With the current political, economic and climatic changes affecting supply chains significantly; is it time to ask the above question?
Traditionally, a chosen logistics provider assists you in transporting goods from A to B. However, transporting your shipments is only a small part of the overall supply chain. There are several other areas within the supply chain that can positively contribute to reducing costs and improving efficiencies.
Are you Brexit ready?
Check if your logistics partner has local representation in official working groups such as the Irish International Freight Association (IIFA) and the British International Freight Association (BIFA) who work closely with both the Revenue Commissioners and HMRC on key customs changes and plans following Brexit. This will allow them to advise and guide you through this transition.
Have you obtained an EORI? Do you know your tariff codes? Have you agreed terms of shipping with your suppliers/customers? Has your logistics partner offered your business
a free “custom health check” to ensure your processes are streamlined, and that you are compliant and prepared for any regulatory changes to build a solution that suits your business best?
Be Safe, Not Sorry
Having the correct insurance cover by a trusted insurer is an important consideration to ensure hassle-free processes, no matter the circumstances. Always check if the policies
in place are suitable for the type and quantity of goods in transit and if there is comprehensive cover in place for the product. Insurance rates vary as do freight rates and should be reviewed from time to time.
There is often an assumption, particularly with new shippers, that their products are automatically insured by their forwarder this is not the case! However, you can discuss your insurance requirements with your logistics partner and some are even able to provide quotations on individual shipments or bespoke items that can be difficult to insure.
Political changes and currency changes go hand in hand
In logistics, most importers consider the cost of the product and associated shipping costs but often overlook their exposure on buying currencies. It may go beyond the traditional freight booking process but being able to seek support from your logistics partner can make such a difference in you being able to grow on a global scale.
Securing best pricing and product when buying currency is of significant importance and a logistics provider with first-hand experience of trading overseas and hedging currency risk can become very beneficial, particularly post Brexit where the market has been increasingly volatile.
Is it time to review your sourcing strategy?
With global health and weather emergencies putting significant pressure on your supply chain, logistics providers can provide local knowledge on the ground to advise on alternative product sourcing and rerouting options to future-proof your business.
Are you fit for the future?
With the progression of technology pushing boundaries and changing how we do business, your logistics partner can deliver innovative digital solutions around PO management, instant online pricing and full transparency within your supply chain.
Kevin Brady from Woodland Group:
Kevin has over 40 years’ experience in Supply Chain / 3PL & Freight Forwarding solutions on a global scale. Woodland Group are one of the largest privately-owned global logistics businesses with owned offices and warehouses across the USA, UK, Asia and Ireland offering a suite of logistics, e-commerce and supply chain management services.
Our expertise and broad offering of solutions allows us to identify areas of improvement within your supply chain and pinpoint exactly where costs and inefficiencies can be reduced.
For a free supply chain health check covering the above subject matter, please contact Kevin at firstname.lastname@example.org.