Shippers and transportation managers alike focus on market recovery, including shipper and carrier revenue goals. The effects of the disruptions over the past year have likely forever changed the industry, requiring shippers to scale and evolve operations radically seemingly overnight. However, enterprise shippers can make a comeback by implementing smart truckload shipping strategies by retooling and putting freight forecasting power to work. And these additional five shipping strategies can help enterprise shippers maximize recovery and boost profits.
1. Digital freight matching is growing more valuable as a way to source meaningful capacity
Companies and freight managers that have embraced digital technology and automation remain more likely to thrive. Right now, global demand-supply matching technology imparts a surprising competitive advantage for carriers and transporters. Using digital freight matching platforms is the best strategy to secure meaningful and practical capacity. In other words, it’s not solely about finding capacity; it’s about finding the right service level in conjunction with such capacity. Making meaningful use of truckload shipping platforms helps fleets secure higher capacity trucks and trailers. This, in turn, helps ensure deadhead miles remain at a minimum and profits stay high for carriers of all types and enterprise shippers. Embracing digital methods for freight matching and capacity acquisition will be essential in the years ahead.
2. The logistics of dropshipping sees a renewed focus
Shippers still struggling with direct to customer shipping channels will continue to experience problems in meeting the demands of e-commerce for the foreseeable future. With all the pressure for more and faster service among shippers, dropshipping has seen a renewed focus within the industry. And it has opened new channels for capacity procurement. Modern logistics and truckload shipping processes can make it easier to fill the new niche that has come about in response to COVID’s disruptions.
3. Agile freight management is another go-to supply chain execution strategy
Throughout 2020 the value of adaptability and flexibility within logistics was proven. Embracing agile load management will remain essential for the industry moving forward. Utilizing multiple shipping lanes, load types and even multi-modal OTR transport options will allow enterprise shippers to keep the competitive advantage. According to Supply Chain 24/7, “If 2020 taught us anything, it demonstrated that to succeed, maximize resilience, and ensure business continuity, companies need to maximize every available channel – ecommerce, direct-to-consumer, retail and distributors. That way, if one channel is disrupted, whether by natural or man-made causes, the show will go on.” Enterprise shippers need to maximize revenues and minimize costs by using more modernized truckload shipping processes.
4. Cold chain capabilities are now a must-have to stay future-ready
With vaccines for COVID at the forefront of transportation news, the focus has swung from fundamental truckload shipping trends to cold chain shipping. Several challenges face the trucking industry today, and cold transportation needs are again at the center of much more than just the food supply chain. Each factor resulting in added demand on reefer requires fleet managers to start planning now to prepare for when the highest needs come around. And a few tips for adapting cold chain functionalities include:
- Modifying equipment for super-cold load transportation.
- Updating tracking processes for load location monitoring.
- Real-time sensors and IoT-enabled technology to monitor temperature and time limitations.
- Fast and accurate communication among all involved parties to avoid delays.
- Utilization of truckload shipping tools and processes to optimize freight movements.
Taking these steps to update current fleet systems will make it easier for enterprise shippers to overcome obstacles as they arise and source capacity strategically.
5. Convert root analyses into actionable metrics with dashboards and freight KPI insight
Digitization, software utilization, and modern technology are key factors that shippers need to embrace. Throughout the years to come, accurate data analysis will remain essential for effective truckload shipping. And monitoring a few key freight KPIs can help freight managers keep ahead of the competition. Top KPIs to track going forward include:
- Number of overall shipments.
- Shipping profit and loss comparison.
- The number of overall shipments.
- Freight transport cost per shipment.
- Customer satisfaction.
- Shipping distance average.
- Truckload shipping success rate.
These represent just a few of the KPIs that can give enterprise shippers the actionable dataset they need to continue recovery. Of course, the real scale and value of freight KPI monitoring again depend on the ability to benchmark internal processes and continuously improve. It’s that simple.
Maximize truckload shipping efficiency with truckload freight data analytics
Shippers need to remember the importance of monitoring trends within the industry and having real-time access to data. To maintain their ranking – their competitive advantage – among the key players in the industry, enterprise shippers must adapt to industry changes. Having the right tools and analytics platforms make it all possible. Request a FreightWaves SONAR demo by clicking the button below to get started.