Regardless of the circumstances, a company’s ability to survive disruptive processes and events is one of the key differentiators of a successful business strategy. The thing is, most companies start to realize its importance only when the storm already happens. In the majority of cases, risk management strategy sits far down the list of business priorities and often can be put on the backburner of business plans.

The oil industry was one of the most severely hurt industries during the coronavirus pandemic. On April 20, oil prices went negative for the first time in the history of the oil market, peaking at -$37.60 per barrel. For comparison, at the start of the year, an oil barrel costs $60. Such a bizarre drop was caused by a huge discrepancy between oil supply and demand. Worldwide lock-downs, drastic air flight shortages, and fewer commuters resulted in a sharp fall in fuel demand.

The impact of COVID-19 on human lives is the first thing everyone should worry about. Thousands of deaths around the world have made the virus a huge threat to humanity, in many ways. One of the other ways it impacts us is the impact on global economy. The spread of the disease and restricting measures to contain it have put many businesses in frustrating situations, and even cause people to lose their jobs. Many companies look for effective ways to avoid damage, layoffs, and shutdowns. There are several useful practices that can help midsize and larger businesses to survive the coronavirus crisis.

There were many new transportation updates in the shipping industry last month. Check out some of the top stories and transportation updates in March 2020!

Logistics and transportation powers almost every single industry in the modern economy, including the healthcare system. Transporting medication, hospital equipment, medical supplies, and different vaccines play a crucial role in global health care. Today, medical supply chains and their proper, smooth operation define the success rate of delivered treatment. One crucial branch of health supply transportation is the vaccine supply chain.

The highly contagious virus known as COVID-19, which originated in Wuhan, China, has now been declared a global pandemic by the World Health Organization. With hundreds of thousands of people infected globally, the coronavirus revealed itself as a huge threat not just for the health industry, but also to the global economy. Supply chains, in particular, are being affected by coronavirus.

Changing market demands and technological advancements are driving many transformative processes to the supply chains. There is a lot of noise and buzzwords when it comes to trends and technologies that will influence the way supply chains operate. Not all of them can make a huge impact, but there are a couple of supply chain management trends that will actually reshape modern supply chains.

There were many new and exciting transportation updates in the shipping industry last month. Check out some of the top stories and transportation updates in February 2020!

Less than truckload (LTL) is a beneficial and cost-efficient option for shipping goods. However, it’s often challenging for the shippers to manage it in the right way. It can be complicated to recognize the opportunities for better LTL freight performance. If you often face shipment delays, disruptions, or spend too much on LTL freight, you probably want to improve the effectiveness of the process. There are several useful practices you can implement to improve LTL efficiency.

In truckload shipping, capacity for a fair price is what companies and logistics providers are searching for. Sometimes it can be easy to find, but most of the time it can be a challenge. Even with all the available trucks in the U.S., almost two-thirds of them are already driving, loading or unloading someone else’s freight, which can complicate finding a truck for a good price. There are several factors that define your success in getting the required capacity on-time, and one of them is truckload lead time in shipping.

Properly organized inbound shipments are vital to successfully operating supply chains. The retailers, distributors and customers heavily rely on the performance of inbound deliveries. For the businesses, the most important concern is the ultimate cost of inbound shipping, which is almost in every case higher than it’s supposed to be. Normally due to the lack of control and visibility, these shipments can consume up to 40 percent of overall freight costs. Apart from that, maintaining good relationships with vendors and ensuring on-time, high-performing deliveries can be quite a challenge. To make inbound transportation as efficient as possible and cut off unnecessary costs, you can try several practices for effective vendor management.

Shipping is the last, and probably one of the most important steps, in customer satisfaction. Today, a customers experience defines how they perceive brands, products or services. With the viral expansion of e-commerce, more small businesses now have access to the market. However, more possibilities means more competition. To succeed in this dynamic and fast-paced market, you don’t just have to meet expectations, but exceed them. Good products and quality service will always remain key components of a successful business, but a polished shipping strategy can go a long way. Every day, the world is changing, and it is crucial to notice and adapt to new trends. Here are a few key small business shipping trends that can act as a direction for many small businesses in 2020 and beyond.

One of the most common challenges in the trucking industry, both for carriers and shippers, is understanding and having more transparency into government regulations. The FMCSA has had updates in policies recently, and many of these changes can substantially impact the current state of trucking in many ways. It is crucial to recognize the key trucking regulations that will come into play, and how can they affect your business.

As tensions between the US and China started to escalate, the retail industry was probably the first to experience the unpleasant consequences of a trade war. With the US eventually putting $250 billion of Chinese goods under 25 percent tariffs, retailers now have to deal with higher prices and difficulties in adjusting to economic updates. Considering that enlisted goods that fall under the tariffs include clothes, shoes, and electronics, it will be quite challenging for some companies to manage international shipping and commerce between the US, Canada, and other countries with the new rules of the market.