“Freight” has become a dirty word – one that conjures up images of tractor trailers, messy docks, dirty warehouses, and unkempt beards (ok, maybe the beards are a stretch). We prefer the word Logistics. Logistics is consistently growing and constantly changing. Replacing the antiquated verbiage of tractor trailers, warehouse docks, forklifts, and pallets are words like manufacturing downtime, speed-to-market, merge-in-transit, and IOT. The system is changing – evolving and getting better every day.
Per the US Department of Commerce’s 2016 ITA Cold Chain Top Markets Report, “Over $260 billion of annual biopharma sales are dependent on cold chain logistics to ensure the efficacy of their products.”1 This sector of cold chain involves complicated logistics challenges with serious consequences for failure. The reputations and profits of Life Science companies depend on their ability to partner with the right logistics provider, and their customers’ lives rely on that partner’s competence and expediency. Failure in the pharmaceutical sector of logistics can have much more serious implications than in any other. Pharmaceutical products may not show the effects of mishandling the way conventional goods show damages, so the logistics provider must be able to demonstrate that the goods were handled appropriately at all stages of transport.
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In 1903, the Wright Brothers initial aircraft – Flyer 1 – was comprised of, give or take, a dozen parts. It had the basics, wings, rudders, propellers, a fuselage (that term is to be applied loosely if we’re judging by today’s standards), an engine, etc. You get the point…Though I cannot speak definitively on where each of those parts were sourced, I’ll make the safe assumption that they were products of US manufacturing (since the primary material was Spruce wood). For the Wright Brothers, the primary concern was actually flying.
Long have supply-chain professionals debated the advantages of the non-asset-based model over the asset-based model of logistics suppliers. Those in favor of the asset model argue that asset-based carriers can take over their clients’ supply chains by acting as a one-stop-shop for all their transportation and warehousing needs while lowering costs. However, proponents of the asset-light approach would say that customization and flexibility are lost in a rigid network where trucks must be filled regardless of service requirements. At Pegasus, our ideal clients need a flexible network that can scale capacity and meet stringent service requirements at a moment’s notice. To thrive in such an environment of chaos and constantly exceed expectations, Pegasus and our clients rely on a large, flexible, and trustworthy network of partners.
Finding the right provider in today’s world of complex supply chains is far more difficult than it used to be. Simple metrics such as on-time performance, billing accuracy, claims ratios and competitive pricing are now table stakes in today’s world of logistics. We’ve polled some of our valued clients and industry experts over the past year for some sound advice when searching for that right partner. Today’s focus will be specific to supply chain challenges that require a “High Touch” mission critical mindset. Is your forwarder helping you reduce risk, facilitate growth and enhancing your brand?
The logistics and supply chain world is constantly transformed by innovation and new technology. This transformation causes customers to have higher expectations and greater needs. Logistics providers are doing anything they can to stand out from their competition, and technological capabilities are certainly a differentiator in the industry. Clients need a true partner who can deliver the high-touch, custom-tailored transportation model while utilizing technology to transfer information and data quickly. Logistics providers today must be able to maintain total visibility through superior technology and user-friendly integrations, allowing their customers to be a step ahead in their industry.