Here’s why technology should be part of your overall strategy.
As we close out another wild year in the supply chain, many companies are looking forward to 2022 (and the potential relief it may bring for some of the supply chain hurdles we’ve faced the past couple of years), setting goals, and making plans. Are you keeping your technology, new or old, in consideration while you’re making plans for your brokerage’s new year? Here’s why you should be.
Brokerages are Becoming More and More Tech-Centered
Regardless of where companies fall in the supply chain, from raw materials dealers to last-mile delivery providers, end-to-end visibility is a big deal, and technology is the only way to get it.
Brokerages across the globe have turned to technology for a competitive advantage, helping them increase sales, get loads covered, improve customer experience, and cut out the busy work that slows them down.
Technology has invaded the freight broker market along with the rest of the supply chain. In fact, Frost & Sullivan predicts that the digital freight brokerage segment will have grown to more than $54 billion by 2025. The technology isn’t going anywhere, and the industry as a whole is seeing exactly how valuable it can be.
However, many brokerages aren’t keeping their technology in mind when they strategize. They could be missing out in consequence.
Tech and the Data Garnered from It Can Drive Smarter Strategy
The tools that tech provides are one thing; the data it collects and synthesizes so that companies can learn something from are infinitely valuable to gaining end-to-end visibility. It’s tough to set new goals without good data that shows you where you’re at and where you’ve been, and technology can provide that.
The data gained from tech not only benefits the brokerage itself strategize. It can also benefit their shippers and carriers. Data sharing is a common value add that brokers provide to their customers.
You Dampen the Benefits of Technology by Not Planning to Use it Effectively
We’ve established that technology can do amazing things for brokerages, but many brokerages still aren’t using all the tools at their disposal to drive strategy. By not using all the tools and data technology is providing, brokerages may be strategizing without considering all the valuable information at hand.
For instance, in this FreightWaves webinar with Parade and FreightSaver, they talk about how FreightSaver is using capacity data they gather from Parade to drive their sales strategy. They look to see which lanes their carriers have capacity. Then, they reach out to shippers in those lanes to find loads that they never would have aimed for without that data.
Access to a larger network of pre-vetted carriers can help brokers make the leap to taking on more loads, so planning ahead for that increased carrier volume and seeing which lanes you have unused carrier capacity can drive load sales strategies.
How Can Parade Help Brokers Plan for a Better Future?
There are several ways that freight brokerages can use Parade to drive smarter, more agile strategy like the example above.
Another way Parade can help improve strategy is through nailing down pricing, finding just the right spot to get loads covered effectively while still driving value for their shippers. Parade’s pricing data allows customers to see what they spent on a load, the market average, whether they used the lowest quote, and even why they chose not to go with the lowest quote.
It all comes down to data. On top of helping carriers find capacity and get more loads booked, Parade gives them visibility into that capacity data beyond the basic functions of getting loads booked so they can use that data to plan for the future.
Are you considering new ways that technology can help you manage capacity, build your carrier relationships, and garner fast returns? Reach out to the team at Parade to see how our capacity management solution can provide your team with the tools they need to be successful.