Supply chain leaders explore AI innovations and strategies to optimize transportation networks, with a focus on customer-centric growth
October 10, 2024 (Fort Wayne, IN) – Princeton TMX, a leading provider of transportation management systems (TMS), concluded its annual NEXT Conference, which brought together customers, partners and industry leaders to discuss the latest trends in supply chain and logistics technology. The event featured engaging panels, interactive technology showcases and in-depth discussions on market dynamics, AI-driven solutions, and sustainability initiatives.
This year’s event highlighted Princeton TMX’s ongoing commitment to innovation and customer satisfaction, with a focus on helping shippers optimize their transportation networks in a rapidly evolving market.
Key Market Insights and Innovations
During the conference, attendees gained valuable insights from both user and executive panels. Key topics included the ongoing evolution of transportation management, driven by data and AI innovations. The presentations underscored the increasing role of AI and machine learning and the importance of quality industry partnerships.
“The stark contrast between brokers and shippers in terms of load volume per carrier relationship requires shippers to focus on building long-term, high-volume partnerships,” said Matt Harding, chief technology officer of Greenscreens.ai, during his presentation The Benefits of Continuous Market Rate Benchmarking. “While 50 percent of broker volume happens with fewer than 20 loads per year per carrier, shippers see 50 percent of their volume occur with over 1,500 loads annually per carrier. This difference means that shippers must prioritize consistency, reliability and strong partnerships with their carriers to ensure efficiency and scalability, while brokers can afford to be more transactional in nature.”
Overall Transportation Outlook
Thom Albrecht, chief financial officer & chief revenue officer of Reliance Partners, shared insight on the state of the transportation market. Here is a recap of what he had to say regarding the state of capacity:
- Freight brokers are contracting: The tightening market is causing freight brokers to struggle with reduced demand and shrinking margins.
- Equipment bad debt is rising: With freight volumes down, carriers are struggling to manage their debt, particularly for equipment purchases.
- Costs per mile have soared: Rising fuel prices, labor shortages and inflation have caused the cost of shipping per mile to rise significantly. These increased operational costs are squeezing already thin margins for carriers and pushing rates higher for shippers, making it more expensive to move freight.
- Capacity has shrunk 22 percent: The Federal Motor Carrier Safety Administration (FMCSA) reports a 22 percent reduction in capacity since the industry’s peak. This dramatic decline in available trucks has led to tighter market conditions, fewer trucks available to move goods, and higher freight rates.
Looking into the Future
The conference highlighted new and growing partnerships within the industry, further underscoring Princeton TMX’s commitment to building collaborative relationships. One attendee remarked, “I enjoyed the market outlook and seeing the new partnerships being formed. Princeton TMX customers are very satisfied with the product and service, and their staff are clearly invested in listening to customer feedback.”
Looking ahead, Princeton TMX plans to continue fostering industry relationships and incorporating customer feedback into future developments. The NEXT conference provided a platform for customers and potential clients to engage with the company’s leadership, share insights, and explore new opportunities.
One customer noted, “Princeton TMX is growing and focused on growth. My company needs to better utilize the PTMX capabilities, but the new leadership is forward-focused, meeting customer and market needs intuitively.”
Ready to experience the future of transportation management? Visit www.princetontmx.com today to learn more about how our platform can help you revolutionize your logistics strategy.
