Dr. Maximilian Rothkopf, Hapag-Lloyd’s COO, emphasized the transformative impact of real-time tracking, enabling swift decision-making and risk management for customers while enhancing fleet management efficiency. This milestone aligns with Hapag-Lloyd’s commitment declared in April 2022 to outfit all standard shipping containers with real-time monitoring, with installations commencing shortly thereafter.

Henrik Schilling, Head of Global Commercial Development, highlighted the company’s dedication to addressing customer concerns and enhancing operational capabilities. The Company aims to integrate tracking data seamlessly into customers’ systems via API and introduce Estimated Time of Arrival (ETA) Prediction as part of its ongoing product development.

This initiative builds upon Hapag-Lloyd’s previous success in real-time monitoring for its reefer container fleet and underscores its commitment to innovation and customer satisfaction. Collaborating with TradeTech company Nexxiot AG and leveraging devices from ORBCOMM, Hapag-Lloyd continues to lead the industry in providing cutting-edge solutions for enhanced supply chain visibility and efficiency.

The post Hapag-Lloyd Leads the Industry with Fleet-Wide Real-Time Container Tracking appeared first on Global Trade Magazine.

The incident occurs against the backdrop of ongoing hostilities in the region, with Iran-backed Houthi militants launching drones and missiles against international commercial shipping in the Red Sea since mid-November. Claiming solidarity with Palestinians against Israel’s military actions in Gaza, these attacks have disrupted global shipping routes, necessitating longer and costlier journeys around southern Africa.

Ambrey has further assessed that the targeted vessel may have been singled out due to its listed operator’s trade relations with Israel. In response to the escalating tensions, both the United States and Britain have conducted strikes against Houthi targets. As the situation unfolds, concerns mount over the safety and security of maritime traffic navigating through the volatile Red Sea region.

The post Explosion Near Yemen’s Mokha: Vessel Sustains Damage but Crew Safe Amid Rising Tensions appeared first on Global Trade Magazine.

The newly opened channel, situated northeast of the collapsed bridge, serves as a lifeline for “commercially essential vessels” during salvage operations and bridge reconstruction. With dimensions boasting a depth of 20 feet, horizontal clearance of 300 feet, and vertical clearance of 135 feet, this route significantly widens the accessibility for a diverse range of vessels to reach the port.

Coast Guard and Port Captain David O’Connell underscored the importance of this development, emphasizing its capacity to restore approximately 15 percent of the port’s pre-collapse commercial activity.

This initiative follows the opening of the first temporary channel on April 1, soon after the bridge incident in early March. Officials are actively working towards the establishment of a fourth channel by month’s end, aiming to fully restore maritime traffic at the Port of Baltimore.

Meanwhile, efforts to clear debris from the vessel responsible for the bridge collision, the Dali, continue. Despite challenges, workers have successfully removed around 1,300 tonnes of steel using massive cranes. Tragically, the incident has claimed the lives of six roadwork crew members, with recovery efforts ongoing for the remaining two.

The comprehensive debris removal process remains critical, particularly for the safe return of the Dali to the port. As the port navigates these challenges, the opening of the new temporary channel marks a significant milestone in maintaining vital shipping operations amidst ongoing recovery efforts.

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The global Last-Mile Delivery market, estimated at $32 billion in 2020, is projected to reach $53.4 billion by 2027 due to the boost in online food and grocery delivery.

As this demand intensifies, QSR chains find themselves struggling to fulfill these heightened expectations, leading to delayed deliveries. The consequence of delayed deliveries has led to a notable increase in wasted food, with approximately 15% of prepared foods being discarded due to poor temperature control and delayed dispatch. Traditional approaches are no longer sufficient, prompting the industry to explore innovative solutions.

To navigate these challenges, the QSR industry is turning to AI-enabled delivery technology as a solution. Automated order assignment/auto-allocation and First-In-First-Out (FIFO) order assignment – features in logistics planning, have become crucial elements for QSRs trying to change how they operate.

