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A 2023 study found that by September of that year, 63% of Americans lived paycheck-to-paycheck. Many people don’t consider how their spending habits could impact their financial future. It is easy to lose sight of your financial goals and get caught up in your daily needs. While it may not seem exciting at the moment, saving money is vital for the future.
Savings are a way to provide financial security in an emergency. A trip to the hospital, a layoff, or car problems could all lead to financial instability and debt.
Healthy savings will allow you to live your life with no fear and open up the door to greater financial opportunities. It is best to save now, as the potential payouts will be higher if you get started sooner. These are 10 steps that you can take to improve your financial future.1. Recognize Your Motivations and Set Goals
Before you embark on your quest to improve your financial future, take the time to reflect on what you want to achieve and what motivates you to make changes in your life.
Consider where you want to be financially in one year, five years, and ten years. These aspirations can be written down on paper, on your phone, or on your computer to help you make them a reality.
It is important to visualize how your life could be improved if you had more money, financial security, or independence. Perhaps you want to buy a house, pay off all your debts and provide for your family. Keep a list of what motivates you to improve your financial future.2. Evaluate Your Financial Situation
Next, think about what actions you must take to achieve these goals. Understanding your financial situation and spending habits is a key step in financial planning.
Examine your account and credit card statements to see where your hard-earned money is going. You may be surprised at how much you spend each month on Uber or coffee. You will begin to see how your spending habits are affecting your ability to save long-term money.
It is important to account for all the unavoidable, regular payments you have to make. Calculate the amount you owe on your loan payments, rent, and mortgages and how much income you need to pay for these essentials.
3. Recognize Where You Can Save Money
Understanding your financial history will help you to identify areas that you can reduce. Perhaps you can cut down on the amount of time you eat out each week. You can also make an effort to use public transport instead of Lyft or Uber. You might be able to live without some of the monthly subscriptions. Only you can tell the difference between what is important and what is necessary to keep you happy and healthy. Engage in a personal conversation about what you can and cannot live without.
You should wait 24 hours before you make a big purchase, such as a new computer or shoes. You have this time to evaluate whether the item or service that you are looking at buying is worth your time and will be useful in the long term.
Every person has different spending habits so there will be different ways to cut back. Try your best to live within your means, but prioritize the things that give you joy.4. Stick to Your Budget
Budgeting is one way to increase your savings. Budgeting allows you to set goals and track your spending. It is one of the best ways for saving money on a regular basis.
There are many schools of thought about budgeting. There are many ways to approach your budget. Some suggest that you follow the 50/30/20 rule. This means that 50 percent of your income should go towards your needs and 30 percent towards your wants. The remaining 20 percent is for savings. The 70/20/10 rule is another popular budgeting rule. This rule states that 70 percent of your income should go to bills and daily spending. 20 percent goes towards savings and 10 percent to debt repayment.
These are just suggestions. You should create the plan that is most useful for you.
5. For Your Long-Term Savings, Open A Separate Account
If you keep your savings separate from your disposable income, you will be less likely to dip into your savings. You can keep track of your goals by transferring money each month to your savings account. This will help you organize your income and remind you of what you are working towards.
It is a good idea to put aside savings money immediately after you receive your paycheck. This will force you to budget for the next month using the money in your checking account.6. For Emergencies, Open A Savings Account
The same logic applies to creating an account that is specifically set up as a safety net for emergencies. You may be motivated to save, and this is a good reason. Being able to support yourself financially in the event of a loss of a job or unexpected financial hardship can help improve your mental health, and allow you to be more present in your day.
Separating your emergency savings account from your checking account reduces the likelihood that you will dip into it when you have less disposable income. It also helps you to separate the goal of increasing your savings for an emergency.7. Learn New Skills and Invest in Yourself by Enrolling in Courses
You need to be able to distinguish between a frivolous wish and a worthwhile investment. You can improve your financial outlook by investing in yourself. Make sure you do this when making financial decisions.
You don’t have to live on a tight budget to learn new skills or improve your existing ones. You can invest in your education, start a business, or even create a side hustle. An investment in yourself will improve your financial situation and pay dividends in the future.8. As soon as You can, Start Saving for Your Retirement.
