Recently, the Transportation Intermediaries Association (TIA) released the 2023 Freight Outlook a Delicate Balancing Act for Shippers, 3PLs, Carriers outlining the path ahead. The annual report addresses expectations for the freight market in 2023 with technology being the biggest trend for moving the industry forward despite a weakened economy and lingering effects of an unstable supply chain.
The State of Freight
While a recession may still be a possibility, the report states that the freight market will rebound sooner rather than later. It will be more balanced despite inflation lowering consumer demand and creating excess inventories and increased operating costs due to heightened fuel and equipment expenses.
The current period of downward rate adjustments for contract and spot market loads has resulted in a shift of power to Shippers and 3PLs when negotiating rates. This has allowed them to be more selective with their carriers and who they do business with, according to the report.
Digitalization and Customer Service
Critical to the success of any Shipper or 3PL is the digitalization of transportation and logistics, which is one trend that will continue in 2023. 3PLs and Shippers that leverage the technology, business intelligence and API connections that make navigating the supply chain easier, will give them a significant competitive advantage.
Shippers are seeking real-time visibility of where capacity is, the cost, and assurance that shipments will arrive on time while 3PLs need to be able to provide that level of service.
Additionally, as the industry moves toward more advanced technology and automation, the power of relationships will be more important for Shippers and 3PLs. They will remain dependent on that human element for service and support while continuing to navigate the supply chain as it levels out.
The value of direct interaction through email or on the phone is immeasurable for troubleshooting issues and solving problems quickly. A healthy balance of both automation and customer service will help Shippers and 3PLs remain steady in the delicate freight balance ahead.
The Banyan Difference
Banyan Technology’s proven success as the leading over-the-road (OTR) technology platform with 3x more carrier connections than any other provider and real-time access to shipment execution comes with a commitment to excellent customer service and unparalleled support. We are consistently innovating and collaborating with our more than 3,500 clients to get the feedback we need to continue to respond to their changing needs.
We are dedicated to providing personalized service and support and maintaining an open line of communication to consistently share news and information. We believe that relationships are important and follow a proven, client-centric approach to customer service and relationship management.
Banyan’s internal team of Account Managers is dedicated to establishing and supporting client relationships. Our Account Managers understand their clients’ business needs and can identify how various products within the system can positively impact their business and streamline their operations creating a more powerful solution to their day-to-day business needs.
We also continue to collaborate with clients and encourage feedback to enhance the platform to cater to their needs as evident by Banyan’s current product development roadmap, which is regularly shared.
We stand by the claims we make regarding our customer service and support. To back up the benefits of utilizing our LIVE Connect platform, we offer all clients the following guarantee:
“During the first year of our partnership, our clients will enjoy savings in excess of our monthly recurring charges if they fully utilize our platform as intended. If they do not, then they can opt out of our agreement after the first year.”
Contact Banyan Technology today to learn how we balance automation and customer service to provide the most innovative OTR shipping solution.