While trends are pointing toward a stronger 2024, we are expecting another year of capacity challenges while the market stabilizes. That said, there will be US transport providers who use this downtime to leverage their strengths and gain market share as they prepare for the increased volumes that are around the corner. Those who look at this slowdown as an opportunity to plan for growth are planning collaboratively. Providers should be working collaboratively with all their trusted partners, including shippers; opting for transparency while sharing data and forecasts, which is key to managing capacity effectively. Collaborative planning can reduce empty miles, decreasing costs and environmental impact. Keeping an open mind about alternative solutions, expanding networks, diversifying transportation modes, changing routes and locations creates a problem-solving, relationship-building environment. Well-defined service level agreements (SLAs) and metrics also help ensure expectations are aligned.
They are also leveraging technology. It’s critically important to identify a transportation management system that meets the needs of your business and provides a forum for all entities to connect. The key is to invest and consistently use a platform that effectively streamlines your operations, offers real-time tracking, elevates connectedness and improves communications with all partners. Real-time data sharing on routes, shipments and performance allows all parties to make informed, data-driven decisions and respond swiftly. Making collective decisions creates a sense of connectedness between the provider and the shipper; and conversely, making uninformed, siloed decisions leads to a disconnected relationship.
Lastly, they are practicing sustainability. Providers should embrace and promote sustainable and eco-friendly practices that will attract like-minded partners. Shippers — along with the rest of the industry — are under tremendous pressure to reduce their environmental impact. Providers can cement their partnership with shippers by providing eco-friendly solutions that address reducing carbon footprint, which help them reach their sustainability goals.