Construction of warehouses expected to revive in 2024 | Business economists more optimistic on recession odds | Biggest rooftop solar project in N.Y. finished
While 25% less warehouses are expected to be added to building stock in 2023 than in 2022, research from Interact Analysis suggests a revival in activity next year and onward. The popularity of e-commerce, along with a shift from a just-in-time supply chain to a just-in-case one, necessitates more inventory and storage capacity, which should stimulate construction, researchers say.
A survey by the National Association for Business Economics shows 71% of business economists put the chance of a recession during the next 12 months at 50% or less, up from roughly 50% of respondents during an April survey. More than 25% of respondents say the chance of a recession during the next 12 months is 25% or less.
New York state has installed 17,000 rooftop solar panels at a Medline Industries distribution center, completing the biggest rooftop solar project in state history. The 7.2-megawatt, $8 million community solar project is part of a goal for rooftop solar to "play a key role in reaching New York state's renewable energy goals, and it is because of programs like NY-Sun that we saw a 49% increase in rooftop solar installations over the last year," state Assemblymember Didi Barrett says.
Companies seeking to maximize the efficiency and effectiveness of a distribution center's layout should create a "spaghetti diagram" that maps out the flow of goods and identifies bottlenecks, safety issues and areas ripe for improvement, writes Will Quinn of Infor Distribution. Companies should also invest in a warehouse management system that can improve overall efficiency with features like inventory management and task allocations that maximize worker productivity, Quinn writes.
AI's mapping and inventory management increase visibility that can improve efficiency and may help reduce the 50% of total product costs that supply chains often account for, says Konstantin von Bueren, co-founder of Procure Ai. AI also can reduce risk and offer ways to empower employees, von Bueren says, noting several other benefits.
Distributors ready to invest in digital transformation should first assess where their customers, competition and capabilities are, create a roadmap that incorporates incremental improvements and ensure the right person is leading the project with the appropriate support and resources, writes Mike Marks of Indian River Consulting Group. Companies that include customers at the outset "keep ahead of the competition by improving customer service, supplier partnership and your bottom line," Marks writes.
Forbes Agency Council highlights 19 social media brand accounts that employ "outside-the-box strategies" to capture attention in a saturated marketplace. Executives praise Ryanair for its "[brutally] honest reactions to customer queries" and humorous complaint responses on Twitter, while Liquid Death is recognized for its "off-the-wall, funny, in-your-face and ridiculous" content, merchandise drops and creative celebrity crossovers.
Using AI for sales team coaching and role-playing can help sales managers ramp up effectiveness quickly, Demoleap CEO Itay Sinuani writes, noting that other AI features can help managers work more efficiently and effectively. Sinuani notes that customers are beginning research on products and services before ever contacting a salesperson, and using AI-powered sales enablement platforms can free up sales team time to better assess knowledge gaps and needs.
Cross-departmental collaboration provides benefits for both employees and employer, enhancing individual skills and creating an environment for creative problem solving, Brandi Olson writes. "The collaboration between people across skill sets and departments ultimately unlocks the flow of outcomes and the highest levels of performance," Olson writes.
Someone who inherits an entire team of leaders that isn't working effectively must weigh the urgency of change versus the time it will take to upskill each person, consultant Alaina Love writes. A quick training alone isn't likely to make them leadership material, so the incoming manager must plan to devote time to ongoing coaching.
