The NAW-managed LIFO Coalition is urging US lawmakers to preserve the Last-In, First-Out, or LIFO, tax provision, a key component of national tax policy that aids businesses in managing costs and stabilizing supply chains. The Coalition argues that repealing LIFO would harm small businesses, disrupt supply chains and increase inflation. "LIFO is a proven and widely accepted inventory accounting method that has helped US businesses navigate rising costs and inflation for decades," said Alex Hendrie, associate VP of Government Relations at NAW. "It is not a tax loophole and has been recognized by both Democrats and Republicans as an important provision of the tax code."

The National Association of Wholesaler-Distributors and Applico recently co-hosted the 2024 NAW Innovators Summit in Austin, Texas. Distributors and tech providers explored industry innovation, networking, AI-focused discussions and a "Shark Tank"-style pitch session. Key insights included the integration of AI in simplifying business processes, the importance of aligning tech innovation with company culture and venture capital strategies for distributors. Also featured was a discussion with The Home Depot's CEO on leveraging technology for growth.

Companies are shortening their supply chains, with 73% of executives reporting enhanced supply chain resilience and operational agility through strategic shoring, per a report from consultants KPMG. The trend has been driven by a need for greater resilience and faster time to market, However, companies must also weigh factors like tax and regulation, which 23% and 31% of the executives surveyed respectively see as major hurdles.

Global demand for commodities and raw materials decreased significantly in September, according to the GEP Global Supply Chain Volatility Index, which also found year-to-date lows in North American factory activity. "With the potential of a widening war in the Middle East impacting oil and the possibility of more tariffs and trade barriers in the new year, manufacturers should prioritize agility and resilience in their procurement and supply chains," said GEP COO Jagadish Turimella.

Business-to-business marketers share tips on engaging prospects without coming across as too pushy, including creating content that offers real value by solving industry-specific challenges. "Instead of sending constant follow-ups and promotional emails, focus on delivering insights through case studies, guides or industry tips," suggests Prezlab's Zaid Abualfailat, adding, "This builds trust and credibility."

The future of monetary policy will be based on data, but conditions will likely warrant "further modest reductions" in interest rates, according to Minneapolis Federal Reserve President Neel Kashkari. The most recent employment report offers encouragement that "a rapid labor weakening does not appear to be imminent," Kashkari said.

Amazon Business is expanding its service offerings with the launch of Amazon Business Restock, which includes managed inventory and vending solutions that automate the restocking process and provide real-time inventory updates, enhancing efficiency for businesses. The service, which launches early next year, strengthens Amazon's position in the business-to-business market, it also raises competitive concerns for distributors who rely on vendor-managed inventory as a key differentiator.

Join a select group of high-caliber professionals for an exclusive program designed to accelerate your career in wholesale distribution. This intensive, 5-day certificate program, led by seven expert faculty members from The Ohio State University, will equip students with the strategic skills and knowledge to navigate industry challenges, drive growth, and lead with confidence. Hurry, the fall program is October 21 – 25, 2024. Learn More.

The NAW Company Roundtables are an exclusive community of thought leaders from Billion Dollar and Large Company distribution enterprises who congregate to network with non-competing peers in multiple lines of trade on key issues. Learn more about the many Roundtable event opportunities we offer, and how your leaders can get involved. Learn more.