Experts agree that 10-15% of your pre-tax income should be put toward retirement savings. These guidelines will allow you to enjoy a comfortable retirement and may even enable you to retire earlier if you adhere to them. You could find yourself working later in your life, and spending your time working instead of relaxing and enjoying your golden years. Investing in retirement savings early will help you grow your investments by the time you retire. So, it is a smart idea to get started as soon as possible.
There are many investment accounts that can save you taxes when saving for retirement. These include 401ks, IRAs, and Roth IRAs. Every account is different and has its own regulations and requirements. Make sure you research which one suits your needs.
9. Get Out of Debt
It is a difficult way to get rid of your hard-earned money. This is the only way to get out of this difficult cycle. One payment at a while. You can save money by paying off your debts as soon as possible. You should make it a priority that you pay off all your debts and loans as soon as possible.
Don’t spend your money on unnecessary fees such as overdraft fees or late fees. Be responsible about your loans, credit cards, and accounts. This will help you avoid making costly mistakes and keep your money available for future savings.10. Keep Track of Your Progress Over Time
It is easier to stay motivated if you are able to keep track of what you have accomplished. When your savings begin to grow and you start seeing the results of all your hard work, it will be easier to feel proud of what has been accomplished and more likely to continue your healthy spending habits throughout your life.
Saving money diligently is the best way to improve your financial future. This is a great way to achieve financial freedom and independence. It’s not easy to get started. You’ll soon start to see the results of your financial discipline if you just take it one day at a time. You’ll start to see dollar signs in savings accounts.
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A study done by Statista shows that Smartphone users have approximately 10-30 apps on their smartphones.
After installing an app, a user will decide if they want to keep it or uninstall it after their first use. The app only has one chance to stay on the app list.
Users use 5-8 apps on their smartphones daily. Other apps are only there for emergencies. Shopping apps are one example. Many users have shopping apps on their smartphones, but they don’t use them on a daily basis. They use the app only once per month.
The reason they kept the app is that it is convenient and provides a better user experience than all other apps.Top 6 Ways to Improve UX Design of your Mobile App 1. Speed up
A study done by Google/SOASTA Research found that a slow-loading app will lead to higher bounce rates. The long loading times for mobile games are normal and expected. However, when it comes to mobile apps, people expect the app’s speed to be the fastest.
The app can also download offload data to speed up the process. Users who install the app over the web version will get better results.
Also read: Top 10 Successful SaaS Companies Of All Times2. Consider the user’s needs first
The company or business that is developing the app will decide what it is going to do. An app designed to facilitate the sale of beauty products, for example, would be developed by a company selling them.
This is the first step in developing an app. If the app is not developed based on the business’s needs, it will fail in the UX department.
Apps should only be used to aid the user. The app should not increase sales but provide a better shopping experience. The app’s structure should be based on providing an improved user experience. This will increase sales.3. A successful onboarding process
It is important to make a good first impression. The first thing a user is asked to do when they download your app is to create a profile. While this is important for you, it can be frustrating for users if they are asked too many questions or take too long to complete the process.
It should be painless and quick to complete the onboarding process. You should not ask for any personal information. Next, allow them to sign-up using Facebook, Google, and other services.
Also read: Top 10 Best Software Companies in India4. Keep it simple
Simple UX means that the pages have minimal content and are divided into multiple pages. Because a smartphone’s screen is small, so should the content. This will make it easy for users to browse everything.
You can easily divide the information, such as the checkout process, by dedicating a page to each thing.
A three-step checkout process is ideal. Three steps are too many for users to be satisfied.
Also read: Top 10 IT Skills in Demand for 20235. Using Gestures
When using their smartphone, there are some habits they have. These habits are important to ensure that your mobile app delivers a great experience.
iPhone users can, for example, go back by simply moving from the left to the right side screen. Therefore, your app should have the back button at the top. However, the app should be able also to use this gesture.
You can also use pinch to zoom, two fingers or 3D touch gestures. To provide a better user experience, you should include it in your application.6. To improve your user experience, test this
Many people think of testing an app to identify bugs and find lags.
The main goal of testing is to determine if the app can deliver the desired User Experience. Remote user testing is the best way to achieve this. Remote user testing allows users to record their experiences using the app in their own environment using recording software. You will be able to see the user’s experience while using the app and get their feedback.
Also read: The 15 Best E-Commerce Marketing ToolsConclusion
There are many options for every app. While all apps can replicate the functions that you offer, what makes you stand out is the user experience your app offers.
