Freight procurement software startup Sleek Technologies, partners with project44, the leading provider of real-time supply chain visibility, to extend value to manufacturer, retailer, and distributor customer bases.
The middle of summer only means one thing for many freight procurement teams: a reefer capacity crunch. And this year is particularly challenging given the extenuating circumstances surrounding the COVID pandemic, especially when rejection rates for refrigerated trucking have been hovering over 30% since May. Here are a few ways shippers can adapt to help keep goods moving while keeping shipping costs down.
With so many moving parts, finding the right freight procurement resources can be a painstaking process for shippers today. In fact, given how rapidly the freight market can change, finding value, insights, and quality services can be hard to find. With that, here are three important questions shippers should ask when looking for freight procurement resources.
Worth an estimated $62 billion in 2020, and set to grow at a 40.2% CAGR from 2021 to 2028, the AI industry is exploding. And with so many innovations taking place from healthcare to finance, thanks to AI and real-time data, it isn’t surprising to see that manufacturers, retailers and distributors are looking into how they too can leverage AI and data to improve upon supply chain processes. Now, AI has been getting a huge amount of buzz recently for things such as autonomous vehicles and other futuristic types of tech. And while these might be exciting use cases, there are tangible real world examples where AI and data is already being deployed to drive better results for shippers, specifically during the critical freight procurement process. Here are a few:
It's hard to believe, but the midway point of 2021 has already arrived. And given how hectic the first half of the year has been for freight procurement and logistics pros, the second half of the year is likely to be just as busy and disruptive. With that in mind, let’s take a look ahead at the major stories that could define the second half of the year for freight procurement.
Nurturing a good relationship with partners is pivotal in freight procurement, but in hectic times such as these, ironclad customer loyalty can be the difference between whether a shipper or logistics company is in the red or the black. That said, maintaining strong partnerships in freight procurement can be easier said than done.
In a world where data and transparency are driving groundbreaking results, freight procurement is one vertical, in particular, that’s still operating in the dark. And while categories such as retail, healthcare, insurance, and many others are raving about the number of insights they’re receiving -- and the “glass box” they’re operating in regarding data -- shippers and carriers are still blindly looking for ways to operate with minimal insights to work with. Needless to say, they’ve gotten tired of this state of affairs.
As the technology revolution has taken hold, AI and data science have become indispensable tools for freight procurement and logistics management businesses when it comes to boosting their efficiency and revenue. Yet, while many “old school” procurement and logistics processes have been overhauled using modern computing tools, one process continues to be stuck in yesteryear: freight tendering!
Much like in many business verticals, understanding supply and demand in logistics is pivotal to making sound, profitable decisions. Unfortunately, thanks to the data gaps and other hurdles that exist in the logistics space today, understanding supply and demand in freight procurement is incredibly tough to nail down. But this doesn’t have to be the case. Here are a few ways to crack the supply and demand code: