Developing and publishing a Risk Management article during a severe global pandemic may be considered “Monday morning quarterbacking,” since much of this may seem obvious and sensible business planning. But this current timeframe is indeed the best time for all companies to start planning a stronger Risk Management strategy and program, especially since this “new world” of globalization and active social and cultural interaction assures us that disruptive events are more common than ever. Further, we are learning more daily about the real-time risks, far more than planning exercises can model.Read more
As we all slowly work our way through dealing with the COVID-19 pandemic of 2020, it is important to recognize that history is again repeating itself. We do not need to fear that this is the end of the world. It is, however, another blip in the road that will produce a new way of interacting that could create a long-term benefit.Read more
The concept of VUCA—Volatility, Uncertainty, Complexity and Ambiguity—was first introduced by the U.S. Army War College in 1987 to describe the state of the world following the Cold War. The term can also be applied to the business environment, where the VUCA of today’s increasingly digital world is having a tremendous impact on supply chains and commerce.Read more
Between 1760 and 1840, the United States went through a period of economic boom and industrialization. The Industrial Revolution resulted in the era of mechanization where handmade, unique items gave way to quickly reproduced items, creating an unprecedented expansion of population and personal wealth.Read more
In the following dialogue, we set the framework for competing in this new customer-driven world. We lay out the focus areas and fundamental tools for designing and applying a comprehensive approach, substantiated in this case study of a consumer products company.Read more
Amazon’s purchase of Whole Foods sent a shock wave through the retail industry that left many recognizing the need to amass demand to deliver on near real-time deliveries. An unexpected benefit from this acquisition was a treasure trove of data that enriched their understanding of the food business. The effect of this deal and its unintended consequences was a wake-up call to the industry to the need to deliver a very high level of customer service.Read more
This article addresses the implementation of that “planning.” It assumes that your company executives have determined there is the need to reinvent, and that an assessment of its readiness for change has been completed satisfactorily. As with the previous article, this provides executives with information and points of view that act as guidelines for managing the process of reinvention.Read more
It is commonly understood that online ordering of all types of products is growing daily. This is true for both direct-to-consumer (D2C) as well as business-to-business (B2B) orders. It is estimated that 18% or more of consumer purchases are transacted online during 2019, and B2B companies sell more than 20% of their total sales online (with some doing more than 75%).Read more
With a clear understanding of your customer, brand and image, the next focus is on the products your business should provide. While history can provide insight into past customers’ shopping behaviors, the time is now to take stock of your position and the products you are investing in. Take time to review the competitive landscape and make sure you are investing in tomorrow’s desired products and not those of last year’s customers.Read more
How many times have we heard the old cliché, “the customer is king”? Today more than ever, this cliché is true. As you look to please your customers and strengthen your bond with them in today’s competitive market, do you know who they are? Are you sure the person you sold to just a few years ago is the same person you will appeal to today?Read more
It is that time of year again when we step back, review the happenings from the past year and set our resolutions for the new year. As you take your personal inventory, it is time to do a professional inventory as well. This will be the first of a series of discussions where we take a read at the pulse of the business and set up New Year’s resolutions.Read more
Most people would agree that the nature of global commerce is transforming at an ever-increasing pace and that technology is one of the major drivers of this change. You do not have to look far for it to become obvious that everyone is “connected” all the time. This constant state of connectedness has created an environment where the world is at our fingertips and we spend a significant amount of time browsing, swiping and clicking our way through it each day. Having just about anything you want just one click away has changed the way we shop as well. This change in consumer behavior has in turn changed the way companies must both find and deliver to their customers.Read more
I was watching the television thinking about the project I was working on earlier in the day. I thought how much the right tool would help finish the job. It then came to me that I would look on the web to see if I could find the right tool, and once found how expensive it would be.Read more
Logistics will be one of the most important components of retail, wholesale and CPG companies’ business in 2020. Consumers continually expect better performance, as do customers serving consumers, so logistics is and will continue to be a hot topic at the senior levels of company management. Two principle (sometimes competing) factors are creating this need for logistics performance—cost and service level. This article will focus on these two primary drivers of consumers’ expectations and provide some guidance on how to meet the ever-increasing needs in these two areas of operations.Read more
It is somewhat common knowledge that the rapid growth of Digital Commerce has impacted nearly every company that sells its products online. No matter how retailers, brands or wholesalers have chosen to make their products visible and fulfill their orders, changes– sometimes dramatic ones–have had to be made in strategies, processes, technologies and people.Read more