Your app’s user experience will delight users and encourage them to return to it more often. This goal can be achieved by focusing as much as possible on the UX design of your mobile app. To provide the best possible user experience design firms through your mobile app, follow the tips and other practices.
Best Books to Understand Financial Planning
This list of books helps you learn how to manage your finances effectively. It is a comprehensive list that allows you to plan your finances better. The books give step-by-step guidance to different investment plans.
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Here are the top 10 financial planning books to help you invest and save wisely.
Let us go through the reviews of each book.Book #1: The total money makeover
Author: Dave Ramsey
Buy this book here.Review:
The book’s subject concerns the modus operandi of personal finance and how debts can cause severe financial troubles. The book focuses on how managing finance is important and living a debt-free life is worthwhile. The book focuses on changing behaviors rather than increasing financial capacity.Key Points:
The “Debt Snowball” essentially lists all debts from smallest to largest (excluding mortgage) and dedicates all financial resources to paying off the debt from smallest to largest.
The book recommends investing 15% of your income for retirement. This number is somewhat useless because it ignores age and when you want to retire.
Use mutual funds, specifically growth-stock mutual funds. The book implies that, by following this strategy, you should receive a 12% return on your investment.Book #2: Psychology of Money
Author: Morgan Housel
Buy this book here.Review:
The Psychology of Money gives new insight into why and how consumers interact with cash. Morgan Housel shares many short stories allowing you to consider the world’s interactions with cash more closely.Key Points:
Discover all the different ways that people think about cash.
See why smart people make wrong money decisions.
Learn how to harness your mental approach to money.Book #3: Rich Dad Poor Dad
Author: Robert T. KiyosakiReview:
Rich Dad, Poor Dad” is a story of two fathers. One of them has a collection of diplomas and degrees. The other is a high school dropout. When the overqualified father dies, he leaves next to nothing behind, including some unpaid bills. The school dropout father will become one of Hawaii’s wealthiest men and pass on an empire to his son. Throughout his life, the former would say, “I can’t afford to treat myself.” But the latter would say: “How can I treat myself?”Key Points:
The main reason that people struggle with financial problems is that they spend many years in school without learning about money and investments. The result is that people know to work at the service of money but do not learn to put money to work for them.
Some people leave their job because they don’t get paid enough. Others see it as an opportunity to learn something new.
Its main objective is to teach you how to enter the working world, allowing you to become a good employee.Book #4: The Million-Dollar Financial Advisor
Author: David J. Mullen Jr.
Buy this book here.Review: Key Points:
Save time and effort by crafting efficient processes for every critical task.
Catapult revenue with wealth-management offerings that clients will pay a premium for.
Expand your practice with great marketing.Book #5: The Dumb Things Smart People Do with Their Money
Author: Jill Schlesinger
Buy this book here.Review:
When making important financial decisions, thinking from your heart instead of your brain is easy. So if you’ve made well-intentioned mistakes like saving for your child’s college before retirement or taking on extreme risk when investing, you’ve come to the right place. And if you’ve avoided uncomfortable moments such as making a will or planning for long-term care for an aging parent, this is the book for you. Jill also points out that you might be saddling your kids with money issues and shows you how to stop the cycle.Key Points:
The book tells you how to break wrong habits and follow Jill’s practical and accessible rules for financial management.
This way, you can save tens or even hundreds of thousands of dollars and avoid sleepless nights.
This book tells you what you need to hear about retirement planning, insurance, college financing, how to save money, real estate, and more.Book #6: Private Wealth Management
Author: G. Victor Hallman and Jerry Rosenbloom
Buy this book here.Review:
Everyone has witnessed stock market booms and busts, various presidential administrations, economic prosperity and downturns, and technological revolutions in the last 30 years. Through it all, this classic guidebook has retained its status as the most up-to-date and accurate resource to help Americans protect their futures by ensuring their families, investing wisely, and planning for their estates and retirements.Key Points:
This wealth-building tool features proven cutting-edge financial thinking and high-return/ low-risk strategies in virtually every applicable area.
It includes Index funds, Dollar-cost averaging, Value investing, Profit-sharing plans, Fixed-income investing, and Stock bonus plans.
