If you want to have a successful career as a supply chain professional, it's important that you focus on building and marketing an exceptional professional brand.
When we think about "brands," we generally think of consumer products and the companies that design and make them. Consider, for example, such well-known companies as Domino's Pizza, Volvo, and Apple. With Domino's, we think "fast," because we know we can be eating pizza 30 minutes after ordering it. When we hear Volvo, we think "safety." Apple we associate with "innovation." These associations—the images that emerge when we think of each company—are brands.
Companies carefully cultivate their brands in an effort to ensure that the impression they make on you is the one they desire you to have. When they are successful in creating a strong, desirable brand, it has "pull"; in other words, it prompts action on the part of the consumer. Apple has been especially successful in this regard, with consumers routinely standing in line to be among the first to buy the company's latest innovation.
People can have a brand, too. As an example, the late television news anchor Walter Cronkite's brand was "trustworthy and honest." If Walter Cronkite said it, you believed it. This doesn't apply only to celebrities. When you think about your co-workers, certain descriptors probably come to mind: the creative one; the analytical one; the organizer. These descriptors are shorthand for their professional brands.
Whether you know it or not, you have a brand. You have made an impression on people, and they have associations when they think of you. Those associations—your brand—should not be left to chance. If you want to have a successful career as a supply chain professional, it's important that you focus on building and marketing an exceptional professional brand.
The elements of a professional brand
What are the elements of an exceptional professional brand? Just as in the case of a corporate brand, the most important aspect of a professional brand is that it be **bold italic{distinctive and compelling.} It must signify capabilities and benefits that are not easily replicated elsewhere. Let's say you have a brand that includes "collaborative leader," and a project arises in your company that requires the accounting and supply chain organizations to work together for six months. Your collaborative leadership skills and supply chain knowledge would make you an ideal candidate for that potentially high-exposure project.
A good brand has a position in the market. That position occupies a space that is unique and easily identifiable, often called the "market niche." This is the area in which you excel.
A good brand has to be relevant. It does you no good to have a brand as "the class clown" when that has no relevance to your career in a logistics firm. On the other hand, if you are a monologue writer for "The Tonight Show," being the class clown would be highly relevant.
Your brand must be consistent. Whatever distinctive and compelling value your brand represents, you must provide that value consistently. For the supply chain professional, if your brand is "superior organization," you must demonstrate superior organizational skills not just when things are easy, but more importantly, during the most trying times: for example, when a key team member is out on family leave, or when your firm is reorganizing or acclimating to a merger.
Finally, brands need to be supported. They need cultivation and investment. When I was a child, I gave my dad Old Spice aftershave on Father's Day. Back then the brand was well-known and highly visible. But it languished until a few years ago when it received the necessary cultivation and investment to reinvigorate it, launching a brand campaign that has won awards and boosted sales with a whole new clientele. Cultivation and investment are necessary for professional brands, too. For example, to maintain a brand of "innovation" in supply chain management, you must invest your time in keeping up with the latest advances by reading relevant periodicals, attending conferences, and cultivating your network of industry peers.
Getting the brand you want
Wwhy does having a professional brand matter? Just as with consumer products, a good professional brand has "pull." It creates more recognition and opportunities. Your unique and compelling professional brand represents your essence as a business executive.
The first step in building your professional brand is to do a situation analysis. What is your current professional brand, and what is your desired brand?
You can start that process by developing a 10- to 15-word brand identity statement that includes the associations you want people to have. This exercise will require introspection and focus. It should concisely describe who you are, what you do, and how you benefit your organization or team. It should look at you from the viewpoint of your customers.
Next, find out what your brand currently is. This can be difficult because we are not objective about ourselves. We see our outward actions through the lens of our inner motivations and thoughts. Getting objective information from co-workers can be problematic as well. Co-workers may downplay your more outstanding qualities, both positive and negative, for a variety of reasons, including competitiveness, fear of hurt feelings, and so forth. Ideally, get someone you trust to be objective and thorough (perhaps someone in human resources, your manager, or an outside consultant) to interview people about your strengths and weaknesses. An anonymous survey is another way to get good input.
Once you have conducted appropriate research, some consensus on your professional qualities should reveal itself, and a profile of your current brand should emerge. Compare that brand profile to the brand identity statement you developed earlier. What do you need to change in order to get the brand you want? A "brand marketing plan" that identifies the tactics required to achieve the brand you desire will help you bridge the gap between your current brand and the one you want. This plan should address the key brand principles: distinctive and compelling; well-positioned; relevant to your audience; consistent; and supported.
