The freight industry has been rapidly evolving with smart solutions emerging to solve antiquated issues.
However, large companies can still have little insight into how much they spend on freight. Furthermore, they have a difficult time identifying the broken links in the supply chain.
As the industry gets more familiar with these technologies, we want to know what is next in the pipeline for innovation in 2019.
We sat down with the Data Science team at Shipwell to distill their thoughts and predictions for freight tech in 2019, and they had a lot of exciting information to share.
Keep reading to learn more, and sign up for the Shipwell newsletter to get insights just like this in your inbox every month.
Growing insight for shippers
As companies focus more of their business around data analytics, the industry will see more data-driven solutions. Analyzing market trends, costs, risks, and more will help supply chain professionals make more informed decisions.
In an industry that is largely not on computers or a centralized platform, technology companies are aiming to resolve this stress with easy-to-use tech.
With more supply chain data available than ever before, we will start seeing “smart pricing” that will help shippers know how to accurately price a load. There will be less fluctuation in similar loads because of a marketplace that will dictate fair pricing.
AI and blockchain technology
There is no doubt that continued innovation of AI is coming this year.
Applications for AI in 2019 include:
- Automated, real-time decision-making to cut down on analysis time
- Predictive analysis to determine future trends and needs
- Strategic optimization to make workflows efficient for the human
Payments are going to get more secure by introducing blockchain technology. Although it’s still in its infancy in widespread freight adoption, blockchain will offer ledgers with open and visible data. Eventually, this should eliminate tampering and confusion in bookkeeping.
Speaking of, we are hosting a freight tech and blockchain-focused meetup during SXSW with BiTA! Will you be in Austin?
Smarter workflow automation
We will start seeing technology taking on a more holistic approach than ever before. Centralizing information to become a one-stop-shop for supply chains.
The driver will advance each logistical step by inputting documents like bills of lading (BOLs) and proofs of delivery (PODs) to trigger the next actionable step. For instance, once the POD has been submitted, the shipment will close and the payment process will begin.
Optimizing platforms for carriers
Our Data Science team predicted that late in the year, we will begin seeing the optimization of a routing network.
There will be enough data to offer carriers better loads and more consistent rates. Shipwell’s platform will soon allow carriers to book loads ahead of time to optimize their work-life schedule.
Soon, drivers can input preferences on loads, routes, and more. Carrier companies can have a firm grasp on scheduling out their fleet well in advance. Demand matching will optimize by being able to create profiles and set up carriers and shippers to develop long-term relationships.
There is a feeling of apprehension among some drivers who think ELD tracking is invasive and don’t like having a platform integrated into their devices.
However, when a carrier connects their ELD with Shipwell, drivers can make more money by getting better data on their lane rates to find revenue opportunities.
Plus, shippers get better information on the fleet and can confidently book with carriers in their area.
Carriers who allow their business to opt-in to the transparency of data through ELD integration will bring their operations into the future of freight and boost their popularity among carrier businesses. When more shippers choose certain carriers for their freight, drivers will see profits consistently rise.
This year is an exciting time in the freight world as more technology disrupts the industry and creates better environments for shippers, 3PLs, and carriers. But, what’s key to understand is that despite the disruptions in the industry, there are still challenges to merge new and old tech to keep the supply chain moving.
Sign up for a demo now to utilize tech updates like these in our platform in the near future.