The book offers an effective, coordinated process that shows readers how to plan a prosperous financial future in today’s no-guarantee financial environment. It also helps set financial objectives and understand the planning process for investing in equities and fixed-income securities.Book #7: The Intelligent Investor
Author: Benjamin Graha
Buy this book here.Review:
Written in 1949, this book on investment and financial management holds relevance even to this day. It focuses on strategies one could embrace to invest successfully in the stock market. Benjamin Graham, the author, focuses on how one can determine the value of a stock in terms of numerous parameters like the company’s long-term prospects, financial strength, dividend record, and so on. It also helps the reader understand how the stock market operates on the greed factor of the investors, the fears, speculations, and short-term investors. At the end of this book, one would not just learn the nuances of investing in the stock market and the various jargon associated with it but would also be able to have emotional control over their investment decisions.Key Points:
Make informed investment decisions rather than emotional ones
Understand how to analyze the companies and their stocks before investing
Understand how to steer clear of the herd mentalityBook #8: A Random Walk Down Wall Street
Author: Burton G. Malkiel
Buy this book here.Review: Key Points:
An easy guide to managing one’s investment portfolio without a broker.
Talks in detail about different investment types and not just limited to stocks and bonds.
Provides prudent strategies to increase the return on investments in the long run.Book #9: The Little Book of Behavioral Investing
Author: James Montier
Buy this book here.Review:
How often do we spend time to understand their investment patterns and see if the decisions we make are emotion-driven or data-driven? Well, here is one book that would change this forever. This book by James Montier focuses on a time-tested narration of the behavioral patterns of investors and how certain behaviors might be signing up people for their failure. In other words, the book provides a detailed analysis of all the psychological pitfalls one could face while trying to invest.Key Points:
The book digs deep into the importance of data over emotions in investments.
It helps the reader understand the psychological biases that interfere with investment decisions.
Research-driven insights on common pitfalls of investments and how one could avoid them.Book #10: It’s Your Money: Becoming a Woman of Independent Means
Author: Gail Vaz-Oxlade
Buy this book here.Review:
It is common knowledge that most women, even to this day, do not enjoy financial independence. In this book, Gail Vaz-Oxlade focuses on helping women worldwide understand how investments work and how to put their money to good use. This book acts as a guide that helps women understand how they can gain financial freedom, invest right, and take control of their money. In other words, this book acts as a great DIY financial independence book and considers various real-life events and the financial changes that come with them. Hence, it is relatable to everyone, irrespective of their financial background.Key Points:
It serves as a guide to help people become debt-free.
It puts money and life into perspective and focuses on building financial freedom.
The book helps overcome challenges in life without putting a strain on one’s finances.Recommended Books
This article reviews the top 10 financial planning books to guide individuals. To know more, read the following books,
There’s a lot we learn that we instantly forget. In fact, depending on who you ask, up to 60 percent of high school goes straight into your mental recycling bin, and for quite a few of us, that includes our math skills.
Still, that doesn’t mean you can’t get those skills back. As adults, we handle mathematical problems every day: comparing prices, measuring cooking ingredients, and calculating the time it’ll take us to run several errands, to name a few. Some of those may have us thinking more than necessary, but it’s never too late to get better and faster at solving them. It just takes a little practice.Practice, practice, practice
Several studies point out the benefits of being good at math. More “numerate” people tend to be healthier because they better understand how the numbers on their charts interact, and are more likely to use hard data to evaluate risk over anecdotal evidence and emotional appeals.
But that can be you, too. Scientists have shown that when it comes to improving your math skills, practice is what matters most—not talent.
The best way to think about math is to search for patterns. “Mathematics is more about careful thinking than it is about speed,” explains Samuel Otten, a professor of mathematics education at the University of Missouri. “Asking good questions or making insightful observations should be just as important.”
So the question is: What type of math do you want to learn, and what do you want to get out of it?
A good foundation, Otten says, is to develop a “number sense,” or a grasp of how numbers relate to each other. For example, 525 – 496 might seem like an intimidating subtraction, but it’s close to a much more comfortable one: 525 – 500. You should know the answer to the latter equation is 25 and that the difference between 496 and 500 is four. Put 25 and 4 together and you’ve got the answer to the original problem: 29.
“That line of reasoning can happen almost instantaneously in my mind,” Otten says. As you develop these connections with numbers, you’ll become more comfortable with them.
