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The COVID-19 pandemic accelerated the digitization of the supply chain.
Most transportation and logistics companies had a digitalization strategy before the COVID-19 pandemic, but the implementation was moving at a snail’s pace.
“The pandemic sped up the rollout of these plans,” said Matthew Waller, dean of the Sam M. Walton College of Business at the University of Arkansas. The expedited rollout caused what he describes as “forced experiments” with technology.
Grocers, for example, had to quickly implement new digital processes for customers to order and pickup orders. Many local retailers had to quickly move to online channels for their customers to make purchases and pick up their goods curbside. All of this and more has moved the transportation and logistics industry in many different directions, he said, in ways that “nobody could have anticipated.”
BlueGrace Logistics developed a proprietary carrier relationship management system for account reps to quickly match loads.
Most freight analysts expect the recovery that began in the latter half of 2020 will continue through the first half of 2021, and possibly last all year.
Forecasting firm FTR predicts contract and spot rates will increase by 10% this year. Similarly, data analysis leads Michigan State University Associate Professor of Logistics Jason Miller to say truckload contract prices in 2021 will rise by 8% relative to early 2020 levels.
Despite favorable conditions for business growth, asset and non-asset transportation and logistics providers are constrained by factors that include longer lead times for new truck orders, a shortage of qualified drivers, and increased competition for capacity in the spot market and contract lanes.