Successful enterprises must have logistics that are both efficient and cost-effective in the current competitive business environment. Regardless of one's level of entrepreneurial experience, the optimisation of the supply chain can have a substantial influence on customer satisfaction, operational efficiency, and ultimately, financial performance. Below are several logistical hacks that are of great value to any business owner:
Planning and Organization
- Embrace technology: Invest in an inventory management system (IMS) to monitor stock levels, optimise the ordering process, and avert stockouts; embrace technology. By doing so, order fulfilment is optimised and the likelihood of overstocking or understocking is diminished.
- Forecast demand: By conducting an analysis of historical sales data and market trends, one can forecast forthcoming demand. This facilitates inventory purchase planning, production schedule management, and the prevention of stockouts during peak seasons.
- Standardize packaging: When possible, utilise standard box dimensions and packaging materials. This reduces packaging expenses, streamlines packing procedures, and mitigates the potential for product damage while in transit.
- Optimize warehouse layout: Plan your warehouse to facilitate the flow of products. One potential strategy is to strategically locate high-demand items in proximity to the picking area, while also making use of vertical space to store them.
Shipping and Delivery
- Compare carrier options: Do your research and avoid selecting the first carrier that you encounter. Conduct research on and evaluate the rates, transit times, and service offerings of various shipping providers. Negotiate bulk discounts if the volume of your business justifies it.
- Offer flexible shipping options: One should contemplate providing an assortment of shipping alternatives, such as same-day, expedited, and standard, in order to accommodate the varied needs and preferences of customers.
- Automate shipping processes: By employing shipping software, one can automate various tasks such as order fulfilment, label generation, and updates to tracking numbers. This results in time savings, error reduction, and an overall increase in delivery efficiency.
- Partner with a third-party logistics (3PL) provider: If your company has a significant volume of orders or intricate logistics requirements. They are capable of managing warehousing, shipping, and fulfilment, allowing you to concentrate on your core business operations.
Staying Ahead of the Curve
- Embrace the future of shipping: Investigate emerging technologies such as autonomous delivery vehicles, drone deliveries, and blockchain-based logistics solutions to embrace the future of shipping. Although these innovations are still in their nascent phases, they possess the capacity to fundamentally transform the future of shipping and provide substantial benefits in relation to sustainability, cost effectiveness, and efficiency.
- Continuously seek improvement: Consistently assess your logistics procedures and pinpoint opportunities for enhancement. Stay ahead of the competition by being receptive to implementing novel technologies and strategies that optimise your supply chain.
Inventory Management
- Implement the ABC analysis: Classify your inventory according to the following categories: A (high-value, fast-moving), B (medium-value, medium-moving), and C (low-value, slow-moving). This practice aids in the prioritisation of stock management endeavours, with an emphasis on ensuring sufficient stock levels for items A, while potentially employing learner inventory strategies for items B and C.
- Employ the First-In, First-Out (FIFO) method: Prioritise the sale or utilisation of older inventory in order to avert stock damage, expiration, or obsolescence. This holds particular significance when it comes to perishable goods or items that have limited shelf lives.
- Set safety stock levels: Preserve a reserve of essential items as a buffer to reduce the impact of disruptions resulting from unforeseen delivery delays or fluctuations in demand. Review and adjust safety stock levels on a routine basis in light of current market conditions and historical data.
- Conduct regular inventory audits: Consistently perform physical inventory inspections in order to verify precision and detect inconsistencies between monitored stock levels and data stored in the system. This aids in the prevention of potential theft, stockouts, and overstocking.
Customer Experience
- Provide clear and transparent communication: Assure your clientele of the current status of their orders, the development of shipping, and estimated delivery times. Provide options for real-time tracking in order to facilitate the monitoring of shipments.
- Offer flexible return policies: Establish a return policy that is accommodating to customers, facilitating seamless exchanges and returns within a justifiable period of time. This promotes repeat business and encourages the development of trust.
- Go the extra mile: Offering supplementary services such as gift wrapping, personalised notes, or assembly instructions can effectively distinguish your brand and elevate the customer experience.
Business proprietors can attain substantial growth in efficiency, cost reduction, and customer contentment through the implementation of these logistical hacks. In the contemporary competitive market, business growth and success are significantly influenced by the implementation of a well-optimized supply chain.
Kenyan company Sendy, an on-demand platform that connects clients to drivers and vehicles for goods delivery, has raised a $20 million Series B led by Atlantica Ventures.
Toyota Tsusho Corporation, a trade and investment arm of Japanese automotive company Toyota, also joined the round.Sendy’s raise comes within six months after Kobo360 raised $20 million Series A backed by Goldman Sachs.
In November, Lori Systems hauled in $30 million supported by Chinese investors.Those companies have plotted Africa expansions into each other’s markets and broader Africa.
With its latest round, Sendy ups its competitive stance in the continent’s startup logistics space.
The company plans to expand to West Africa in 2020, CEO Mesh Alloys told TechCrunch.
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