Take a moment to think about the basic freight brokerage business models. Both buy/sell and cradle-to-grave models have common goals – saving money for customers, connecting customers with capacity and generating a profit. In transportation management, seconds can add up to massive delays in shipping and higher freight spend. And during times of uncertainty, which always occur in modern supply chains, effective freight brokerage must have access to the latest tools and resources.
That is especially true given the industry’s growth. As reported by Technavio, freight brokers will experience massive growth to attain a value of more than $41.45 billion from 2020 to 2024.
That growth is unsustainable with traditional strategies for managing loads and working with other trading partners. Fortunately, an advanced tech stack can help. Since brokers need to start thinking more about how to maximize the tech stack, it’s essential to understand a few things, which will be further explored in this part 1 of a 2 part white paper series:
- The overall state of digital transformation within brokerages.
- Why data for the sake of data fails to add value.
- The result – predictive, prescriptive strategies to freight brokerage success.
