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Ep. 01: Just-in-Time — When Supply Chains are Backlogged with Greg Plemmons and Bob Costello
Manage episode 407413689 series 3559936
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For decades, companies have used a just-in-time inventory model to reduce excess supply and create a lean production process. But recently, we've seen firms take a more conservative approach with a just-in-case supply used to avoid running out of stock. The pandemic-induced devastation of supply chains put a spotlight on some of the challenges we face and exposed vulnerabilities in the just-in-time model. Does this mean the just-in-time process is no more? What lessons have we learned and what more needs to be done to ensure reliable on-time delivery of goods?
To answer these questions and discuss future inventory management strategies, Host Jonathan Betz sits down with Greg Plemmons, Sr. VP of Sales for Old Dominion Freight Line, and Bob Costello, Chief Economist, and Sr. VP of International Trade Policy and cross-border operations for the American Trucking Associations.
Key Takeaways:
Greg describes the common disruptions in the current supply chain and the lessons shippers have learned over the last three years. [1:12]
Bob shares the idea of a just-in-time-plus model and offers an optimistic outlook for keeping systems up and running during brief lags. [2:18]
Greg highlights the benefits of a close relationship between shippers and their carriers. [3:52]
Bob reflects on the e-commerce trends over the past three years and future-casts business shipping and inventory needs, based on personal consumption data. [5:18]
Beyond a solid relationship with their carrier, Greg details the steps shippers can take to manage changes and mitigate risk. [8:31]
Bob shares competitive data on the important role surface transportation plays in the shipping industry. [9:31]
Greg and Bob weigh in on what will make the just-in-time method work for suppliers and the value of acknowledging drivers. [11:58]
Bob and Greg discuss the challenges and changes of bringing manufacturing back to the U.S. in the near future. [15:22]
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