The economy is estimated to have shrunk by 2 percent during the first quarter of 2014, but the majority of financial experts aren't particularly concerned, according to The Associated Press. The reasoning behind this is the fact that the frigid temperatures and snow-strewn winter likely had a fairly strong, albeit limited, impact on many industries.
However, manufacturing and other related industries have demonstrated strong growth, which is positive for the economy overall but also means that businesses need to make sure they have streamlined internal processes and supply chains. For example, a recent infographic created by the Compliance Network clearly outlines the costs of advance shipping notices errors, which could be lessened or eliminated through the use of automated data collection software.
Of the total shipping problems resulting from mistakes, 50 percent are item shortages, while another 11 percent are overages. In either case, these can lead to inflated business expenses. For instance, the infographic explained that if a manufacturer or distributor has one million ASN cases annually with an error rate of 3.7 percent and each mistake costs the business $100, the manufacturer stands to lose roughly $3.7 million on a yearly basis.
Most companies cannot afford this type of financial burden. Automated data collection solutions give organizations control over their ASN processing and can improve accuracy.