There are several factors that exist today that collectively drive companies to think more about Commerce than ever before. We at Tompkins International have recently reorganized into seven Business Units and have adopted an ecosystem model for the overall enterprise. The model defines our business into four core competencies Strategy, Commerce, Logistics, and Technology. The inclusion of Commerce is unusual; yet, this reflects the services and products companies need today, along with the other processes, in order to achieve profitable growth.Read more
In 2012, Twila and Alan True co-founded True Family Enterprises, a conglomerate of operating companies with a focus on four sectors: Finance, Real Estate, Health & Beauty and Food & Beverage. Six years later, the husband and wife team developed a transformative business model combining the power of new retail, unique brands and top influencers. Twila True Collaborations partners with influential talents to create and deliver native brands and trendsetting products via its robust e-commerce platform. The company’s ecosystem provides a true end-to-end solution, from product concept and development to marketing and distribution.Read more
When Tompkins International designed our ecosystem model for the enterprise, we identified four key elements that apply to all our service lines and solutions. These are Strategy, Commerce, Logistics and Technology. The article on Commerce has been developed and is available on our website here and similar ones on Logistics and Technology are in process.Read more
In these uncertain times, many companies are focused on minimizing their operating expenses to regain their competitive position. Many expect that a new solution alone will foster operational change and deliver operating efficiencies. They have the utopian expectation that they can find a product in the marketplace that will allow them to perform their customized operation within a standardized framework.Read more
As Tompkins International has grown, its service lines and solutions have expanded. These are expected to continue to evolve as the market and our clients’ needs change and opportunities are presented.Read more
We all remember as a kid the first time we put two cups on the end of a string and learned that the sound could travel along the string to a friend a hundred feet away. If you are like me, this simple example of a mechanical acoustic device sparked an inquisitiveness to understand how things work.Read more
After working with KidBlox* for more than three decades, Robert Setter* identified a market segment that had been underserved by the iconic toy manufacturer. Recognizing the major business potential, Setter approached KidBlox with a proposal to spin off a new business designed specifically to cater to the overlooked group of small local and boutique shops.Read more
Now is the time to fully leverage your assets. As you look ahead make sure your strategy is grounded on principles beyond competing in today’s marketplace. You will want a strategy that will put you in a leadership position.Read more
A dozen supply chain executives met over breakfast at this year’s Supply Chain Leadership Forum (SCLF) to share their views, experiences and current challenges. When asked, “What’s going on in your operations?” by Denny McKnight, moderator of the discussion and President of Tompkins International, a common theme quickly emerged from the group, which was, “how are you attracting and retaining top talent amidst the current labor shortage?”Read more
This article extends the topic previously discussed in, The Challenges and Solutions for Sales Forecasting in eCommerce. We will address the question of how to best optimize inventories once the sales forecast is accepted.Read more
It is commonly known that forecasting sales is complex and that retailers, wholesalers, and brands have struggled with achieving accuracy since the beginning. Consumer buying behavior is non-scientific. Despite algorithmic and statistical advances in recent years, as well as progress in data science and artificial intelligence (AI), high degrees of accuracy are not always achieved.Read more
The rapid growth of technology and the number of innovative service providers is advancing the variety of options available for retailers and direct-to-consumer brands to deliver products ordered online to customers. As a result, shippers must constantly evaluate their last-mile delivery options to ensure they are providing the best possible service using the most cost-effective process. There are several strategic questions that should be considered before evaluating the different options shippers have for products that end up on a consumer’s doorstep.Read more
In April 2018, the Bureau of Labor Statistics projected a 7 percent increase in jobs from 2016 to 2026 in the area of logistics. Other forecasts have estimated this rate of growth to be as high as 26 percent.
Is there really a talent gap or is there a management gap in developing resources to meet the needs? With the supply chain taking on more and more of a leadership role in driving strategy, the time is now to capture the excitement of the best talent and help them understand that they can make a real difference in a business.Read more
Today, the rise in e-commerce is affecting businesses across all markets and ushering in an era of rapid service delivery. One of the industries that is extensively influenced by the surge in e-commerce is healthcare. Consequently, with the healthcare industry spending billions on e-commerce and web services annually, smart sellers of healthcare products that provide digitally oriented purchasing experiences are performing better than the ones that do not. Therefore, in order to keep up with the growing influence of e-commerce, healthcare product companies are looking for an answer to their supply chain-related challenges. Delivering a solution that resolves the security, time-sensitivity, and compliance tracking in a healthcare product business’ supply chain, MonarchFx, a North Carolina-based logistics company, is assisting organizations to reinvent typical healthcare product purchasing.“MonarchFx ecosystem integrates the offline, online, and logistics data across a single unified supply chain to assist healthcare companies to fulfill their organization-specific needs to safely and securely deliver in two days or less” says Benjamin Patipa, MD, Vice President of healthcare strategy at MonarchFx.Read more
Travis’ Instagram post turned Brian splenetic.
