Only the excel part of the project. Use the paper provided for the data
2 NFI Industries’ Economics Forecast Student’s Name Institutional Affiliation Course Instructor’s Name Date NFI Industries’ Economics Forecast The supply chain sector is one of the fastest-growing industries due to the increasing use of e-commerce and other business technologies. NFI Industries has taken advantage of the much-needed warehousing, transportation, and e-commerce fulfillment services. Although the company is among the most successful supply chain solutions providers, it faces the challenge of a lack of qualified truck drivers. The problem has exacerbated internal and external business downturns, making it crucial for NFI Industries to adopt effective strategies. Therefore, this paper analyses the problem faced by NFI Industries using a six-step economic forecast decision-making framework. Organization Introduction NFI Industries is one of the organizations that offer supply chain solutions to other companies. The firm is a fully-integrated North American company whose headquarters are in Camden, New Jersey. NFI Industry operates more than 70 million square feet of warehouse space in different locations in the U.S. and Canada (NFI Industries, 2023). As a service company, it focuses on the provision of transportation, warehousing and distribution, e-commerce fulfillment, brokerage, transportation management, port drayage, and intermodal. The broad services category provided by NFI Industries has contributed to its growth and profitability. Although NFI Industries is a multinational company, its operations are limited to North America and some parts of the U.S. The increased profitability of the firm has led to its growth in terms of the number of employees. Currently, NFI Industries generates over $3.9 billion in annual revenue and employs over 16,800 employees (NFI Industries, 2021). Given the increasing competition in the supply chain industry, the organization’s primary objective is to provide exceptional logistics solutions to its customers (NFI Industries, 2021). Therefore, NFI Industries' stakeholders are focused on maintaining service efficiency, reliability, and improved customer satisfaction. Six Steps of Decision Making Problem Definition While the supply chain industry is profitable, internal business challenges can encumber success among key players such as NFI industries. One of the major issues facing NFI Industries is the shortage of qualified professional drivers (Ji-Hyland & Allen, 2020). The problem is an internal one since it primarily impacts the employees and other operations within the company (Kanike, 2023). The lack of qualified truck drivers at NFI Industries has been an ongoing issue and can be traced back to early 2020. The problem was more prevalent during the emergence of COVID-19 due to the high demand for supply chain services (Bastas & Garza-Reyes, 2022). The specific origin of the problem is barely known, but it is associated with the ageing workforce and disinterest in the profession among younger potential employees. Although the identified problem is internal, it both internally and externally affects NFI Industries' operations. Internally, the issue has led to high operational costs with reduced productivity (Bastas & Garza-Reyes, 2022). The various departments, such as the logistics and finance, fail to meet their targets due to poor services by the drivers. Meanwhile, externally it impacts the firm’s customers by delaying shipments and consequent poor customer service. NFI Industries receive poor customer satisfaction ratings, with some of its clients shifting their loyalty to its competitors. Therefore, there is a need for NFI Industries to address the problem for it to remain afloat in the supply chain industry. Objective Determination The supply chain industry is highly competitive, with various players adopting effective operational strategies. NFI Industries' primary objective is to ensure efficient and timely transportation of goods for its customers (NFI Industries (a), 2021). Additionally, the company aims at empowering its employees and embracing commitment. The two objectives are in line with the organization’s mission, vision, and core values. NFI Industries has adopted various approaches, including technology integration and effective resource allocation, to achieve its goals. The identified objectives do not conflict with each other. Instead, they complement each other, and the achievement of one leads to the success of the other. NFI Industries highly value its goals and objectives since they help it gain a competitive edge in the industry. Consequently, the goals and objectives have been integrated into the firm’s mission, visions, and financial position statements (Fitzsimmons et al., 2022). The lack of qualified and professional drivers negatively impacts NFI Industries’ objectives. The problem has created challenges in meeting delivery schedules and maintenance of high-quality services to the clients. Moreover, the unqualified truck drivers present NFI Industries as that which is not committed to satisfying its clients. Therefore, unqualified and unprofessional truck drivers encumber the achievement of NFI Industries' goals and objectives. Alternatives Exploration Tackling the shortage of qualified truck drivers can be a challenging task for NFI Industries since the problem is highly influenced by the external business environment. However, various potential alternatives for solutions are available, given the firm’s financial stability. NFI Industries can adopt driver retention programs to maintain a pool of qualified employees. For instance, the inclusion of competitive salaries above the industry average of $22,000 per year can be attractive (SupportOurDrivers, 2022). Moreover, the company can collaborate with top driving schools in its areas of operations. Direct recruitment of truck drivers from the schools will help the company increase its number of professional drivers. Furthermore, NFI Industries can optimize its technology through automation and digitization of truck drivers’ activities. Automating the supply chain planning can lead to a revenue increase of up to 4% with a 10% supply chain costs decrease (Alicke et al., 2022). When adopting either or all three alternatives, variables such as investment, recruitment standards, and choice of partners are within NFI Industries' control. However, the firm may be subjected to constraints such as changing legislation and regulations on the qualification of drivers. Additionally, the increased disinterest in the profession by many young individuals may pose a major downturn for NFI Industries. The company must choose an alternative that is most effective and least impacted by the constraints. Consequences Prediction Each of the three alternatives suggested above has different potential consequences for NFI Industries and its identified problem of a shortage of unqualified truck drivers. The adoption of retention programs will help the company maintain a large pool of qualified and highly skilled employees who can help in meeting the customers’ demands (Hassanein & Özgit, 2022). If the conditions change, NFI Industry would maintain its competitive edge in the industry since it can choose the most qualified truck drivers from its talent pool. Collaboration with top driving schools will have an uncertain outcome, but the likely one is the recruitment of truck drivers who meet minimum qualifications. The company must carefully consider its specific qualifications for truck drivers before choosing which school to collaborate with. Technological integration and optimization will likely increase productivity among NFI Industries drivers. The use of automated systems will help the drivers understand better routes and consequently reduce delivery delays (Alicke et al., 2022). If business conditions change, NFI Industries will have to adopt more advanced technologies to meet the new business environment and customer needs. The firm must acquire information on the current maximum pay for drivers, the most significant technologies, and the most competitive driving schools for effective and more precise outcome prediction (Nousopoulou et al., 2022). Table 1.0. below summarises predicted costs associated with the adoption of the three alternatives.Table 1.0 Estimated costs of the three alternatives Choice Making Technological adoption and optimization are the best alternative of the three options available for NFI Industries. The choice is a cheaper alternative for the company compared to the other two options, as seen in Table 1.0. Being a giant organization, NFI Industries can double the estimated costs for maximum output and productivity. Additionally, the technology helps the firm retain its truck drivers, allowing them to make informed decisions for efficient service delivery to customers. According to Alicke et al. (2022), supply chain automation helps companies reduce supply chain costs by 10% with increased revenue of 4%. Technological integration is the most affordable option, allowing sufficient financial resources available for improved services. Sensitivity Analysis Increased competition from other supply chain companies can impact NFI Industries. Additionally, the advancement of existing technologies can lead to the need for a more reliable autonomous system (Alicke et al., 2022). If the conditions of shortage of qualified truck drivers are altered, the optimal decision to optimize technology does not. Therefore, the choice is sensitive to key economic variables such as changing customer needs that NFI industries are uncertain of. The company needs to closely monitor the changing industry technology trends and allocate sufficient resources needed for the changes. The findings made could potentially lead to improved technological performance with increased profitability at NFI Industries. Conclusion NFI Industries is among the leading supply chain solutions providers in North America and the U.S. The organization’s main primary objective is to provide efficient supply chain services while empowering its employees. A shortage of qualified truck drivers affects the company’s internal and external operations. Consequently, the firm can address the problem by adopting retention programs, collaborating with driving schools, or optimizing its technology. Supply