At a fundamental level, companies need to have more cash coming into the business then cash going out. Cash flow, unlike profit, is a fluid concept regarding the movement of funds into and out of a business. During times of crisis or a downturn in the economy, more cash can end up going out than […]
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A third-party logistics provider (3PL) offers a broad range of services that can include fulfilling orders. An order fulfillment provider is also sometimes called a fulfillment center and is defined as a company that takes care of tasks associated with picking, packing and shipping of customer orders. An order fulfillment company can also store goods in their
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With the advancement of digital technologies that enable real-time management of supply chains, coordinating global supply lines across a wide range of industries—from food and beverage to pharmaceuticals and healthcare—is now possible. This is especially helpful because, as we’ve learned with COVID-19, supply chain ecosystems can be impacted by catastrophic events such as trade issues,
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In product distribution and order fulfillment, keeping internal costs down and product prices reasonable leads to higher profits and customer satisfaction. Utilizing distribution centers not only ensures a fluid availability of products with minimal back orders, but also establishes a pricing strategy for the different distribution channels. In terms of distribution, the greatest impact of
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The just-in-time delivery (JIT) process within supply chain management, also called “lean manufacturing”, is used by industries that produce, hold, sell and move inventory. This method determines that when demand for product is created, inventory is “pulled” rather than the historical model where inventory or products are “pushed”. Orders for replacement supplies are then placed
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A crisis in the supply chain can happen at any time. Currently, in 2020, the world is encountering unprecedented disruptions due to a new coronavirus. However, a crisis can come in a variety of forms. It could be a widespread problem like COVID-19 or a localized challenge, like a fire destroying a warehouse. Whatever the
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The COVID-19 pandemic is not only a health crisis; it has become an economic crisis as well. Entire supply chains have been disrupted and the logistics industry has been put under the microscope as communities have experienced empty shelves and long waits for medical supplies and essentials such as food, cleaning supplies and toilet paper.
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In recent years, managers have become more adept at managing supply chains and mitigating recurring risks in the supply chain through improved planning and execution. However, supply chains are still (and will always be) vulnerable to unforeseen events from disruptive forces such as pandemics, natural disasters and economic downturns. While measures such as sourcing from
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Third-party logistics (3PL) services allow companies to outsource operational activities like warehousing and delivery. By outsourcing logistics, your business has more time and resources to dedicate to sales, marketing, growth and product development. One particularly important logistics service is 3PL warehousing. A 3PL warehouse takes care of your physical warehousing space for you, eliminating the
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In the world of product packaging and assembly, kitting takes separate but related items and packages them together under a single part number. This is especially helpful when items are to be used in conjunction with one another. One example might include various types and sizes of filters from several vendors packaged together in a
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