For the past year, the Banyan Technology Team has published some exciting content for Shippers and 3PL professionals to share our supply chain and shipping industry insights. We are listing our Top 5 favorite blog posts from 2022 that can help shape your outlook for 2023:
Looking Back at Over-the-Road Shipping in 2022
- Mitigate Carrier Rate Increases with an Innovative Digital Solution
Recently, several carriers announced general rate increases of between 5-6% for LTL shipments to cover the cost of inflation and to make investments in real estate, equipment and technology. A digital solution that offers access to all over-the-road (OTR) shipping modes is especially effective for cost-savings. The ability to rate, compare, and execute shipments for all OTR modes (LTL, Truckload, Local Carrier, and Parcel) from a single screen will save Shippers and 3PLs significant time and money comparing costs while rating and scheduling their next shipment.
- Don’t Let Capacity Issues Lead to ‘Bad Blood’ with Customers
According to the FreightWaves National Truckload Index, spot rates are down 23% year over year. Meanwhile, costs are rising for carriers. Compared to 2021, diesel was 44% higher in the month of October, according to the Department of Energy. The cost of parts and truck maintenance are also up from 2021, according to a July report from Truckstop.com. What should Shippers and 3PLs do to mitigate capacity issues in over-the-road (OTR) shipping? Plan now with a digital solution that offers access to a large pool of vetted carriers that can fit their needs in any shipping environment and offer dynamic, real-time rating options for all modes.
- Find Out How a Local Carrier Solution Can Help You Strengthen First/Final Mile Shipping
Expectations for added efficiencies in last and final mile shipping for B2B customers continue to increase amidst a slew of complications in this leg of the shipping process since Shippers and 3PLs handle larger shipments that some technology solutions cannot manage. Unforeseen challenges and inefficiencies can become costly as frequent changes in last or final mile shipping with unscheduled and unaccounted for deviations in rates, routes, or carrier availability can dramatically impact profitability.
- Refining Your OTR Shipping Process with Digital Solutions
More and more Shippers and 3PLs are turning to technology to help manage their freight and ensure consistency in their over-the-road (OTR) shipping operations. These leading companies have a competitive advantage and can access data easily to make important, cost-saving business decisions, whereas companies utilizing outdated technology or manual processes have not maximized their shipping potential. You need a modern technology solution to enable end-to-end shipping optimization.
- Controlling Your Freight Spend Through Automation
Due to their complexity and high incidence of mistakes, inaccurate freight bills are much more common than you may realize and can result in significant losses for your company. About 1 in 4 freight bills contain an error, causing shippers to overpay by 13%, or $138 billion, every year! Freight bills need to be audited regularly to prevent overpayment due to invoice errors and variances. Implementing an effective technology solution can help you identify freight bill issues by automating validation and providing reporting capabilities that identify invoicing exceptions.
Subscribe to Banyan Technology’s blog to stay on top of all of your supply chain and shipping news.