New Survey Reveals 67% of Companies Experience Shrinkage in Shipping
ORLANDO, Fla.–(BUSINESS WIRE)–
Product shrinkage (the loss of inventory) during transport is a pervasive problem for manufacturers and retailers, as it erodes profit margins and undermines trust in transportation providers. To get to the heart of how and when it happens along the supply chain, OneRail commissioned an independent research firm to survey 300 logistics leaders about ensuring the integrity of product delivery. The survey revealed that 88 percent of respondents acknowledge a direct correlation between real-time delivery tracking and decreased customer claims for missing products. Additionally, nearly half of respondents reported that lack of real-time data was their top pain point when tracking inventory.
“The survey confirmed what we’ve observed in the industry, that in fact, 97 percent of logistics leaders report that shrinkage due to theft and missing products is a top challenge,” said OneRail Founder and CEO Bill Catania. “We developed OmniPoint Inventory Visibility as a solution to eliminate shrink and help our customers meet their on-time in-full (OTIF) standards by providing detailed real-time in-transit reporting.”
“Traditionally, managing inventory visibility has been mainly addressed within the four walls of a warehouse or distribution center,” said OneRail Chief Product and Technology Officer Chris Kucharski. “A big challenge shippers face is lack of visibility as to where the breakdown is in the supply chain when inventory goes missing, as well as who is responsible. With OmniPoint Inventory Visibility, our customers who are used to receiving last mile tracking can get that same level of intelligence on their shipments further upstream into the middle and first mile of the journey.
“The OmniPoint solution provides in-transit visibility that tracks orders down to the SKU level — offering much more granularity than at the pallet level — regardless of the distribution channel it is on,” Kucharski continued.
OneRail’s OmniPoint Inventory Visibility solution tracks the movement of product orders down to the item level by integrating with other management systems that provide inventory, order and transportation data to offer real-time location status. One of the critical components of bringing this solution to life is OneRail’s open API, which can ingest any data source, providing customers a single source for full visibility of their inventory — whether inbound or outbound. OneRail’s solution accepts scan data as products move in and out of facilities through its mobile app or other third-party sources for easy and quick implementation.
Additional survey findings include:
- Causes of shrinkage
- Top pain points for tracking inventory
- Financial impact of shrinkage
- How logistics leaders track deliveries
- Companies’ top strategies for combating shrink
Overall, OneRail’s report shows that retailers and wholesalers are looking for technology solutions to help them address missing inventory and connect the dots between facilities and in-transit.
To access the OneRail report, Shrinking Shrinkage: Solutions for Improving Inventory Visibility, visit: https://www.onerail.com/shrinkage-study/.
OneRail is exhibiting at the Gartner® Supply Chain Symposium/Xpo™ in Booth 213, and Founder and CEO Bill Catania is moderating a panel session — Final Mile Transformation: Strategy & Success with Pepsi, Signet & Advance Auto Parts — on Tuesday, May 7.
About the Gartner Supply Chain Symposium/Xpo
CSCOs and supply chain leaders are continuously confronted with increasingly complex challenges and are expected to outperform and overdeliver. Top supply chain organizations navigate through the turbulence by solving present-day issues and positioning themselves for long-term success. The Gartner Supply Chain Symposium/Xpo™ 2024 conference offers pragmatic advice and future-focused insight for supply chains to deliver now and in the future. Network with 3,000+ peers and vet new technologies at our Exhibit Showcase.
About OneRail
OneRail is a leading omnichannel fulfillment solution pairing best-in-class software with logistics as a service to provide dependability and speed to help businesses meet their delivery promise. With a real-time connected network of 12 million drivers, OneRail matches the right vehicle for the right delivery so brands lower expenses and increase capacity to rapidly scale their businesses. This people-plus-platform approach features a 24/7 USA-based exceptions team who maintain a 99% on-time delivery rate. OneRail debuted at No. 24 on the 2023 Deloitte Technology Fast 500™, was named for the third year in a row to the FreightTech 100, was honored as one of Inc. magazine’s Best Workplaces 2023, was listed on Forbes’ 2023 list of America’s Best Startup Employers and named to the Inc. 5000 two years in a row (most recently at No. 59, with 7,409 percent growth). To learn more about OneRail, visit OneRail.com.
Contacts
Julia Grove
Director of Marketing, OneRail
703-629-5449
julia.grove@onerail.io