Automated order assignment, driven by AI, streamlines the allocation of delivery tasks by intelligently assigning orders to delivery agents based on factors such as proximity, availability, and capacity. This not only ensures optimized delivery routes but also expedites order fulfillment, thereby elevating customer satisfaction.

Furthermore, when integrated with FIFO order assignment, automated order assignment becomes even more powerful. FIFO ensures that the oldest orders are delivered first, reducing the risk of food spoilage and ensuring that customers receive their meals fresh and hot. By combining these two features, QSR chains can significantly improve their overall operational efficiency while guaranteeing freshness.

But how exactly do these AI-enabled technologies elevate customer experience and ensure food freshness? Let’s break it down.

• Real-time Data Analysis:

AI-driven technology enables QSR chains to analyze real-time data, such as weather conditions, traffic patterns, and order volumes. This information assists in dynamic route planning and ensures that deliveries are made under optimal conditions, preserving food quality.

• Predictive Analytics:

By leveraging predictive analytics, QSR chains can anticipate peak hours, allowing them to allocate additional resources during busy periods. This proactive approach ensures that even during high-demand times, deliveries are made promptly, maintaining the freshness of the food.

• Customer Preferences:

AI-enabled systems can analyze customer preferences and behavior, facilitating personalized delivery experiences. This includes considering factors like preferred delivery time slots and customizing delivery routes accordingly, ensuring that customers receive their orders at their convenience.

McDonald’s, KFC, Pizza Hut, Starbucks, Burger King, among others, have leveraged AI-enabled delivery technology across North America, South America, Europe, the Middle East, and Southeast Asia. By implementing AI-driven solutions, these brands have not only met the challenge of reducing delivery times by 35% but have also positioned themselves as leaders in operational excellence. The system’s ability to make decisions regarding the use of the current fleet or external carriers further enhances flexibility and efficiency in delivery logistics. This ensures that QSR chains can adapt to varying demand levels and dynamically allocate resources, optimizing their operations and minimizing delivery times.

The Article was written by Dhaval Thanki, EVP- LogiNext

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Responding to these changes is key if you want your firm to last in the long term. You cannot afford to be out of action for weeks on end when upstream suppliers falter and should be quick to respond to potential issues caused by geopolitical tensions. 

Rather than reacting to supply chain issues, adopt a proactive approach by harnessing the power of predictive analytics. Today’s predictive analytics tools can help you spot weaknesses, make strategic changes, and avoid costly errors. Predictive maintenance can keep your fleet on the road for longer and improve your overall operational efficiency, too. 

Understanding Predictive Maintenance

Predictive maintenance is a branch of predictive analytics that attempts to forecast faults and mechanical failures. This can be revolutionary if you’re used to responding to problems like dead motor batteries, electrical wiring issues, or worn-down fabrication units. Predictive analytics programs use data to identify these issues and bring them to your attention before a supplier or employee does. 

Read also: Technology’s Impact on the Supply Chain

These predictive maintenance programs rely on machine learning (ML) algorithms to crunch the numbers and learn from patterns. Investing in these ML programs is crucial, as ML programs can optimize your global logistics and improve your supply chain efficiency. Common uses of ML in supply chain management include:

Demand Prediction

These tools identify consumer trends and use historical data to identify patterns. This is crucial if you want to respond to seasonal surges in order volume.

Route optimization

Route optimization apps minimize energy waste and expedite delivery times. They give drivers the fastest route possible and reduce the risk of an accident while on the road. 

Fleet management software

These tools protect drivers and identify failing parts before your machine or vehicles break down. This is particularly important if you utilize Just-In-Time production models and need to minimize the amount of time products spend in the warehouse.  

These predictive analytics tools can be used in conjunction with predictive maintenance tools to improve the efficiency of your global business. 

For example, if you sell winter apparel in Australia, predictive analytics tools can prepare you for a surge of sales if temperatures are set to suddenly dip. You can then look towards predictive maintenance programs to ensure that your delivery vehicles are primed for increased use and will not break down while you’re trying to meet high demand. 

