During summer, people tend to slow down as the rising temperatures encourage siestas. While sleeping on the job is not approved of by most employers, taking a moment to step back and look at industry trends can help supply chain professionals clear their heads. Take a moment to gain insight from the following seven top market updates.
AB5 Protests Have Begun
It took only two weeks after the institution of CA AB-5 for strikes to begin among drayage drivers. Supply Chain Dive wrote that after “The California Trucking Association unsuccessfully appealed AB5 to the Supreme Court, […] dozens of other industry groups plan to ask Gov. Gavin Newsom this week for more time to allow businesses to comply.” The social media-organized protests have thus far been considerate of port needs, planning them so as not to disrupt port operations.
US Foods Prioritizes Reducing Scope 3 Emissions
The logistics of food distribution are already complicated, yet US Foods is going the extra mile to collaborate with suppliers to track their Scope 3 emissions. The food distributor will need to develop transparent partnerships and invest in green resources to accomplish its end goal “to reduce 32.5% of its own emissions by 2032,” according to Supply Chain Dive. This initiative will enable individual restaurants and grocers to have that much more viability in their own Scope 3 emissions and thus further prioritize sustainable food retail.
International Energy Agency Has Hopes Amidst Oil Crisis
In mid-July, The Wall Street Journal reported, “The worst oil-supply crisis in decades is showing tentative signs of easing as flagging economic growth weighs on demand for crude while sanctions on Russia are having less impact on oil production than expected.” This news comes as the International Energy Agency lowered the forecasted oil demand for the next two years. Inflated trucking costs have impacted the global supply chain on top of air and ocean cargo.
UPS Healthcare Gets an Upgrade
After two years of “unprecedented times,” it is clear that the healthcare industry needs some help. UPS has stepped into this market by applying UPS Premier services to UPS Healthcare, a shipping solution for medication, lab equipment, and more. UPS Premier Silver and Gold are already available options in most markets. Starting this fall, UPS Premier Platinum will monitor if an item is damaged. The new service will provide the “ability to monitor temperature, light, and humidity while tracking shipments in and out of the UPS network,” according to the UPS newsroom.
UPS Q2 Results Announced
- Consolidated Revenues of $24.8B, Up 5.7% from Last Year
- Consolidated Operating Profit of $3.5B, Up 8.5% from Last Year; Up 9.3% on an Adjusted* Basis
- Diluted EPS of $3.25; Adjusted Diluted EPS Up 7.5% Over Last Year to $3.29
- Reaffirms Full-Year 2022 Financial Guidance; Raises Targeted Share Repurchases to $3B for 2022
CEO Carol Tomé and CFO Brian Newman will lead an investor conference call to discuss the results starting at 8:30 a.m. All documents, live stream access, and future audio playback will be available at https://www.investors.ups.com.
Walmart Expands In-Home Grocery Delivery Service Availability
When InHome first launched in select markets in 2019, many were skeptical of the service advertised as delivering groceries literally into the consumer’s home. Since then, this innovative Walmart+ addon has proven itself valuable to retail consumers. Walmart intends to quintuple the original 6 million home coverage by the end of this year. Supply Chain Dive reported the new markets will include Miami; Tampa, Fla.; Orlando, Fla.; Dallas; Austin, Texas; San Jose, Calif.; and San Francisco.
Health Plan Customer Experience Challenges
Carrier damage impacts more than just the shipper, especially when the freight claims filed were about damaged medical products. Health plan companies are also experiencing this in their realm amidst “New regulatory requirements that directly impact payer reimbursement [while] placing more emphasis on customer experience,” according to Fierce Healthcare. Improved customer service will involve more logistics and communication options as omnichannel support options become mainstream.
Get Custom Solutions to Your Top Challenges With Intelligent Audit
Although the strongest air conditioner can’t change the blazing temperatures outside, shippers and retailers can escape the heat of constant multitasking by opting for a smoother, more efficient way of operating. Automation, streamlined data, and industry experts can guide professionals to get out of a reactive state and into a responsive one backed by thousands’ experience. As Allen F. Morgenstern once said, “work smarter, not harder,” and contact Intelligent Audit today.