Nothing gets you closer to success than practice, so take all the real-life opportunities you get to flex your math muscles. Whenever you come across a numerical problem—like how much your lunch will cost, or how many miles you drive in a day—take a moment to try rounding things up or down to numbers you feel more comfortable with, and work it out. Having a way to check your work, like a calculator or, in the case of your mileage, an odometer, will help you catch errors.
The key is to focus on the process, not the solution, especially when you find you’ve made a mistake. Take the lunch example: If you add up the cost of each item and the final bill is a little higher than you expected, check your receipt to see if you forgot tax or transposed a number.Learn online or teach yourself
It’s never been easier to learn math at your own pace. Everybody can learn and apply it in different ways, but a few options include:
Free online courses on YouTube, such as PatrickJMT, a community college mathematics professor who posts short single-topic instructional videos.
Interactive course books like those available at Khan Academy.
Podcasts, like Breaking Math.
And, of course, there are also workbooks and self-teaching courses. The key is to find an avenue you can stick with. Teaching yourself a subject takes practice, and you’ll definitely hit bumps in the road. It’s OK if there’s something you don’t know.
As you develop your skills, make things easier for yourself by using the following strategies:
Follow your interests and needs. Subjects you care about are more likely to be the ones you stick with as you teach yourself. If, for example, you’re working on reducing your credit card debt, start learning about how interest functions.
Get a study buddy. Like any other subject, math is easier and more fun when you can check your work with a friend. In fact, “learning by teaching” is a highly effective method of educating yourself.
Remember you’re not being graded. There’s also no test you have to pass. If you get frustrated, step away. Try a different problem or apply your approach to another question and see if you hit the same cul-de-sac.
Limit the stakes of your work. It’s easy to stress out when you’re trying to solve an important problem. Sticking with the credit card example, don’t practice by trying to calculate your next payment while you’re planning your next month’s budget. Instead, wait until you’ve already paid and work in reverse, using your payment, fees, and interest to figure out how your credit card company calculated your minimum payment.
Look up unfamiliar words and concepts. Feel free to even set aside what you’re working on to explore them more thoroughly. Many mathematical concepts tie into one another—geometry is the foundation of algebra, for example, so learning one helps reinforce the other.
Try another teacher. If you don’t understand something at first, look for an alternate explanation or tutorial, or do what the Breaking Math team recommends: Write a how-to for yourself, step by step, and see where you’re having trouble. That way you can look for the exact question you have and solve it quicker.
Keep practicality in mind. If you’re mostly doing math around financial matters, for example, it makes sense to round numbers off at two decimal places. Just remember that different industries have slightly different rules—bankers, for example, use banker’s rounding, which rounds up or down from the penny.
Don’t do it all in your head. You don’t need to impress anyone. If you need to write stuff down, do it.Yes, you can use a computer
“Calculators and computers work quite well, so there shouldn’t be any shame in using them,” Otten says. Just like a second- or third-grader shouldn’t be ashamed to use their fingers with basic arithmetic. In fact, mathematicians are increasingly teaming up with computer scientists to have their more complex work checked over for errors. So bust out your calculator without any anxiety.
We’ll probably never get back everything we learned in high school math. But with a little practice, we can all become a little better with the numbers around us.
In-home caregivers provide the vital link between physicians and their housebound patients. As they care for outpatient and at-home patients — most of whom are elderly, infirm or chronically ill — they also coordinate the patients’ care plan after consulting with the patient and their other caregivers and physicians. They provide wellness checks, nursing services and even physical and occupational therapy, all of which helps keep patients out of hospitals and care facilities.
Like their colleagues in the healthcare sector, home caregivers have adapted to electronic health records (EHR) and other digital documentation requirements. Many caregivers traded in their clipboards for laptops years ago. Now, their heavy, battery-draining laptops are being replaced by tablets that are lighter and purpose-built for healthcare professionals. With robust computing power and extended battery life, Samsung Galaxy tablets make it easier than ever for nurses and caregivers to share, for example, educational videos with patients as the provider is on their way to their home.