Here's an example of how that might play out. Let's say your current profile describes you as "approachable, a good listener, and introverted." Your aspirational brand, however, is "approachable, a good listener, and an effective communicator." You want to be seen less as an introvert and more as someone who has something important to say. This change matches up with two of the key brand principles: it will make you distinctive and compelling, and it is relevant to your career.
Making that part of your brand is important because you know that people who give effective presentations and clearly convey your company's goals and strategies to their teams are given better opportunities sooner than those who do not. However, although you have consistently tried to be a good communicator, maybe that aspect of your brand is not coming across. By supporting this aspect with a development and communication plan, you may achieve your aspirational brand. In this case, your plan could include such simple tactics as summarizing what people say to you and repeating it back to them to ensure understanding ("So you are saying..."). It could include asking, "Was I clear?" "Do you have any questions?" or "Did we cover everything?" Or it could involve taking a course in public speaking or joining a group like Toastmasters International that will help you become a more polished and effective speaker.
A communication plan involves letting others know about your brand dimension. In this case it could include offering to give presentations inside the company or at industry functions. You could also volunteer to take on the role of liaison to other groups within the company, such as accounting or sales.
A well thought-out professional brand is a guidepost pointing in the direction you want to go. Brand building is a process that gets refined over time. The key is to begin that process right away; it will pay dividends today and in the future.
Businesses are cautiously optimistic as peak holiday shipping season draws near, with many anticipating year-over-year sales increases as they continue to battle challenging supply chain conditions.
That’s according to the DHL 2024 Peak Season Shipping Survey, released today by express shipping service provider DHL Express U.S. The company surveyed small and medium-sized enterprises (SMEs) to gauge their holiday business outlook compared to last year and found that a mix of optimism and “strategic caution” prevail ahead of this year’s peak.
Nearly half (48%) of the SMEs surveyed said they expect higher holiday sales compared to 2023, while 44% said they expect sales to remain on par with last year, and just 8% said they foresee a decline. Respondents said the main challenges to hitting those goals are supply chain problems (35%), inflation and fluctuating consumer demand (34%), staffing (16%), and inventory challenges (14%).
But respondents said they have strategies in place to tackle those issues. Many said they began preparing for holiday season earlier this year—with 45% saying they started planning in Q2 or earlier, up from 39% last year. Other strategies include expanding into international markets (35%) and leveraging holiday discounts (32%).
Sixty percent of respondents said they will prioritize personalized customer service as a way to enhance customer interactions and loyalty this year. Still others said they will invest in enhanced web and mobile experiences (23%) and eco-friendly practices (13%) to draw customers this holiday season.
The practice consists of 5,000 professionals from Accenture and from Avanade—the consulting firm’s joint venture with Microsoft. They will be supported by Microsoft product specialists who will work closely with the Accenture Center for Advanced AI. Together, that group will collaborate on AI and Copilot agent templates, extensions, plugins, and connectors to help organizations leverage their data and gen AI to reduce costs, improve efficiencies and drive growth, they said on Thursday.
Accenture and Avanade say they have already developed some AI tools for these applications. For example, a supplier discovery and risk agent can deliver real-time market insights, agile supply chain responses, and better vendor selection, which could result in up to 15% cost savings. And a procure-to-pay agent could improve efficiency by up to 40% and enhance vendor relations and satisfaction by addressing urgent payment requirements and avoiding disruptions of key services
Likewise, they have also built solutions for clients using Microsoft 365 Copilot technology. For example, they have created Copilots for a variety of industries and functions including finance, manufacturing, supply chain, retail, and consumer goods and healthcare.
Another part of the new practice will be educating clients how to use the technology, using an “Azure Generative AI Engineer Nanodegree program” to teach users how to design, build, and operationalize AI-driven applications on Azure, Microsoft’s cloud computing platform. The online classes will teach learners how to use AI models to solve real-world problems through automation, data insights, and generative AI solutions, the firms said.
“We are pleased to deepen our collaboration with Accenture to help our mutual customers develop AI-first business processes responsibly and securely, while helping them drive market differentiation,” Judson Althoff, executive vice president and chief commercial officer at Microsoft, said in a release. “By bringing together Copilots and human ambition, paired with the autonomous capabilities of an agent, we can accelerate AI transformation for organizations across industries and help them realize successful business outcomes through pragmatic innovation.”
Census data showed that overall retail sales in October were up 0.4% seasonally adjusted month over month and up 2.8% unadjusted year over year. That compared with increases of 0.8% month over month and 2% year over year in September.
October’s core retail sales as defined by NRF — based on the Census data but excluding automobile dealers, gasoline stations and restaurants — were unchanged seasonally adjusted month over month but up 5.4% unadjusted year over year.
Core sales were up 3.5% year over year for the first 10 months of the year, in line with NRF’s forecast for 2024 retail sales to grow between 2.5% and 3.5% over 2023. NRF is forecasting that 2024 holiday sales during November and December will also increase between 2.5% and 3.5% over the same time last year.
