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also the hidden benefit of an instant competitive advantage when competitors using outmoded legacy processes secure outdated rates from carriers.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.
The definition of supply chain connectivity has adapted and evolved to coincide with the new digital age. Today, our industry understands that the effort one puts into connecting their logistics network will have a direct impact on profitability. Indeed, the “new normal” is here to stay, and as a result, creating collaborative, empowered environments for LTL freight shippers is of the utmost importance.
In last week’s blog, we examined the causes and impacts of the labor shortage on the supply chain. As we know, there are a number of reasons for the impending labor shortage, including changing demographics, skill sets and unemployment benefits. There are also a number of ways that companies can mitigate the labor shortage’s effects on their business’s bottom line.
The increase in freight across the US is projected to continue. In fact, it is expected to grow to more than 35 billion tons of freight with a value of at least $37 trillion by 2045, according to the Federal Highway Administration (FHWA). That’s a lot of freight and a lot of revenue up for grabs.
Of course, with this growth and the continued capacity issues, it also means freight rates are on the rise and not projected to come down anytime soon. As such, shippers are looking for ways to decrease freight spend. One way they are doing that is by expanding their less-than-truckload (LTL) shipping. So, how can shippers and 3PLs effectively grow their LTL business in this market?
Logistics technology can help companies improve functionality and allow them to get things done quicker with less human capital. While the benefits of implementing new technology are great, so are the initial costs. That is why it is important to invest in the technology that is right for your company and important to the current LTL industry.
Companies are always looking for ways to save money, and one place they look to make cuts is on freight spend. However, because the market is currently oversaturated with freight, it may take some research to find the best rates for less than truckload (LTL) freight.
