The 19th Annual Survey of Third-Party Logistics Providers revealed that 26 percent of firms did not meet their financial projections last year, which was an increase compared to 14 percent in 2010, according to Fleet Owner magazine. Despite the increase, Dr. Robert Lieb, professor of supply chain management at Northeastern University, stated that none of the 31 surveyed companies lost money. He suggested that companies are becoming better at adjusting their levels of activity in relation to consumer demand.
The survey revealed that about 63 percent of companies across the globe did meet their expectations; however, European companies in particular are struggling due to the hard-hit euro zone economy.
“The difficulties facing the European market today mirror the economic instability North American logistics companies faced a few years ago,” Lieb said, according to Fleet Owner. “Globally, industry growth and company profitability continue to increase, but at a much slower rate. As we move forward, CEOs are being cautious, forecasting lower revenue growth projections over the next three years.”
One way companies can increase their delivery efficiency in a time of economic uncertainty is by implementing a barcode scanning system. Barcode scanners can eliminate issues within a system by making sure to read poor quality or misprinted labels. By maintaining data collection best practices, companies can gain a reputation for having a streamlined and accurate systemin B2B and B2C contexts.