While Brian was happy that his brother was at the World Professional Football Championship watching his favorite team, Brian wasn’t happy with the gear Travis wore – the same throwback Los Angeles jersey that Brian bought Travis from Football Fanatics Emporium, the one sitting in the box at Travis’ neighbor’s house in San Francisco because it had arrived a day later than the Los Angeles retailer’s website pledged – hitting Travis’ door when Travis was waiting for his flight at the San Francisco International Airport.
Thus starts the tale of how Football Fanatics Emporium ...Read more
The best way forward for Consumer Packaged Goods (CPG) is to start building direct relationships with end consumers, evolving their current business-to-business (B2B) mindset and developing a sales model much closer to that of their DTC competitors.Read more
There is a famous story you are no doubt familiar with about a menacing giant who was so ferocious that even the bravest of warriors did not dare to challenge him. Trained from birth as a warrior and ever so confident in his abilities, he challenged the warriors of Israel to one-on-one combat, winner takes all.Read more
Liliana wanted gluten-free rigatoni, organic pasta sauce and free-range meatballs for her Saturday shindig.
On Thursday, she logged onto the Mama Eleonora All-Natural Pasta Conglomerate online fulfillment center, which – without access to a distributed logistics network – offered delivery by Monday. Or overnight for an additional $25.
Supply chain is the difference between the planned margin for your product or business and the margin you achieve. Your supply chain will either help you maintain your margin, exceed your margin expectations, or it will erode your margin. At its core, supply chain is still the movement of goods; however, in today’s global unichannel marketplace every business support function plays a role in making sure your planned margin is achievable.Read more
Those who consider price only or as main factor in their logistics selection process are doomed to mediocrity and perhaps even failure.Read more
Tompkins International has been disrupting traditional supply chain thinking for over three decades. In a recent white paper, Achieving Revenue Gains from Distributed Logistics, we again extend the thinking of the role of supply chain and the business impact on supply chain. In addition to the white paper, we wanted to discuss several other key elements that have made a major impact on the supply chain.Read more
The retail sector has experienced unprecedented brick and mortar consolidation over the past several years. We are living in a time where retailers are trying to recraft their go to market strategy and redefine the competitive balance between bricks and clicks. Many have finally come to the conclusion that these channels play off of each other and must be a part of the go forward strategy to provide the product access and service response the customer requires.Read more
As businesses look to free up working capital to respond to the current market conditions, inventory planning is often a target. With inventory being the largest capital outlay for any business, making a nominal change in strategy has implications on a large sum of dollars. These freed funds can be used to expand operations, take on strategic initiatives, and position the company for a stronger tomorrow.Read more
Ever since its inception, supply chain management has largely been focused on cost and expense management, seeking methods to reduce the costs of logistics, transportation, warehousing, distribution, procurement, manufacturing, and all the other business processes that make up supply chains. Further, in recent years the costs associated with inventories (including working capital), fixed capital (facilities), and supply chain technologies have been measured and targeted for reductions. Since these processes and supporting investments were established as necessary functions of the enterprise, their operations were viewed as important for cost management.Read more
New technology being introduced into the market to automate historically manual tasks, brings back our sense of fear. Do we want people to complete menial/labor intensive tasks or do we want to create competent/reliable machines to complete these tasks?
These feelings of uncertainty are not new. In the 19th and 20th centuries there were also these concerns. The introduction of the car, electricity, and the telephone caused a lot of uproar.Read more
The MonarchFx management team recently reviewed a paper by McKinsey & Company titled Should CPG manufacturers go direct to consumer – and, if so, how?. As usual, the paper is thought-provoking, as well as providing meaningful executive advice.Read more
We recently held a very successful two-day open house at the Tompkins International Emerging Technology Center (ETC) in Orlando. Over 120 interested representatives from retailers, brands, and others were provided a two-hour discussion (the “context”) by our CEO, Jim Tompkins.Read more
Amazon is one of the most written about companies of the modern era. There are daily reports of astounding accomplishments and news of their plans moving forward. Why write more about the number one online retailer in the U.S.? Because they are leading the pack by a wide margin, with respect to the U.S. online retail world.Read more