This week’s pulse-pounding supply chain trip starts with a look into the mysterious world of inventory shrinkage with OneRail’s vice president, Eddie Misicka, in a conversation with SupplyChainBrain. Then, we’ll shift our focus to Baltimore, where, for once, we’re not talking about the bridge but about the Baltimore Ravens’ new partnership with Fanatics, taking unified commerce up a notch. We’re also breaking down the importance of integrated supply chains, warehouse automation, labeling and RFID. So settle in and let’s get started.
The Inventory Puzzle: How to Stop Your Stock from Disappearing
The concept of inventory shrinkage can make it feel like your items are disappearing into thin air. Eddie Misicka, the vice president of product and solutions at OneRail, recently shared his insights on the issue with SupplyChainBrain.
The Impact of Shrinkage on Business
Theft is usually the first suspect, but Misicka points out that this is not the sole culprit. Products are often misplaced or lost during transitions, circling unknown in warehouses or transit, unbeknownst to carriers and shippers. The financial sting from such losses is substantial, with companies reporting shrinkage costs ranging from $100,000 to $5 million. Interestingly, most companies don’t see losses exceeding $2 million, but the impact on the bottom line is undeniable and demands attention.
Enhancing Tracking to Improve Customer Satisfaction
Misicka stresses how vital in-transit visibility and good tracking systems are for keeping customers happy. He explains that with the latest tracking technology, businesses can improve the shopping experience by offering reliable updates and spot-on delivery times (ETAs). Misicka believes that knowing exactly when a package will arrive and being able to tell the customer makes all the difference. This approach was highlighted as a significant positive in OneRail’s recent study, “Shrinking Shrinkage: Solutions for Improving Inventory Visibility.”
Big Plays Off the Field: The Baltimore Ravens and Fanatics Kick Up the Fan Experience
Shopping for game day gear is about to get a major upgrade for Baltimore Ravens fans, now that the team has partnered with Fanatics to bring a fresher, more dynamic shopping experience, both online and in-stadium.
Stepping Up the Game at M&T Bank Stadium
Since 2013, Fanatics has overseen the Ravens’ online and mobile e-commerce efforts. Now, they’re taking it a step further by managing all the retail outlets at the stadium. Imagine more gear and more choices every time you visit M&T Bank Stadium. Even better, a brand-new year-round retail store will open at the stadium by 2025, making fresh Ravens gear available year-round. Ravens VP of Retail Chris Inouye certainly sounds excited.
A Seamless Experience: From Stadium to Sofa
There’s another positive catalyst that could upgrade everything from the online to the in-stadium shopping experience. In 2023, Fanatics launched a new East Coast distribution center in Aberdeen, Md., a move that promises faster delivery times for fans and shows the company’s commitment.Fanatics SVP of Business Development & Strategy Ed O’Brien shares this enthusiasm. He’s optimistic about the partnership’s future, especially when it comes to omnichannel retail, and aims to grow alongside both the city and the team to improve the fan experience year after year.
Why Today’s Supply Chains Can’t Afford to Work in Silos Anymore
Imagine trying to cook a meal with your ingredients scattered all across town. That’s the daily reality for today’s supply chains without integration — where a disruption anywhere can delay everything. With 93% of manufacturers gearing up to strengthen their supply chain resilience and 90% boosting in-house expertise, the pivot toward an integrated approach is becoming exactly what you’d think: a survival tactic.
Rising to the Challenge: Today’s Supply Chain Realities
Manufacturers nowadays face a storm of challenges: skyrocketing freight rates, volatile markets and the ever-present Amazon effect setting new speed records for delivery. The stakes are incredibly high, from weather disruptions to material shortages and the complexities of global logistics. An integrated supply chain offers some hope for businesses to respond swiftly and strategically to this type of unpredictability in last mile logistics and beyond.
The Power of Connection: Integrated Supply Chains
Say goodbye to the chaotic, disconnected workflows of the past. Today’s integrated supply chains resemble a well-oiled machine, where every part is connected, from sourcing raw materials to delivering the final product. Beyond avoiding mishaps, it’s about building a rock-solid network that thrives on cooperation and real-time data. With tools like AI and global digital networks, companies are responding to challenges and also anticipating them so that shipments are cost-effective, flow smoothly and efficiently, and keep customers happy when everything’s all said and done.
Why Robots Are Increasingly Taking Over Warehouses
Picture this: It’s a busy Monday morning at a warehouse where the space is vast and the shelves are packed. A few years ago, this scene would be swarming with workers zipping around. But today, there’s a twist — the workers are often robots. With the National Industrial Real Estate Vacancy Rate climbing to 6.2% from 5.7% in just a few months, and wages for human workers soaring to an average of $18.99 an hour, the transition to automation feels more like a sprint.
Rising Costs, Rising Solutions
Warehouses have more open space than we’ve seen since the pandemic shook things up, and at the same time, the cost to staff them is skyrocketing. Wages have shot up by 40-50% over the last five years, making the days of $12 to $14 hourly wages feel like a distant memory. This financial squeeze pushes warehouses to find a new way to work — technology and automation.
Embracing the Robot Revolution
As companies feel the financial pinch, they turn to robots and smart systems to keep things moving without breaking the bank. The trend is so strong that some forecasts see the market for warehouse automation ballooning to $71.01 billion by 2032 at a 15.91% CAGR. And it’s not just happening here in North America; the Asia/Pacific region is on track to adopt these tech upgrades even faster.
The New Wave of Labeling and RFID in Our Supply Chains
Every tech innovation quickens the heartbeat of supply chains. Let’s close this week’s roundup by examining how the latest breakthroughs in labeling and RFID make supply chains more intelligent and efficient.
Mobile Tech: Bringing Flexibility to Your Fingertips
Picture a typical day on the job but with a twist — no more back-and-forth trips or tangled cords. Warehouses and retail floors have become almost like mobile command centers, with scanning and printing at your fingertips. These tools blend seamlessly with tech-savviness and bridge the gap between work and personal use. For instance, consider how they can simplify training and boost teamwork, perfect for high-turnover industries. Think also of how all-in-one devices handling labels and data entry enable businesses to speed up workflows and make employees happier. Who doesn’t love tools that make work more enjoyable?
Cloud Platforms and AI: Crafting the Smart Labels of Tomorrow
AI-driven cloud platforms not only improve labels and artwork management, but also go beyond compliance. These systems adapt quickly to new standards, identify real-time mistakes and streamline updates across multiple labels. They also aid in waste reduction and support sustainability. In other words, the next time you see a label, view it as a mini billboard of smart technology, efficiency and eco-friendliness joining forces.
Bringing It All Together: OneRail’s Role in the Future of Supply Chain
From vanishing inventory to robotic warehouses, this newsletter has taken you on a whirlwind tour of the latest innovations disrupting the supply chain. As we’ve seen, the key to success lies in embracing technology and integration — and that’s where OneRail comes in. Here’s how we’re driving the future of logistics and last mile delivery:
- Unparalleled Courier Network: Place your deliveries in trusted hands by tapping into OneRail’s massive national network, boasting over 12 million vetted drivers.
- OmniPoint® Platform: Leverage OneRail’s OmniPoint Platform for automated rate shopping, smart matching and real-time visibility to guarantee timely and cost-effective deliveries.
- Exceptions Assist™: Benefit from proactive monitoring, with a dedicated team of logistics experts at the ready 24/7 to tackle any challenges and disruptions, safeguarding your on-time delivery rate.
No matter your industry, OneRail can transform your logistics strategy. Schedule a demo today to find out how.
