While it is exciting to imagine how drones and driverless vehicles will shape the future, more accessible technology will have significant impacts in the near term. For instance, operational transparency between partners has huge ROI potential. One new offering, based on LTL carriers’ APIs, converts carriers’ empty line haul needs with automated pricing spot incentives to keep networks balanced. This enables more dynamic pricing opportunities that deliver ROI to shippers and carriers, not just through pure technology but by enabling the relationship to evolve between shippers and carriers. Replacing annual contract negotiations with monthly feedback loops empowers carriers to offer cost incentives where they want the freight and even use behavioral data to convert the “shipper of choice” concept into data-driven shared cost efficiencies.
Another trend to look forward to is the renaissance of RFID. The most exciting part is obviously not the tech itself, but the promise of how an astute supply chain manager and new technology providers can convert the new data components for a significant ROI.
The tags have become very affordable; when coupled with overhead readers, new visibility tools, and machine learning algorithms, RFIDs can create tremendous visibility and operational efficiencies not only in the warehouses for shippers, but also terminals and cross docking facilities for LTL carriers. Real-time data can be used to effect efficient picking (assuming you are not ready to invest in robots) and eliminates manual scanning. The visibility can extend through the carriers’ network to deliver enhanced tracking for LTL shipments that are currently unavailable today.
This is an exciting time to be in supply chain, full of lightning-fast changes, so API interoperability is a must on all new tech investments.