This year remains a challenge for the supply chain. Labor shortages and carrier capacity are ongoing issues, and lane restrictions and rates continue to steadily increase with no end in sight. According to The Washington Post, fallout from the COVID-19 pandemic exacerbated increases in freight bills and delivery delays throughout 2021.
Shippers and 3PLs have welcomed the transparency offered to the freight management industry through pricing APIs, particularly the savings they get when taking advantage of real-time carrier rates rather than relying on dated methods for securing pricing. There’s also the hidden benefit of an instant competitive advantage when competitors using outmoded legacy processes secure outdated rates from carriers. This means pricing API users are spending less on shipping and increasing profit margins while gaining a competitive edge with freight costs.
When it comes to investing in technology, it is easy to “set it and forget it”. Often companies make that mistake to minimize their spend by investing in a one-time solution, but at what long-term costs? You may be missing out on increasing your operational efficiencies or maximizing your profits when you fail to partner with a technology company that is continuously innovating and enhancing its products. As discussed in one of our most-recent guides, it is critical for Shippers and 3PLs to partner with a tech company that offers a flexible and inventive API solution, especially during such an unstable time in the supply chain.
When it comes to investing in technology, it is easy to “set it and forget it”. Often companies make that mistake to minimize their spend by investing in a one-time solution, but at what long-term costs? You may be missing out on increasing your operational efficiencies or maximizing your profits when you fail to partner with a technology company that is continuously innovating and enhancing its products. As discussed in one of our most-recent guides, it is critical for Shippers and 3PLs to partner with a tech company that offers a flexible and inventive API solution, especially during such an unstable time in the supply chain.
Collaboration is fundamental when trying to move an industry in a different direction and enact sustainable change. This requires that all players in the industry work together to facilitate that change, even those who compete within the market. The top players in the logistics and the supply chain industry are working together during this critical time to develop the right knowledge base. As a member of the Digital LTL Council, Banyan Technology is committed to help foster those partnerships to elevate the industry through automation, standardization, and digitalization.
“If it ain’t broke, don’t fix it” is an old saying that means if something is functioning properly, it’s probably best you leave it alone and not make any changes that could potentially break it. Many companies subscribe to this mantra and keep processes in place that have existed since, what seems like, the beginning of time.
But what if they don’t realize that while their processes may not actually be broke, they could be doing things more efficiently and saving the company a considerable amount of money?
Visibility is the current buzzword in the shipping industry today. It is tossed around as a solution to some of the current issues affecting the supply chain. But it is more than just a key word to rank for in Google. It is a critical component for 3PLs and Shippers, potentially having a huge impact on your company’s bottom line.
