5 ways of logistics that can drive you bankrupt - fast!

Wed Dec 21 2022 09:47:09 GMT+0000 (Coordinated Universal Time) - QikTruck Media

5 Ways Logistics Can Drive You Bankrupt - Fast!

Logistics drives the entire business, from customer’s booking transportation all the way to suppliers, who are responsible for product delivery. But if you are relying on a traditional approach to freight logistics, there are some major points to consider that could leave you in bankruptcy.

At QikTruck, we understand that the success of your company relies on being cost effective and reducing errors, delays and wastage in the logistics process. To help stop your business from going broke, here are 5 aspects you need to monitor and consider before your bottom line dries up.

1. Accurate Vehicle Routing and Scheduling

Declining profits can happen quickly if too much time and energy is being spent on manual vehicle routing and scheduling. Without a robust freight logistics management system, you’re left to manually check and schedule each vehicle’s individual routing on map software. This leaves your company open to errors, delays, and overpriced fuel consumption.

Investing in accurate freight routing and scheduling software is essential for ensuring the successful and profitable operation of your supply chain. By automating this process you’ll see a dramatic reduction in overall costs and an increase in customer satisfaction. Automation technology can streamline the flow of goods and services and ultimately increase the bottom line of your business.

2. Inefficient Logistics Management

Inefficient logistics management means time is wasted due to lengthy scheduling processes, long wait times, and manually tracking each vehicle's route. If you have an unreliable logistics management process, money is lost to late deliveries, continuous requests for data, and inaccurate tracking of fuel costs.

By using a modern freight logistics management software, companies can reduce the amount of manual logistics processes to maximize efficiency and accuracy. This helps in reducing wait times for customers, reducing lead times, and reducing chances of errors. With automated logistics management processes, accurate, timely delivery and pickup of goods is also more likely.

3. Poor Use of Technology

Having an outdated technology can bring about the collapse of your business in no time. It means extra cost for resources such as fuel, extra labor, and an overall slower delivery. Trying to keep up with current trends in the industry means investing in technology that can keep up with your daily logistics needs as well as keeping up with customer demand.

By implementing modern logistics software, you can benefit from a range of advantages, including faster freight routing, better stowage, improved supply chain visibility and improved management teams. This can lead to a reduction in operational costs, the ability to manage a larger customer base, and faster delivery of goods across multiple locations.

4. Inadequate Tracking Systems

Having an inadequate tracking system to monitor the flow of goods can cost your company more in the long run due to missing items, delays, and expensive fuel wastage. To reduce the cost of fuel wastage and optimize your logistics, it is important to invest in tracking technology. Advanced tracking systems can help to ensure that your shipments reach their destination faster, reduce the risk of damage to goods, and provide real-time visibility of assets.

These systems can provide real-time updates for customers, allowing for faster and more efficient service delivery. Alongside real-time GPS tracking, customers can be updated on ETAs and receive timely notifications if any problems should occur. All of this means better customer service and a more organized, time-saving process that doesn’t affect the bottom line.

5. Inadequate Staff Training

When it comes to logistics, it’s not just the technology that needs upgraded, the staff needs trained too. Having the right personnel and well-trained staff can mean the difference between a successful and a bankrupt business. Unfortunately, if you don’t have the right staff in place or they’re not fully trained, you can suffer major losses.

Regular employee training is essential for a logistics business to run effectively and successfully. This enables staff to develop the necessary skills to manage the supply chain effectively. From maintenance and vehicle tracking, to safety and compliance, properly trained staff can be invaluable in ensuring a successful business.

Without the right skills, staff can make costly mistakes, putting your company at risk of loss due to damages, fines, and shortage of stock. Investing in staff development not only increases efficiency and accuracy, but also increases the job satisfaction of employees, which can ultimately lead to improved performance.

The success of any business relies heavily on its logistics processes. Ensuring you don’t go bankrupt quickly means investing in the right technology and being mindful of the pitfalls of traditional logistics management. With the right tools and technology, your business can be future-proofed and successful.

At QikTruck, we understand the importance of time-saving, cost-effective, and reliable freight logistics management. To help you achieve the success you strive for, we provide advanced tracking and scheduling logistics technology that reduces errors, delays and wastage in the logistics process.


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