Technology has been a key factor in the growth and strength of the supply chain, with many companies adopting digital solutions to manage their freight more efficiently and effectively. Recent innovations like artificial intelligence (AI) have emerged to improve shipping operations and help Shippers, 3PLs and freight brokers build on their existing technology.
Over the past few years, the supply chain has undergone a rapid transformation. The traditional linear model is giving way to a complex, dynamic ecosystem that requires Shippers and 3PLs to adapt and develop strategic alliances to help differentiate themselves from the competition.
To ensure growth now and in the future, it is crucial for these stakeholders to embrace current and upcoming trends, as well as identify key relationships that will support strategies that align with the evolving supply chain landscape.
Technology remains vital for the advancement of supply chain organizations. In a recent Gartner survey, 61% of respondents say technology is a source of competitive advantage with many identifying several emerging technologies as important investment areas.
The survey also found that by 2026, more than 75% of commercial supply chain management application vendors will deliver artificial intelligence (AI) and data science.
As the supply chain evolves, industry officials are seeing a multi-faceted approach to advancing the technology behind shipping operations. Artificial intelligence, generative AI, machine learning, digital twinning and understanding how to make better use of internal data are the future of technology in logistics.
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:
As inflation hits industries across the country, the supply chain continues to see rising costs impact shipping due to current economic conditions. Fuel prices remain elevated and carrier rates continue to rise. According to CNBC, the supply chain is improving and past the worst, but rates will remain well above pre-pandemic levels for the rest of 2022.
Heading into what is typically known as “peak” shipping season, 3PLs and Shippers are seeking ways to counter the rising carrier rates and fuel surcharges. They are finding the best way to do so is to implement or switch to an innovative technology solution that allows them to rate and execute shipments from a single screen.
“If there’s one thing that’s certain in business, it’s uncertainty.” That saying can be applied to the supply chain, especially over the past few years with the unpredictability and disruptions on a global level. As things continue to change and evolve into “peak” shipping season in the U.S., Shippers and 3PLs who manage over-the-road (OTR) shipping continue to struggle to manage the disruptions which have become the new “norm”.
Businesses rely heavily on technology to automate operations, especially in an industry as dynamic as over-the-road (OTR) shipping where system needs, rates and carrier availability change daily. Often that automation carries over into customer service processes, which is helpful for simple FAQs or other questions that can be easily answered online through a chatbot. However, for more complex issues or questions, Shippers and 3PLs need a reliable partner that provides individualized service to cater to their unique needs.