“October’s pickup in retail sales shows a healthy pace of spending as many consumers got an early start on holiday shopping,” NRF Chief Economist Jack Kleinhenz said in a release. “October sales were a good early step forward into the holiday shopping season, which is now fully underway. Falling energy prices have likely provided extra dollars for household spending on retail merchandise.”
Despite that positive trend, market watchers cautioned that retailers still need to offer competitive value propositions and customer experience in order to succeed in the holiday season. “The American consumer has been more resilient than anyone could have expected. But that isn’t a free pass for retailers to under invest in their stores,” Nikki Baird, VP of strategy & product at Aptos, a solutions provider of unified retail technology based out of Alpharetta, Georgia, said in a statement. “They need to make investments in labor, customer experience tech, and digital transformation. It has been too easy to kick the can down the road until you suddenly realize there’s no road left.”
A similar message came from Chip West, a retail and consumer behavior expert at the marketing, packaging, print and supply chain solutions provider RRD. “October’s increase proved to be slightly better than projections and was likely boosted by lower fuel prices. As inflation slowed for a number of months, prices in several categories have stabilized, with some even showing declines, offering further relief to consumers,” West said. “The data also looks to be a positive sign as we kick off the holiday shopping season. Promotions and discounts will play a prominent role in holiday shopping behavior as they are key influencers in consumer’s purchasing decisions.”
Third-party logistics (3PL) providers’ share of large real estate leases across the U.S. rose significantly through the third quarter of 2024 compared to the same time last year, as more retailers and wholesalers have been outsourcing their warehouse and distribution operations to 3PLs, according to a report from real estate firm CBRE.
Specifically, 3PLs’ share of bulk industrial leasing activity—covering leases of 100,000 square feet or more—rose to 34.1% through Q3 of this year from 30.6% through Q3 last year. By raw numbers, 3PLs have accounted for 498 bulk leases so far this year, up by 9% from the 457 at this time last year.
By category, 3PLs’ share of 34.1% ranked above other occupier types such as: general retail and wholesale (26.6), food and beverage (9.0), automobiles, tires, and parts (7.9), manufacturing (6.2), building materials and construction (5.6), e-commerce only (5.6), medical (2.7), and undisclosed (2.3).
On a quarterly basis, bulk leasing by 3PLs has steadily increased this year, reversing the steadily decreasing trend of 2023. CBRE pointed to three main reasons for that resurgence:
Import Flexibility. Labor disruptions, extreme weather patterns, and geopolitical uncertainty have led many companies to diversify their import locations. Using 3PLs allows for more inventory flexibility, a key component to retailer success in times of uncertainty.
Capital Allocation/Preservation. Warehousing and distribution of goods is expensive, draining capital resources for transportation costs, rent, or labor. But outsourcing to 3PLs provides companies with more flexibility to increase or decrease their inventories without any risk of signing their own lease commitments. And using a 3PL also allows companies to switch supply chain costs from capital to operational expenses.
Focus on Core Competency. Outsourcing their logistics operations to 3PLs allows companies to focus on core business competencies that drive revenue, such as product development, sales, and customer service.
Looking into the future, these same trends will continue to drive 3PL warehouse demand, CBRE said. Economic, geopolitical and supply chain uncertainty will remain prevalent in the coming quarters but will not diminish the need to effectively manage inventory levels.
That result came from the company’s “GEP Global Supply Chain Volatility Index,” an indicator tracking demand conditions, shortages, transportation costs, inventories, and backlogs based on a monthly survey of 27,000 businesses. The October index number was -0.39, which was up only slightly from its level of -0.43 in September.
Researchers found a steep rise in slack across North American supply chains due to declining factory activity in the U.S. In fact, purchasing managers at U.S. manufacturers made their strongest cutbacks to buying volumes in nearly a year and a half, indicating that factories in the world's largest economy are preparing for lower production volumes, GEP said.
Elsewhere, suppliers feeding Asia also reported spare capacity in October, albeit to a lesser degree than seen in Western markets. Europe's industrial plight remained a key feature of the data in October, as vendor capacity was significantly underutilized, reflecting a continuation of subdued demand in key manufacturing hubs across the continent.
"We're in a buyers' market. October is the fourth straight month that suppliers worldwide reported spare capacity, with notable contractions in factory demand across North America and Europe, underscoring the challenging outlook for Western manufacturers," Todd Bremer, vice president, GEP, said in a release. "President-elect Trump inherits U.S. manufacturers with plenty of spare capacity while in contrast, China's modest rebound and strong expansion in India demonstrate greater resilience in Asia."