Rugged tablets like the Galaxy Tab Active3 also provide the option of a mobile device built to withstand the rigors of home healthcare work. The Tab Active3 passed more than 20 MIL-STD-810 durability tests, including repeated drops, immersion underwater, extreme temperatures and constant vibration. Healthcare workers will appreciate the S Pen stylus, the barcode scanning capability and the enhanced touchscreen that allows them to use the device without taking their gloves off. The rugged tablets also offer the option of LTE connectivity, so caregivers no longer have to rely on Wi-Fi. For another option, the Galaxy Tab A8 offers an easy-to-see, 10.5” LCD screen, so patients will easily be able to input information, or digest forms they need to sign. It also boasts fast charging, and all-day batter life, so caretakers with several appointments to make won’t have to worry about running out of charge during their shift.1. Telehealth virtual visits 2. HIPAA-compliant devices for secure patient information
Samsung tablets come equipped with Samsung Knox security. The HIPAA-compliant, defense-grade security platform separates work data from personal data on the tablet, so employees can easily switch back and forth between work and personal apps. Knox also allows IT to monitor and secure enterprise data without infringing on workers’ privacy. Your home caregivers stay connected, and patient data stays protected.3. All the apps you need, right at your fingertips
In addition to security, the Knox Suite of device management solutions provides administrators and developers with a toolset they can use to customize and deploy a purpose-built device across a department or entire hospital. Your devices can be tailored specifically to provide whatever your caregivers need to do their jobs effectively — and nothing they don’t. All those devices can then be bulk enrolled to conform to your settings, then updated regularly to ensure they remain operational and secure against the latest threats. This process makes the device more intuitive for the end user and circumvents the addition of insecure and unnecessary, memory-hogging apps.4. IT administrators can configure many devices all at once
Building on Knox Suite, the cloud-based Knox Configure tool allows IT administrators to remotely provision and configure a whole fleet of Samsung mobile devices, quickly and conveniently. Knox Configure makes it easy to customize an off-the-shelf device for a specific business purpose. The streamlined setup process means you can skip tedious setup wizards and remove any preloaded apps that you don’t need. You can even embed your facility’s brand onto the device — not to mention maintain granular control of everything from connectivity settings and feature restrictions to bootup animations, home screen customization and more.Get your ultimate guide to Knox Configure
Learn how to optimize tablets for your unique business needs using Samsung Knox Configure. Download Now5. A lost or stolen device can be wiped remotely
With mobile device management solutions (MDM) like Knox Manage and Knox Configure, IT administrators can set and change mobile security policies remotely. IT maintains control of each device and can prevent employees from installing or removing apps. Administrators can even remotely wipe company data if a device is ever lost or stolen.
Home health caregivers will continue to be a vital link in connected care. Secure, functional tablets can help them ensure the physician and patient link is even stronger.
If you haven’t yet rolled out a remote patient monitoring solution, see how you can use RPM to transform your patient experience and improve health outcomes in this free guide. And discover the wide range of Samsung healthcare solutions, including rugged tabelts, that enable the full spectrum of care — from hospital to home.
The Covid-19 pandemic helped organizations to identify various weaknesses in their supply chains. Supply chain networks are rife with repeatable, process-oriented, and error-prone tasks, ranging from manual documentation errors to picking and stocking errors, shipping and receiving errors, and much more. In the post-pandemic world, supply chain leaders are making more efforts toward eliminating these weaknesses and improving their supply chain operations.
Automation is an effective way of enhancing existing supply chain processes and introducing new ones. AI and other automation technologies are on the list of the top disruptive technologies that will impact supply chains by 2025 (Figure 1). that Gartner expects supply chain autonomy in 10+ years with hyperautomation initiatives in the supply chain. As a result, organizations need to focus more on automating their operations to overcome the weaknesses in their supply chains and remain competitive.
This article explains 3 areas of supply chain automation to guide organizations toward supply chain resilience and autonomy.Figure 1. Top disruptive technologies impacting supply chains of the future
1. Warehouse automation
McKinsey states that even though distribution centers are improving warehouse job attractiveness, employing and retaining warehouse workers is still difficult. Reports also suggest that pandemic significantly impacted the labor supply in the warehousing industry and suggest that this shortage will continue during 2023.
Warehouse automation can help supply chain leaders overcome the shortage issue. Furthermore, warehouse operations include repetitive tasks such as inventory management, supply chain tracking, and doing high-risk tasks, such as operating heavy equipment. Automating such tasks can enable companies to achieve more productivity, worker safety, sustainability, and lower costs.
