Aug. container imports higher than pre-COVID level | Venture capitalists eager to marry AI, supply chains | Fastenal reports a 3.6% increase in sales in Aug.
Container imports at US ports for August were 2.5% higher than comparable figures in August compared with the same month of 2019, pre-COVID, reports Descartes Systems Group. A separate report, Global Port Tracker, found facilities it tracks handled 5% more imports in August than in July and expects ports to see more than 2 million twenty-foot equivalent units per month through October.
Venture capital investors are whipping out their checkbooks, betting that AI will have a huge impact on supply chain processes. "One thing that we ask ourselves in venture capital constantly is, 'What's possible now that wasn't possible four or five years ago?'" says Jake Medwell of 8VC.
Fastenal reported a 3.6% increase in monthly sales for August, offsetting a dip in non-residential construction sales with a rise in sales to manufacturers. Net sales in August topped $668,000 despite a 3.8% decline in fastener sales. Sales of safety products jumped 9.5% and all other categories were up by close to 7%.
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The Surface Transportation Board proposed a reciprocal switching rule Thursday that would require some railroad companies to share tracks and enable shippers to move cargo from one Class I carrier to another if service standards are unmet. "This rule will bring predictability to shippers and will provide Class I carriers with notice of what is expected of them if they want to hold on to their customers who might otherwise be eligible to obtain a switching order," says STB Chairman Martin Oberman.
Several factors are holding AI back from improving supply chains, according to experts including Devavrat Bapat of Cisco. Areas most affected include forecasting of demand, inspection procedures and optimizing processes by allowing "organizations to share some part of their data in full confidence that they haven't given away too much," Bapat says.
Being authentic online can truly set your business apart from others, writes Joorney Global Director of Sales Marianella Manzur. Sharing your personal life, being honest and unique and building genuine connections can help unlock growth online.
Business owners need to understand not only what customers want but also why they want it, writes Francesco Fazio of Treacy & Company. "There is untapped potential for companies to not only provide products but also offer holistic experiences that cater to customers' deeper emotions, forging lasting bonds of loyalty and satisfaction," Fazio writes.
A coalition of industry groups, including the American Petroleum Institute, the Chamber of Commerce and the National Association of Manufacturers, is urging the Environmental Protection Agency to withdraw its recently proposed air quality standards for fine particulate matter, citing potential economic damage. Tighter regulations "would harm America's ability to revitalize our supply chains and manufacturing, as well as to restore and revitalize our nation's infrastructure," and hinder domestic investments in critical industrial sectors, the groups argue.
Corporate bankruptcies increased by 17% in August from the previous month, continuing more than a year of rising filings, according to data firm Epiq Bankruptcy. David Wessel, a Brookings Institution senior fellow, said Federal Reserve policies have impacted the rate of bankruptcies, at least in part, and noted further increases in filings could be a sign of overcooling and lead to tighter lending conditions.
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