The climate of our bustling, dynamic industry can change by the day, and that’s why it’s smart to stay in the know about the issues that can impact your business. On a recent episode of Talking Logistics, Adrian Gonzalez and I discussed four key trends that should be on your radar as you prepare for 2016: Potentially slower economic growth, transportation market, bid season, and risk management.
Economists are calling for slower growth in 2016, which may have your company looking for immediate cost reductions, as well as sustained savings. No matter the economic outlook, it will have an impact on companies and how they view logistics and supply chain.
The soft marketplace means that it might take some creative thinking to effectively manage your transportation spend and capacity in 2016. Having realistic and sustainable expectations when managing your transportation spend will be key.
Don’t fall short in planning and executing a successful procurement event. Companies that have a successful bid season have good, clean data, and they understand how it relates to their company’s strategy.
Supply chains are complex by nature, and that’s why risk management should be a priority for your company. If you’re working with overseas suppliers or partners, it could be well worth your time to visit those locations to examine their processes and complete audits of practices to help prevent unnecessary risks.
These are four of the trends I think are important to pay attention to, though I’m sure others will arise as we work our way through the first quarter of 2016. To view the full episode, visit TalkingLogistics.com. Which logistics trends and issues will you be watching?