There is probably a higher level of public awareness about how the logistics industry works and its technology than ever before. Who hasn’t had at least a passing interest in how a nation plans to get over 300 million doses of a vaccine distributed in a manner of a few months?
One side-effect of 2020’s COVID-19 pandemic has been a heightened awareness of “safety” in the realm of hygiene, especially food and groceries. Early last year we were treated to videos of how to handle your groceries after you bring them home and generated such a high volume of prepared food delivery that we developed “contactless” delivery where someone in a mask rushes up to your door and leaves a non-descript package in front of it before texting you to get you to open the door (yes, how things have changed!).
This week we’d like to dive into some industry data from the annual “Industry Outlook Report” that is published every year by Logistics Management and Modern Materials Handling. It’s a comprehensive survey of decision makers with purchasing authority for materiel handling solutions, and it’s often a useful way to validate some of the trends and challenges we see in our own client base as well as learn about others that may have been out of our purview.
Last week we continued our drill-down into the common challenges facing manufacturers and distribution businesses by focusing on Inventory (See “Four Inventory Management Challenges for 2020”). This week we’re going to dig down another level within the Inventory space by looking at it through the lens of the Six Sigma’s “Eight Forms of Waste”. Since we like to keep things to a short read of 5-7 minutes, we’ll focus on three of them today specifically in how they relate to the challenges of Inventory management.