AUSTIN, Texas, June 13, 2023 /PRNewswire/ — As the transportation & logistics industry continues to experience a turbulent market, many freight brokers are asking what they can do to stay competitive despite the challenging economic times. In Metafora’s recent article, industry experts share 7 pieces of actionable guidance on how to stay competitive and break the cycle of the wild swings we see in freight.
Metafora’s experts advise the following 7 tips:
How to stay competitive and break the cycle of the wild swings we see in freight.
1. Don’t neglect your carriers
a. One of the most important things to remember is that as an intermediary, you have two sides of the business to engage with: the carrier and the shipper.
2. Invest in proactive strategic planning
a. Use slow market periods to invest in capabilities that are lacking and to build a better foundation for your freight business.
3. Revisit your tech strategy
a. Yes, TMS is important, but your overarching freight tech strategy needs to include more.
4. Prioritize training & development
a. One common mistake that brokers make is hiring when the market is strong to support growth, but neglecting training and development. This leads to a lack of foundational skills and does not support a long-term approach.
5. Don’t be fooled by vanity metrics
a. Beware of data that sounds good at face value, but in greater context doesn’t prove true success.
6. Identify areas of your P&L that are broken and take corrective action
a. Analyze your cost-to-serve to identify where your company can reduce costs without compromising quality or service. For example, you could renegotiate contracts or outsource non-core functions.
7. Update you value proposition
a. For example, in our current market downturn, capacity is no longer king. So for now, focus on adding value beyond service and communication and low rates.
For more information, read the full article on Metafora’s Blog here. Metafora is also currently offering a free discovery session with an industry expert.
About Metafora Metafora is a technology consulting firm focused on transportation, logistics and supply chain strategy. Metafora’s goal is to help businesses overcome obstacles and drive progress through better development and application of freight tech. Our mission is to drive the transportation industry forward, so we can contribute to a more efficient world together.
SOURCE Metafora
