NAW president weighs in as UPS, Teamsters restart talks | New vote slated for Canada's West Coast port contract | "Sticky" inflation contributes to slowing growth in July
UPS and the International Brotherhood of Teamsters plan to resume discussions today over a five-year contract for drivers, package handlers and loaders, with the current contract set to expire July 31 and the union seeking increased pay, additional worker protections and full-time jobs. NAW President and CEO Eric Hoplin said distributors and supply chain partners are closely watching the negotiations, adding "America's supply chain and economy are being held hostage by labor unions and their plans to strike" and pointing out a strike "stops the US supply chain in its tracks."
The Port of Vancouver in Vancouver, British Columbia, Canada (Bloomberg/Getty Images)
Members of the International Longshoremen and Warehouse Union Canada are slated to cast votes today regarding a new tentative deal with port ownership after voting down a different agreement last week. The ILWU caucus is reportedly recommending the current deal to members, which includes wage and retirement benefit increases.
The US economy tapped the brakes in July, with growth stalling to its slowest pace in five months, according to S&P Global data. The US manufacturing-sector index rose from 46.3 to 49 but remained negative, while the services index dropped from 54.4 to 52.4. "July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation," S&P economist Chris Williamson says.
Prologis Ventures and supply chain investor 8VC led a $17 million seed funding round for Terminal Industries, which is focused on improving yard operations with artificial intelligence. Lineage Logistics was among the other investors that participated in the round.
More than six in 10 logistic firms globally are allocating funds toward supply chain management systems and 95% of them intend to boost their expenditures over the next year, according to a CargoWise/Reuters Events report. Improved accuracy, efficiency and scalability are the primary considerations, followed by the reduction of manual processes and improvement in data integrity and enhanced customer experiences.
Sixty percent of supply chain leaders are implementing a digital supply chain twin, but just 27% of them are applying the technology for digital twin of the customer (DToC), per Gartner, which executives say can enhance forecasting accuracy, agility and responsiveness, the customer experience and use of additional tools such as machine learning. Lack of DToC can primarily be attributed to a lack of benefit awareness and digitalization skills, along with concerns regarding privacy regulations and customer trust.
Successful entrepreneurs turn difficult times in their businesses into new approaches that can boost sales. Avoid overreacting to bad news, and know "when to duck a wave and when to ride one," writes Tim Hentschel, co-founder and CEO of HotelPlanner.
Top leaders have a number of strategies they use to perfect their approach to time management, including using time blocking, scheduling challenging work based on their energy levels and identifying issues that tend to derail focus. "By taking on my most difficult task when I'm at my most energetic, it makes it much easier to push through and produce high-quality work without exhausting myself," says Marnix Broer, cofounder and CEO of Studocu, one of several leaders offering advice.
