In 2024, logistics and supply chain management professionals are seeking more effective ways to reduce costs and mitigate risks when executing shipments. One of the most significant game-changers in this arena is the adoption of advanced shipping software.
This technology, equipped with automated freight bill auditing, AI predictive pricing, multi-mode capabilities, and business intelligence tools, is revolutionizing how companies manage their freight expenses and operations.
The past year has certainly kept us all on our toes with the ups and downs of the industry and the ever-changing landscape of shipping. As we look back on some of the most dynamic changes it’s important to consider how each of them can help you move ahead in 2024.
Costs and efficiency are critical in over-the-road (OTR) shipping. To unlock significant savings opportunities, Shippers, 3PLs and freight brokers are leveraging the power of shipping lane intelligence. It serves as the cornerstone for reducing freight costs by providing a single source of truth, enabling better carrier decisions, leveraging powerful filtering capabilities, negotiating better rates, streamlining analysis, and facilitating data export for informed decision-making.
Due to their complexity and high incidence of mistakes, inaccurate freight bills are much more common than you may realize and can result in significant losses for your company. About 1 in 4 freight bills contain an error, causing shippers to overpay by 13% annually. In a $1.06 trillion over-the-road (OTR) transportation market, that is equal to about $138 billion in overpayments every year!
