Recently, the Transportation Intermediaries Association (TIA) released the 2023 Freight Outlook a Delicate Balancing Act for Shippers, 3PLs, Carriers outlining the path ahead. The annual report addresses expectations for the freight market in 2023 with technology being the biggest trend for moving the industry forward despite a weakened economy and lingering effects of an unstable supply chain.
Due to fluctuating shipping costs and the uncertainty of the freight trajectory, Shippers and 3PLs need a reliable technology solution with access to the best shipping rates for all over-the-road (OTR) modes to make the right shipping decision for every load. Finding the right partnerships to increase options will help save time and money while attracting new business.
The unpredictability and uncertainty of the past few years has forced many industries to reassess their business strategies quickly to adapt to the changing world. Many supply chain businesses have had to accelerate their adoption of technology, fast-forwarding their long-term plans to either implement or update their digital approach.
Historically, some over-the-road (OTR) shipping modes have been slow to adopt API connectivity as a way Shippers and 3PLs can book freight. However, the events of the past few years have forced many businesses to embrace technology and, in some cases, even accelerate the adoption of technology in the OTR shipping space.
For the past year, the Banyan Technology Team has published some exciting content for Shippers and 3PL professionals to share our supply chain and shipping industry insights. We are listing our Top 5 favorite blog posts from 2022 that can help shape your outlook for 2023:
Shifts in the economy have had a lasting effect on over-the-road (OTR) shipping. As productivity in manufacturing declines and freight volumes level off, the industry has prepared for maintaining heightened service levels through the adoption of technology.
Recently, several carriers announced general rate increases of between 5-6% for LTL shipments. According to FreightWaves, the increases are made to cover the cost of inflation and to make investments in real estate, equipment and technology.
Carriers in the over-the-road (OTR) shipping market are facing driver shortages of about 85,000 drivers every day, and with an aging workforce and other regulatory pressures that gap is quickly widening to further reduce the labor pool.
Last week, thousands of Taylor Swift fans were booted from online queues while trying to purchase pre-sale concert tickets from Ticketmaster when the site crashed due to overwhelming capacity issues. Making matters worse, the national ticket seller opted to cancel plans to open ticket sales to the public later in the week.
In the inaugural episode of Banyan Technology’s Tire Tracks podcast, Transportation Intermediaries Association (TIA) President and CEO Anne Reinke addresses current peak season challenges with host and Banyan Account Manager Patrick Escolas.
