Within the transportation industry, freight carriers have always been some of the most adaptable. Freight managers, shippers, and logistics providers have long been leaders in adopting and embracing new trends and innovations. This is more important now than ever before. According to BizJournals, “The logistics industry is a massive market, estimated to be worth more than $4 trillion worldwide, affecting a wide range of business sectors from e-commerce and fashion to manufacturing and high-tech.” This shift towards innovation that freight carriers need to focus on is not just for 2021 but for years to come. Here are some things freight and logistics managers can do to make the most of available technology.
Automation to Avoid Repetitive Processes and Lost Opportunities
One of the biggest benefits carriers and managers stand to gain from embracing modern technology is a more streamlined process overall. Workers are freed up to do more meaningful tasks. The money will not waste excessive working hours or repetitive work that doesn’t yield a profit. Freight carriers and brokers see more profit and fewer fees with an automated management system in place.
Applying Analytics to Maximize Profitability Per Load
While individual fees and extra expenses may not seem too bad when looking at single loads, they can add up quickly. Finding ways to reduce costs and improve profitability for every load can ensure a more considerable ROI every quarter. Ensuring every load gets taken advantage of fully and that the fleet can find the most profitable loads becomes more straightforward with accurate data analytics and automated systems.
Reducing the Number of Empty Miles Traveled, Increasing Value
One of the most significant issues facing freight carriers and managers is reducing empty load time and wasted miles. When more miles get covered with a full load, costs, fees, and expenses become more justifiable. Data-driven technology can help improve dock scheduling, lane and mode options, and payment completion. The investment in technology will pay off quite quickly.
Increasing Trucking Utilization Rates With Larger Networks
Freight carriers also benefit significantly from expanding partnerships and networks within the transportation and logistics chain. With a more extensive network to pull from, better loads and improved shipping rates can easily access other options. Increasing trucking options and improving resource and workforce utilization can maximize loads and streamline the shipping process.
Applying SaaS-Based Platforms to Reach More Clients and Loads
SaaS systems get designed for specially focused applications by freight carriers and management teams. By nature, these systems become scalable, flexible, customizable, adaptable, and affordable. This is true for all kinds of shipping stages. SaaS platforms make it easier for supply chains to maintain a competitive edge than other shipping and freight management options.
Working Within Third-Party Marketplaces and Embracing Outsourcing
One challenge facing many freight carriers is the misconception that everything must occur in-house. Sometimes the best options become outsourcing specific systems or processes to improve effectiveness and reduce costs. Automated systems can make this more manageable as well. New technology and tools can make it easier for freight carriers to adapt to changing customer service and needs.
Freight Carriers Forming Partnerships to Find More Movers and Loads
Networking often becomes one of the best ways carriers and shippers can enhance shipping processes and ensure maximum load fill rates. With strong partnerships, more options become viable for load capacity, shipping lanes, and avoiding disparate systems and services. Partnerships with other carriers can also help distribute expenses and makes it easier to tap into other resources and services not otherwise available.
Optimizing Routes With Big Data, Artificial Intelligence, and Machine Learning
Many of the advances in technology and automation that carriers can benefit from are in route and load management. Optimizing routes promotes the most direct path and ensures every load gets maximized. Machine learning, AI systems, and automated processes help with all procedures. Carriers, managers, shippers, and partners can benefit from optimization in the network.
Unlock More Value With a Collaborative Logistics Platform at the Ready
Embracing technology and automated advances within the shipping and logistics industry will remain an integral part of surviving in these changing times. With customer needs and demands changing and automated systems and tools becoming available faster than ever before, collaborative platforms remain critical. Freight carriers must embrace advances in logistics and shipping to stay relevant in an age of automation. Contact Turvo today to get started.