Even though many businesses (80%) have still not implemented warehouse automation in any way, studies suggest that the warehouse automation market size will double to $30 billion by 2026 (Figure 2).
Figure 2. Global warehouse automation market size from 2012 to 2026
In 2023, warehouse automation will be a prominent trend in the supply chain and logistics industry; therefore, leaders need to consider it an essential element for a sustainable warehousing future.Warehouse Automation Examples 1. Supply chain tracking
Supply chain tracking refers to ensuring that your shipments are both sent and received on-time. On the supply side of the equation, shipping your customers’ orders out as soon as possible increases their loyalty and satisfaction. And on the production side of the equation, the timely receiving of intermediary goods will ensure an uninterrupted and on-schedule manufacturing process.2. Demand/Supply planning & Inventory automation
New sophisticated technologies like Woodman’s badger robots and AI-powered demand forecasting solutions help supply chain leaders automate their inventory operations to minimize the occurrence of out-of-stock or overstock situations.3. Automated guided vehicles (AGVs) / Autonomous mobile robots (AMR)
AMRs add intelligence, guidance, and sensory awareness to conventional AGVs. This allows them to operate autonomously and collaboratively around humans. AMRs address the limitations of traditional AGVs and make them better suited to complex warehouses and collaborative activities.
Watch how Ocado, a UK-based technology company, revolutionizes the grocery sector through its warehousing automation systems.
UCBOS can help you incorporate customized automation solutions in warehouse management and other supply chain areas with its no-code supply chain platforms.
Read how UCBOS helped a company from the hospitality sector automate its asset management processes.
2. Back-office automation
Back-office tasks can significantly benefit from automation. For example, supply chain management processes contain various documents such as delivery orders, dock receipts, bills of lading (B/L), and sea waybills. Employees in the supply chain department continuously store and process these documents for various reasons, yet, this is a time-consuming, manual task that inhibits businesses from reaching operational excellence.
Using artificial intelligence (AI) and optical character recognition (OCR), businesses can achieve nearly end-to-end document automation (involving tasks like data capture, understanding information on the document, and sending the document to the relevant person).
Robotic process automation (RPA) can also be used to improve supply chain back-office tasks. According to a survey done on organizations from around the world, 44% of the participants expect RPA to have a significant or moderate impact on supply chains by 2023. They also stated that a careful implementation of RPA can have significant and positive effects on supply chain productivity and efficiency. Therefore, supply chain leaders need to start focusing more on implementing RPA in their supply chain back-office operations.
See how DHL leverages RPA to improve its back-office tasks
3. Transport automation
Road transportation is the most used mode of logistics in the world. Almost all the products in your kitchen cabinet are brought through road logistics. Currently, the road transport industry is facing a shortage of truck drivers, and predictions indicate that this shortage will worsen in the future.
Transport automation is a way out of this truck driver shortage crisis. More supply chain leaders are focusing on this solution and investing in transport automation solutions. The autonomous vehicle market is projected to rise from $1.6 billion in 2023 to $11 billion by 2028. Autonomous things such as autonomous trucks and drones can be used to transport supplies in the network.Transport automation examples 1. Amazon
Amazon is making substantial investments in autonomous self-driving truck systems and trucks to get ahead of the curve and overcome the driver shortage issue.2. Tusimple
Tusimple, an American trucking company, has completed 550 miles of driverless trucking and pans to expand its business by 2023.3. DHL
Since drone technology enables faster, low-cost, and no-human contact delivery, it is gaining momentum in the post-pandemic last-mile delivery sector. While many unrealistic pilots of drone technology can be seen in last-mile delivery, DHL’S Parcelcopter is ready to successfully mainstream drone technology in last-mile delivery.4. Nuro
Nuro is a startup building autonomous self-driving delivery vehicles. Nuro is designed for the last-mile delivery of groceries, food, consumer products, and packages. Their custom-designed R2 vehicles don’t have passenger seats; instead, they are optimized for deliveries and safety, which means they’re small, narrow, use electric motors, and have pedestrian-protecting features.
Watch the video below to see how self-driving trucks are revolutionizing the logistics industry by providing cost-effective, fuel-efficient, and sustainable logistics solutions.Further Reading on automation:
You can check our comprehensive and data-driven lists of supply chain software and suites. And if you still have more questions on supply chain automation, don’t hesitate to contact us:
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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