Focusing on core business during periods of slow growth
Risks to the global banking system are growing again and will likely impact consumer spending, according to Federal Reserve Bank of Boston president Eric Rosengren.
Speaking at a banking conference in Copenhagen, Rosengren stated that he believes the increased risk will slow economic expansion and personal consumption. These broad-scale shifts in the market will likely cause many businesses to continue taking cost-cutting measures.
Many organizations can benefit from reworking their supply chain during periods of slow growth. The savings that can be provided through proper warehouse management can increase profitability and make firms more responsive to changing market conditions.
During periods of slow economic growth, the successful companies often need to refocus on their core capabilities. Dedicating more resources to the areas that generate the most revenue makes the firm stronger and able to withstand periods of high risk. Working with a third party logistics specialist can help a business optimize its supply chain network without removing resources from the core business focus.
Warehouse management and order fulfillment can also lead to innovative business solutions. In the process of trying to improve customer service by reducing delivery times, companies may identify other areas to add value to the consumer interaction. This helps create an environment in which the businesses can continually adapt practices that build customer loyalty and increase sales.
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File Under: Transportation