The US trade deficit widened to $61.5 billion in September, a 4.9% increase that exceeded economists' expectations, spurred by robust consumer demand for foreign goods. Imports increased to the highest since February, with exports reaching the highest level in over a year. The trade deficit is still near a three-year low and on track for the smallest increase since 2020.
KeHE Distributors has adopted Global Trade Item Numbers and scan compliance to boost its pick-rate accuracy and has started using the FROST system to increase inventory accuracy and cut food waste. The company has also developed KeHE Connect Direct and leverages the OPEX Perfect Pick system to allow retailers to order the exact number of items they want rather than an entire case.
Beacon has made its ninth acquisition this year by purchasing H&H Roofing Supply in California, where Beacon's branches have increased to 33. Beacon has also issued its third-quarter earnings report, which shows net sales increased 7% year over year, with sales of residential roofing products increasing 13.6%.
N.J.-based Imperial Dade announced the acquisition of Advance Shipping Supplies, a company based outside Toronto, Ont., in a move aimed at expanding its reach in Ontario. Terms of the deal were not disclosed. In a separate move, Imperial Dade named Terry Owen, former Fastenal chief operating officer, the company's first COO.
State of the Wholesale Supply Chain Industry As complex customer demand patterns and increasing volatility persist, supply chain organizations are recognizing they may require cutting-edge technologies like machine learning to achieve their goals. Blue Ridge's solution helps businesses improve forecast accuracy, reduce costs, increase profitability, lower transportation costs and eliminate obsolescence. Find out how
Global supply chain disruptions have cast a spotlight on the urgency for businesses to overhaul their procurement strategies and risk management, particularly within the raw materials marketplace, writes Felix Thoma, with ION Commodities. Adopting new technologies for better real-time data and predictive analytics is critical for strengthening business resilience and maintaining profitability, Thoma notes.
The potential integration of AI into wearable technologies promises enhanced safety and productivity in industrial workplaces by offering personalized protective measures and comfort tailored to workers' needs. "These advanced technologies represent a paradigm shift, allowing us to prioritize the well-being, preferences, and experiences of each worker with pinpoint accuracy and in real time," writes Carrie Merck from safety equipment specialist Ansell.
Nearly all supply chain managers surveyed by McKinsey & Co. say they've experienced significant issues over the previous 12 months, which has driven 78% to enhance resilience by boosting inventory buffers, and the same percentage are obtaining critical raw materials by employing dual-sourcing strategies. Nearshoring is being used at twice the rate of 2022, and 64% are switching from global to regional supply chains, up from 44% in 2022, the data show.
Business-to-business companies can improve trustworthiness with clients through several strategies, writes Renae Gregoire, who suggests writing articles for industry magazines, creating thought-leadership content and investing in new research.
Poor management can damage employee retention, writes Ginni Saraswati, who points to excessive micromanagement as a particular problem. Micromanagement is typically a sign of a lack of trust, according to Saraswati, who emphasizes the need for leaders to become better listeners.
The pandemic has significantly increased the number of retirees, with the population having about 2 million more people than the total predicted by a Federal Reserve model. This has led to a labor shortage in certain industries and difficulty for older workers to rejoin the workforce because of skills atrophy and ageism.
NAW is serving up a November treat with 20% off on all online bookstore publications, featuring a wide selection of business books for the wholesale-distribution industry. Check out "Innovate to Dominate" - a game-changer that's a must-read for anyone looking to thrive in this dynamic field. Use promo code 'Fall20" for your discount. Browse the full selection online at here.
NAW's Bart Tessel and Applico's Alex Moazed share thoughts on distribution innovation and technology today as critical differentiators, and where they're headed. Listen Now!
The NAW Innovators Summit, powered by Applico, is a nexus of forward-thinking strategies and discussions in the Wholesale-Distributor industry. By attending this event, November 14-16 in Austin, TX, you’ll have unparalleled networking opportunities, hear thought-leaders discuss the evolution of the sector, and learn how to better position your enterprise at the forefront of innovation.
