Digitization of the transportation and logistics industry
It’s no surprise that COVID-19 has impacted nearly every industry, forcing business professionals to make quick adjustments and adaptations to stay afloat. Within the transportation and logistics sector, the effects of the pandemic were felt deeply. Since January 2020, the DOW transportation average has fallen by a shocking 33%. This plummet in the transportation stock market signified a need for change. Looking towards the future, it’s clear that the transportation and logistic professionals that are equipped to navigate these challenging times with significant agility and adaptiveness will be the ones that come out on top.
Challenges the transportation and logistics industry face
The transportation and logistics community took a hit over the last year, just like virtually every industry. When invoices and orders halted, and processes moved to a digital format, finding ways to navigate the sudden changes and expectations of their business partners and clients proved to be a challenge. Now, over a year after the onset of COVID-19, transportation, and logistics companies are facing troubles in 3 key areas:
Lack of integration among supply chains and technologies.
As global trade expands and supply chains become more and more complex, transportation and logistics professionals are finding it difficult to consolidate and centralize their supply chain data and compliance efforts. Finding solutions to breaking down data silos and increasing flexibility along the chain is necessary for success.
Managing customer expectations
With digital tools creating a more connected business world, leaders in the transportation and logistics industry are finding it challenging to manage customers’ expectations for access to information and transparency at all points in the supply chain process. Clients now have unprecedented access to information and data and expect businesses to adhere to these new standards.
A need for digital and automated solutions
After the effects of COVID-19, traditional supply chain and business processes were found to be ill-equipped for a jump to virtual global trade. Now that businesses are seeing signs of growth and recovery embracing the support of digital trade tools and automation capabilities will help create a more resilient business function.
Tradeshift helps fill the gaps in your current process
With signs of recovery on the horizon, transportation and logistics professionals will continue to evolve in their supply chain and digital needs. Tradeshift understands that your organization grows, so does your demand for relationship management, both within your organization and among your business partners. When you utilize Tradeshift’s software solutions, you embrace a personalized approach to managing your supply chain relationships. You only need one trade technology platform to build a resilient supply chain, and Tradeshift’s digital processes allow you to scale without limits.
A network of vendors
Our Tradeshift network is stocked full of pre-vetted vendors, and our digital tools make adding new clients and vendors to your network an easy task. With thousands of products and offers with negotiated pricing available on our B2B marketplace, Tradeshift Buy’s easy-to-use interface creates a cost-efficient and easy way to conduct B2B shopping.
A focus on automation
Tradeshift Pay’s artificial intelligence handles time-consuming and tedious tasks. With the automation dashboard, you can customize your processes, enabling you to scale functions as needed. Our robust digital tools support a paperless order-to-pay cycle that pleases suppliers, protects your bottom line, and keeps executive leadership happy.
Showcase real value for your partners
With Tradeshift Engage’s dynamic and personalized onboarding processes, your business partners will see real value from their first initial contact. Tradeshift Engage gives you access to enhanced collaboration capabilities and powerful digital tools to help you improve your processes. Our software solutions help foster strong, productive, and trusting relationships.
A one-stop solution.
Tradeshift is a software solution built to scale alongside your business needs. Created to adapt to and support your business functions, our Tradeshift Network offers a single-point solution for transportation and logistics professionals to manage their business relationships, centralize their data and order tracking information, and consolidate their communication strategies.
Supporting your supply chain needs
Tradeshift is built for adaptability. Regardless of your industry, Tradeshift offers you an opportunity to evolve and grow. Empowering your modern team with software designed for people, Tradeshift creates an enjoyable experience for suppliers and buyers alike. Users gain access to better data, more intelligent AI, improved efficiency, and an increasingly resilient supply ecosystem.
To learn more about how Tradeshift can support your supply chain as your organization grows and evolves, reach out to our team of experts and start making shift happen today.
About the AuthorFollow on Linkedin More Content by Tradeshift Editorial Team