1. Use time-tracking tools to find opportunities. Work out the average time it takes for regular activities like order picking, packing, receiving, and putaway by monitoring each of these tasks over a few days. Repeat the monitoring process regularly to analyse workflow improvements and apply learnings elsewhere.
2. Have a clear plan and set goals. Goals and deadlines help give your projects momentum and enforce accountability. Use these to develop daily planning schedules for your staff. Allocate specific time slots for each important activity to avoid inefficient multitasking.
3. Prioritise high-value activities. Use an Eisenhower Matrix to identify which activities deliver the most revenue and customer satisfaction. Then prioritise them so you don’t waste too much time on low-value tasks.
4. Automate repetitive manual processes. Use tools and software such as barcode scanners, CRM software, and order management systems to streamline manual workflows and boost employee satisfaction.
6. Cull unnecessary tasks and distractions. If you’re a small team, consider outsourcing non-core functions such as accounting and IT support to focus on operational tasks. Eliminate any activities that impede productivity, such as unnecessary meetings and double-handling of inventory.
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