Afternoon Coffee: FedEx struggles to meet demand; Iran bans use of bitcoin; PRO recap: SimplifyVMS, Basware, Transparency-One, and May’s Hot List

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While some shipping companies have adjusted to the rising demand, FedEx Corp. is still struggling to reach the 95% on-time rate, according to the Wall Street Journal.

From March to mid-April, about 87% of FedEx Ground arrivals came on time, compared to 95% for similar services at UPS. Delays are frustrating customers and have caused them to turn to other shippers to fulfill orders, the article said.

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The Covid pandemic greatly accelerated a shift to e-commerce. FedEx and UPS handled a record number of shipments last year. Despite heightened demand, the average transit time for FedEx Ground shipments in the last six months was only 2.2 days, the WSJ reported.

“FedEx continues to experience a peak-like surge in package volume due to the explosive growth of e-commerce,” a company spokeswoman told WSJ. “As always, we are working closely with our customers to manage their volume and identify opportunities to help ensure the best possible service.”

Iran bans use of bitcoin in response to energy blackouts

The Iranian government announced a ban on bitcoin and other cryptocurrencies as officials worry about blackouts in a number of cities, according to CNBC.

The ban will last until Sept. 22. The Iran capital Tehran and several other large cities have seen daily power outages for the past few months. Officials blame it on natural gas shortages, a drought and increasingly, on bitcoin mining, the article said.

Iran’s government said that 85% of bitcoin mining is done illegally. The cryptocurrency has recently come under fire for the energy-intensiveness behind production and the environmental cost. Bitcoin miners use computers that solve complex math equations, but the process is very energy intensive because of the amount of power used by the computers, CNBC reports.

Spend Matters' analysts look at SimplifyVMS, Basware, Transparency-One, and May's Hot List

This week, Spend Matters PRO analyst Andrew Karpie wrote a vendor analysis of SimplifyVMS, a contingent workforce solution provider. Spend Matters’ analysts shared what makes Basware’s AP Automation solution great, per SolutionMap Spring 2021 data. Analyst Nick Heinzmann wrote a solution overview of Transparency-One’s sourcing solution. Also, Karpie wrote a roundup of the hottest contingent workforce/services news with his latest Hot List.

Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:

Read more about a PRO membership.

Afternoon Coffee will be on hiatus on Monday, May 31, as the Spend Matters team observes Memorial Day. We'll see you on Tuesday for the latest in procurement and supply chain news!

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