Tips For Increasing Trucking Company Profit Margins With Technology

For many managers at any carrier or trucking company today, profit margins are their most important metric. Technology makes increasing or maintaining margins more manageable, and there remain some simple and practical ways to increase margins with automation and technology within the supply chain. Here are a few ways that managers at carriers, trucking companies, 3PLs, and shippers alike can increase profitability:

Connect the End-to-End Supply Chain to Improve Visibility

The need for more integration, better automation, and a more streamlined approach has become integral for trucking company management. It all ties back to the need for integration and a continued focus on improving supply chain visibility. According to Trucks.com, “While commercial truck fleets can competently operate hundreds to thousands of vehicles, collecting and interpreting truck data is still a new process for many. Fleets typically lack the tools and resources needed to properly monitor and analyze the volume of data they receive to make critical decisions that reduce their total cost of vehicle ownership, or TCO.” End-to-End visibility remains essential for successful operations within the supply chain network. It helps every process run more efficiently and boosts revenue while also reducing waste and excess costs related to the shipments

Streamline Freight Invoicing And Settlement With A Digital Collaborative Logistics Platform

Logistics platforms and processes generally used within trucking company networks are in serious need of a modern upgrade. Too many logistics and freight management protocols still use paper, spreadsheets, emails, and outdated software to handle tracking orders and invoice payments. Trucking leaders need to embrace digital logistics and collaborative platforms. It will streamline not only invoicing and payment processes but just about every other process as well.

Get Real-Time Data and Insight Into All Shipments

Access to real-time data will remain essential to making fast and informed decisions when problems arise. Data gets gathered, analyzed, and applied in many ways by management, as well as continues to grow in volume through these technologies:

  • The Internet of Things (IoT).
  • Bluetooth-connected devices.
  • Integration into telematics platforms.
  • GPS and RFID sensors.
  • Electronic logging devices (ELD)

It all adds up to one outcome, enabling data-driven decision-making and applying analytics to improve continuously.

Identify Opportunities for Improvements Through Uses of Big Data Trucking Company Analytics

Technology unites people and processes and makes it easier to keep everyone on the same page and focused on the same goals. When people can stay connected even at a distance, every process within the trucking company supply chain can improve through applied data analytics that offers these benefits:

  • Fast and reliable recording of data.
  • Easy sharing and communication options.
  • Access to real-time information when needed.
  • Automated systems to handle repetitive tasks.
  • Digital tools to reduce human error.
  • Improved overall performance and ROI.

Take Advantage of Digital Load Matching Platforms

Logistics directors and transporters need to accept and utilize new technology and innovations. This is essential if trucking company managers want to keep ahead of the competition. According to Supply Chain 24/7, “In this era of tight capacity and rising freight rates, it is especially important for shippers using a Digital Freight Matching Platform (DFM) to maximize their bid count and receive the most competitive price possible given today’s market conditions.” Unfortunately, many shippers do not follow through and make fair use of the data. They remain unable to maximize their bid count and cannot secure enough loads. Digital platforms and innovative technology can help remedy this.

Stay Apprised of Industry Trends

The shipping industry stays influenced by trends just as much as any other industry can. Trends within customer demands, shipping options, and third-party relationships help mold and shape the industry. With the right tools in hand, these trends get embraced when needed and applied to their fullest extent. Trucking company managers need to recognize trends and take advantage of those that offer the most incredible benefits. Access to modern technology and innovations make this workflow much more attainable.

Implement a Platform That Drives Operational Excellence

Having a robust platform will stay essential for survival within the ever-changing field of freight management and logistics. Trucking company leaders and managers need to embrace technology and automation. It remains the fastest and easiest way to get ahead of the opposition and enjoy a competitive advantage. Taking advantage of third-party vendors, such as Turvo, can get any trucking company caught up with the times. Connect with Turvo to get started. 

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