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.
Freight visibility is more than knowing where a package is in its journey to its final destination. Freight visibility is most valuable when you use it to make better business decisions and predict and prepare for possible disruptions. Leveraging historical shipping data that can be analyzed to drive and support those decisions is critical when justifying changes to operational processes and responding to supply and demand.
Experts are predicting severe disruptions to supply chains from flooding, power outages and high-wind damage in the aftermath of Hurricane Ian that could significantly impact over-the-road (OTR) freight. They estimate it will take at least nine weeks for shipping to recover based on the amount of damage to both buildings and inventory sustained by Shippers in the affected area.
As peak shipping season 2022 gets well under way, a recent survey conducted by Supply Chain Dive has identified five predictions that Shippers and 3PLs need to understand before implementing solutions to manage the heightened over-the-road (OTR) shipping season. In this blog, we analyze those insights below and offer solutions and best practices for managing any shipping environment.
Shippers and 3PLs must remain agile to adjust for fluctuations in the supply chain. The ever-changing shipping environment continues to experience significant disruptions affecting shipping in the U.S. with no end to the constraints and issues in sight. To remain competitive and profitable, you need a solid freight exception management plan and technology solution to help you work through current and future issues in the supply chain.
If you take a moment, you can still smell the flowers and a hint of chocolate as the Valentine’s Day holiday winds down. While the love is palpable, many shippers and 3PLs aren’t experiencing the same warm and fuzzy feelings with the current state of the supply chain and some are desperately seeking a solution.
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The team at Banyan Technology would like to wish you a very Merry Christmas and Happy New Year!
With great challenges comes the opportunity for change and growth. It forces you to think outside the box and deploy new tactics to overcome disruptions. With no end in sight for the current challenges in the supply chain, you may want to take another look at implementing a technology solution that will help you conquer those issues. Technology can enhance your visibility and efficiency while helping to control your freight costs to more effectively manage your shipping needs.
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.
