Read more on the supply chain:
- Good partnerships between companies are vitally important
- Avoiding falling prey to risky invoices
- Suppliers must readily support the long-term vision of buyers
(3) Use a contract logistics provider Using a dedicated contract logistics specialist allows for the speedy distribution and return of goods and products. One industry that can benefit from contract logistics is circular commerce – where goods and services are sold to multiple customers on separate occasions, being returned to the supplier each time. Innoverne’s tool-for-hire scheme is a perfect example of this. The business uses a facility in Coventry to dispatch specific automotive tools to garages and workshops on very short notice (standard delivery is as quick as next business day on tools ordered before 5pm) This particular programme also includes a returns consolidation service, which means all return details are included within the original shipment. This quick turnaround allows Innoverne to re-dispatch the tools to another client within hours. (4) Outsource inventory management Outsourcing inventory management can create a competitive advantage for a business. A specialist can make sure products are in the right warehouse located as close to customers as possible. It ensures inventory levels are better regulated to prevent products being over-stocked or out of stock, as well as reducing time-in-transit and overall transportation costs. Outsourcing inventory management also enables businesses to set up an offshore distribution infrastructure quickly, allowing items to be shipped to customers overseas directly from their country of origin. Today’s marketplace demands continuous product flow and prompt delivery of critical orders. If retailers and distributors are unable to continuously replenish inventory, customers may take their business elsewhere. Ensuring that your supply chain is as speedy as possible is crucial.
Derek Irving is director of contract logistics UK, UPS
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