It’s a shared ledger for recording the history of transactions – that cannot be altered.
Transactions take place every second — orders, payments, account tracking. Often, each participant has his own ledger — and, thus, his own version of the truth. Having multiple ledgers is a recipe for error, fraud and inefficiencies. The goal is to see a transaction end-to-end and reduce those vulnerabilities.
Each year, supply chain professionals work to bring candy, costumes, pumpkins, and more to consumers to celebrate Halloween. According to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insights & Analytics, total spending for Halloween is expected to reach $8.4 billion this year. This marks an all-time high in the survey’s 11-year history. US consumers are expected to spend an average of $82.93 on Halloween this year (based on 171 million Americans planning to celebrate Halloween), which is about $8 more than last year.
From the 20 million pounds of candy corn sold each year to the increasingly popular DIY pumpkin décor trend, 3PLs, suppliers and carriers have been busy prepping from October 31 over the last couple of months.
The term ‘Big Data Analytics’ (BDA) refers to those algorithmic techniques, practices, methodologies, and applications that enable businesses to analyze and make sense of critical business data to help them understand their operations and market.
The amount of data produced and communicated over the Internet is significantly increasing, thereby creating challenges for the organizations that would like to reap the benefits from analyzing this massive influx of big data. From food and beverage distribution to high tech, companies are incorporating analytics.
Millennials are frequently described as a breed apart. They are easily the most tech-savvy generation in history..
Some studies have suggested that millennials are not that different after all. Like everyone else, for instance, they seek meaningful employment, disposable income, social stability, and a purposeful life. However, there is little doubt that they are generally wary of brands, conventional workplace hierarchies, and many traditional institutions.
In fact, millennials are pushing for change in the workplace. In particular, they want things like a greater say in work-life balance and they also want managers who understand and listen to them as individuals (not just as employees filling a function).
Interestingly, careers in the supply chain industry offer many of the features millennials are seeking.
87% of millennials say job development is very important. The supply chain industry has more levels and function than almost any other. As a result, training and advancement opportunities are especially abundant.
91% of millennials own a smartphone. Perhaps no industry is being reshaped more by technology than logistics. Established supply chain companies are looking for hi-tech ways to improve customer satisfaction, employee engagement, and marketplace efficiencies. Millennials have those skills.
62% of millennials want to be able to talk to their boss about non-work issues. Supply chain businesses rank high in terms of fraternal relationships, both with coworkers and bosses. If meaningful relationships on the job are important, then supply chains are a great field to consider.
High pay, purposeful work, and mobility are just a few of the other advantages supply industry careers offer. Indeed, it is an exciting time for the industry as a whole as high growth is creating amazing opportunities for so many business types — order fulfillment, automotive logistics, and transportation management, just to name a few. For millennials hoping to tap their full potential, a career in supply chains and logistics is certainly worth considering.