chain digitization and automation is the most effective solution for NFI Industries in addressing its problem since the alternative is cost-sensitive. References Alicke, K., Ganesh, K., Ganguly, S., & Shinghal, S. (2022, March 2). Autonomous supply chain planning for consumer goods companies. McKinsey & Company. https://www.mckinsey.com/capabilities/operations/our-insights/autonomous-supply-chain-planning-for-consumer-goods-companies Bastas, A., & Garza-Reyes, J. A. (2022). Impact of the COVID-19 pandemic on manufacturing operations and supply chain resilience: effects and response strategies. Journal of Manufacturing Technology Management, 33(5). https://doi.org/10.1108/jmtm-09-2021-0357 Fitzsimmons, A. B., Qin, Y. S., & Heffron, E. R. (2022). Purpose vs mission vs vision: Persuasive appeals and components in corporate statements. Journal of Communication Management, 26(2). https://doi.org/10.1108/jcom-09-2021-0108 Hassanein, F., & Özgit, H. (2022). Sustaining human resources through talent management strategies and employee engagement in the Middle East hotel industry. Sustainability, 14(22), 15365. https://doi.org/10.3390/su142215365 Ji-Hyland, C., & Allen, D. (2020). What do professional drivers think about their profession? An examination of factors contributing to the driver shortage. International Journal of Logistics Research and Applications, 25(3), 1–16. https://doi.org/10.1080/13675567.2020.1821623 Kanike, U. K. (2023). Factors disrupting supply chain management in manufacturing industries. Journal of Supply Chain Management Science, 4(1-2), 1–24. https://doi.org/10.18757/jscms.2023.6986 NFI Industries. (2021, July 17). NFI is recognized as one of the largest employers. NFI. https://www.nfiindustries.com/about-nfi/news/nfi-is-recognized-as-one-of-the-largest-employers-by-philadelphia-business-journal/ NFI Industries. (2023, April 18). NFI Enhances Canadian footprint with acquisition of SDR distribution - NFI Industries. NFI. https://www.nfiindustries.com/about-nfi/news/nfi-enhances-canadian-footprint-with-acquisition-of-sdr-distribution/ NFI Industries (a). (2021, February 3). Dedicated services – transportation. NFI. https://www.nfiindustries.com/solutions/dedicated-transportation/ Nousopoulou, E., Kamariotou, M., & Kitsios, F. (2022). Digital transformation strategy in post-COVID era: Innovation performance determinants and digital capabilities in driving schools. Information, 13(7), 323. https://doi.org/10.3390/info13070323 SupportOurDrivers. (2022). What’s the average salary of a truck driver? IRU. https://support-our-drivers.org/whats-the-average-salary-of-a-truck-driver-iru/ Microsoft Word - Managerial Economics Final Assessment.docx Managerial Economics Final Assessment: Outline & Rubric Final Assessment Outline Managerial Economics Competency Name: Managerial Economics Competency Statement: Apply macroeconomic and microeconomic theories in making economic business decisions in forecasting. Final Assessment Title: Managerial Economics Portfolio Competency Objectives: 1. Identify the six steps to decision-making and apply them in formulating an economic-related business decision. 2. Develop an understanding of marginal analysis and use it to make optimal decisions. 3. Demonstrate an understanding of the forecasting models used to determine demand. Program Learning Outcomes: PLO 4 – Technology: Apply technology to support decision making in businesses; leadership. Institutional Learning Outcomes: N/A Purpose of This Assessment The final assessment for this competency is a portfolio consisting of a paper and spreadsheet that utilizes economic forecasting to display how economics is related to managerial decision-making. The paper must use the six steps to decision-making in analyzing venture, and address economic, competitive, technology, market, and currency trends and conditions. In addition, it is important consider how to reach optimal decisions while taking into consideration key economic concepts, including supply and demand. You will later use this forecast for the Implementing and Monitoring Business Plan capstone competency. Items Required for Submission • A 5 - 10 page Economic Forecast paper • An Excel spreadsheet of your data using a forecasting model Managerial Economics Final Assessment: Outline & Rubric Step ONE: Preparation Review the six steps of decision making and forecasting models to gain a clear understanding of these managerial economic concepts. • Select an organization that you would like to use to complete this portfolio that would provide you with the insights needed complete both a qualitative assessment of the six steps of decision making, as well as an economic forecast using approximated data. This may be an organization at which you work/volunteer, or you may use the new venture or existing privately owned business that you identified in the Strategic Fundamentals and Environment competency. • Keep in mind that your paper should include at least five references to outside materials. This can include the company Website, articles regarding the industry, publications about forecasting, and any references regarding economic concepts. Step TWO: Write Introduction to your