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Market Insights are Promising. Are You Ready Though?

With industry projections of 7.18% in CAGR for the period 2020- 2024, the logistics and supply chain industry is up for better years every year. Whether that will mean good for the end-user, retailer, distributor, manufacturer, freight management service providers and other stakeholders is no doubt. However, individually, all these stakeholders have a role to play to realise and even exceed, the projected market value. The best way out is to have each as an active market player in both formal and informal talks that facilitate safety, transparency, timeliness, and easy-to-understand and fast-to-fill procurement documents.

The caveat, however, is that these talks should be consistent across the board from truck skates and other truck and container loading providers to product manufacturers. Only that way can the talks unify the voice of the industry in making developmental, technological, and transactional progress.

Collaborative contribution

The impetus for consistent progress in the logistics environment should stem from meeting the needs of the end-user while maintaining profit optimisation for other product and service providers. A slight dip into profit maximisation will mean high profits for providers, but that will not be sustainable. Primarily that will be from reduced purchases from end-users, and disinterest in trying new products for the uncertainty of freight charges and associated procurement costs.

However, with the collaborative contribution for “reasonable” industry regulations, every change will mean good news for every industry player. Engaging in inter- and intra-market talks will also create ways of further improving the already “okay” cargo systems, procurement processes, and freight documentation.

The big questions

logisticsWhile market insights for the logistics and supply chain industry highlight goals majorly in fiscal terms, the contributors are quite diverse. These include technology developments, team management criteria, quality standardisation, and revision of delivery options to mention but a few. Most of the decision making is, however, from market and individual company leaders. Therefore, for the industry to realise its goals, it has to address two critical questions:

First, how will the industry bring even the least of the market player on the same board? Second, how will C-level decisions trickle down to all contributors in the industry? And, that brings to point the significance of industry communication and training.

Conclusion: The place of communication and training

Developments in the logistics environment mean the long-term good for every stakeholder. However, every company leader will require engaging their employees to understand better whether and how current technology and processes are affecting their work productivity. Leaders should also follow through to ensure every member of their company understands why and has enough training to use every new technology that the industry introduces. That includes freight procurement, truck skates and other truck and container loading solutions, and cargo delivery.

Training will remain indispensable to roll out every new technology in the logistics and supply chain industry. Communication will also play a significant role in ensuring every market player takes part in every change. With effective communication, market leaders can also monitor the results of these changes throughout their use. That way, they can determine which, when and how to send out the next communication or roll out the next technology.

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