by FreightPrint
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Supply chain disruptions have become a common occurrence in recent years, with events like the pandemic, bottlenecks in the Suez Canal, and a shortage of qualified workers affecting the supply chain from start to finish.
Warehouses play a crucial role in the supply chain and, as such, improving their return on investment (ROI) is of utmost importance.
After all, the global warehousing and distribution logistics market is expected to grow at a CAGR of 6.2% between 2023 and 2027, by $72.96 billion, so there’s no better time to have your piece of the pie.
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Businesses must be prepared to adapt to changes and disruptions in the supply chain, whether they come in the form of innovations or unexpected events. The goal is to position the warehouse in a way that will benefit the business during supply chain shortages.
Global warehousing and distribution logistics market size. Source: Technavio
Maximizing the return on investment (ROI) in your warehouse operations is critical to the success and profitability of your business. You can improve your ROI by reducing costs, improving efficiency, and increasing sales with the right strategies and techniques. Here are some tips on how to ameliorate your warehousing ROI and grow your logistics business.
Shipping goods to clients does not cut down on the length of time items stay in your warehouse. Numerous companies still have a large amount of stock.
Over the past five years, the average inventory held based on sales per day has risen by more than 8%. Hence, you should examine and streamline your inventory as having surplus stock in your warehouse incurs expenses. You can carry out an inspection to pinpoint inactive inventory.
Also, make the most of your warehouse space by implementing efficient storage systems and reducing clutter. This includes utilizing vertical space, implementing mobile shelving, and utilizing pallet racking.
Streamline processes, such as picking and packing, to minimize errors and increase efficiency. Consider investing in technology like barcode scanning (or have it implemented in your warehouse management system), and automated material handling systems to make operations smoother.
The key to keeping costs down and realizing a faster return on investment is to move products from Point A to Point B as efficiently as possible.
To do this, warehouses should consider an out-of-the-box warehouse management system (WMS) that aligns with their business needs and workflows, rather than an expensive and time-consuming customization process.
Don't let operations stagnate after investing in a WMS. The system should be positioned to grow with the business, supporting changes in customer dynamics and new invoicing services. Consider factors such as inventory visibility and labor management while making the investment.
Implement inventory management techniques to reduce overstocking and stockouts. This includes forecasting, cycle counting, and real-time inventory tracking.
Automate repetitive tasks, such as receiving and shipping, to reduce errors and save time. It can improve accuracy and efficiency, and free up personnel for more valuable tasks.
Moreover, try to integrate a TMS into your business operations or shift to cloud-based WMS since it has been a game-changer in the supply chain. With reduced up-front costs, scalability, and flexibility, warehouses can focus on providing logistics services without worrying about maintaining on-premise data centers and servers.
Partner with suppliers who offer reliable delivery times and flexible scheduling. This can help reduce inventory carrying costs, minimize stockouts, and improve customer satisfaction.
Implementing these five strategies can help you optimize your warehouse operations and improve your return on investment. By utilizing space effectively, streamlining processes, improving inventory management, automating tasks, and partnering with the right suppliers, you can reduce costs, increase efficiency, and improve customer satisfaction.
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Are you still wrestling with manual logistics operations or relying on outdated software that leaves you confused? Look no further!
FreightPrint is here to revolutionize your logistics process!
FreightPrint™ is a cutting-edge, AI-driven logistics software designed to enhance your transportation and delivery services.
We understand that managing logistics is both daunting and time-consuming. Picture this: delivering orders with unmatched consistency, precision, and ease.
If you want to streamline your shipping and logistics operations, FreightPrint™ is your perfect partner!
Read on to discover the key features and unparalleled benefits of using FreightPrint™.
Imagine effortlessly processing customer orders, creating optimized routes automatically, and maintaining seamless communication with drivers and clients—all without wasting precious time.
▸ Efficient Load Dispatching
Dispatch loads on the move or pre-schedule them for future dates. Collaborate with carriers, brokers, and dispatchers from a single interface.
▸ Automated Routing
Select multiple shipments and generate routes instantly. Assign drop numbers and modify stops with a simple click, all without needing to contact your drivers.
▸ Smart Driver Assignment
Assign tasks or routes to specific drivers with ease. Unsure who is available? Let drivers select their loads or broadcast them to your network of carriers.
Free up phone lines and alleviate staff workloads while you consistently meet and exceed customer expectations. Spend your valuable time closing sales and enjoying well-deserved vacations.
▸ Real-Time Shipment Tracking
FreightPrint™ ensures clients receive timely status updates along with direct shipment tracking features.
▸ Collect Electronic Proof of Delivery
Generate an audit trail with detailed timestamps and locations. Instantly receive signatures and photographs as proof of delivery, enhancing customer trust.
Create and customize shipping documents tailored to your clients' specifications.
▸ Label Printing
Design and print QR code labels effortlessly. Pair QR codes with your shipping documents to enhance tracking—just scan with your smartphone to update shipments effortlessly.
▸ Custom Document Creation
Whether it’s BOL, POD, or any other custom format, our document creation tool empowers you to design documents that fit your business needs.
No single software solution fits every business perfectly, which is why FreightPrint allows extensive customization per your specific requirements.
▸ Utilize API and Automation
Set custom fields to track project progress seamlessly. Connect with platforms like SalesForce or OrderTime through native integrations, or customize your experience with our API and automation tools via Zapier.
Download the FreightPrint mobile app now and enjoy a free 2-week trial—no credit card required!
Request a Free Demo
Our team is ready to assist you with any transportation software inquiries. Whether you’re a small shipper or a large transportation firm, we’d be thrilled to provide a free demo of FreightPrint and address all your questions.
Top 5 Questions regarding Proof of Delivery answered.
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Want to see if FreightPrint is a good fit for your needs? Whether you are curious about how the software works, or have specific questions about a feature, our product demo is a great way to get started.
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