Anticipating Downtime

Predictive maintenance tools can’t prevent your equipment from breaking down. However, they can help you get ahead of faults and spot issues with your supply chain before an issue can arise. These tools can be used to justify your decision to replace or repair supply chain assets by improving your understanding of asset lifecycles. This is crucial, as all business assets go through four common stages, including: 

• Acquisition,
• Operation and maintenance,
• Repair or replacement,
• Disposal.

You can identify which stage of the product lifecycle your asset is in by utilizing data analytics to conduct an effective cost-benefit analysis. For example, if you have recently bought a used fleet of trucks, you can use AI-powered enterprise asset management (EAM) software to determine when the vehicles have outlived their usefulness. These EAM programs pull data directly from sensors that are connected to the Internet of Things (IoT) to read the vital signs of your assets. 

These insights can help you make pivotal calls that save you money and bolster the resilience of your supply chain. EAM programs help you evaluate asset performance and improve the veracity of your cost-benefit analysis, too. This data-driven approach to asset management will reduce downtime AI spreads throughout supply chain management, as EAM programs will be able to draw from larger data sets as your IoT expands. 

Additional Features

Predictive maintenance tools do more than tell you when a screw is loose or a clutch is worn out. The best predictive maintenance tools are all-in-one programs that give you on-the-go updates based on data points that are easily overlooked by human supply chain specialists. 

For example, if you work in manufacturing, AI-driven predictive maintenance tools can assess safety compliance at your place of work. By tapping into a range of visual surveillance systems, inventory management tools, and real-time performance metrics like temperature, pressure, and usage, AI can spot safety hazards and help managers remove faulty equipment before it can cause an accident. 

Predictive maintenance tools are particularly beneficial during times of high production when you cannot afford a breakdown. These tools work in tandem with your automated scheduling services and automatically reassign workers to different tasks if a fault has shut down a machine or workstation. This gives you additional time to replace or repair equipment, reduces the pressure that your staff feels during peak times, and improves your supply chain resilience. 

Conclusion 

Predictive maintenance tools should be a part of your wider supply chain management system. Predictive tools can spot faults and minimize downtime when something goes wrong. They can help you make better-informed decisions when a vehicle or machine breaks and innately improve safety standards at work. Just be sure to integrate predictive maintenance programs into your wider tech stack, as they work best when they have access to your wider EAM. 

The post Building a Resilient Supply Chain with Advanced Predictive Analytics appeared first on Global Trade Magazine.

We are seeking nominations for women who have made significant impacts in the logistics industry, whether they are innovators, leaders, or rising stars. Nominees should exemplify dedication, innovation, and influence in their respective areas and demonstrate a commitment to excellence in logistics.

Eligibility Criteria:

– Nominee must be a woman currently active in the logistics or supply chain industry.

– Demonstrates exceptional leadership, innovation, or contribution to the logistics sector.

Nomination Process:

– Nominations can be submitted by colleagues, peers, or even self-nominations.

How to Nominate:

– Visit our nomination page here: Women In Logistics Nomination Form

– Fill out the nomination form with all required details about the nominee.

Deadline for Nominations:

– All nominations must be received by May 02, 2024.

We look forward to discovering and recognizing the powerful contributions of women in logistics through your nominations. The selected nominees will be featured in the 2024 Spring Issue of Global Trade Magazine, sharing their stories and insights with our global audience.

For more information, please visit www.globaltrademag.com or contact our editor at mcoker@globaltrademag.com.

The post Global Trade Magazine Calls for Nominations for Annual Women in Logistics Feature appeared first on Global Trade Magazine.

Reasons aside, supplier diversity is a top-level issue with at least eight of the world’s top 10 CPG brands by spend1 having stated goals in this area. For example2, Unilever has committed to spend €2 billion annually with diverse businesses by 2025. By the same year, Mars intends to reach £1 billion globally in diverse business spend and have at least 60% of its suppliers actively promoting diversity programmes within their organizations. Other brands including Mondelēz International, Coca-Cola and Nestlé are also dedicated to sourcing from businesses that are 51% owned by a historically under-represented group. 

Likely, more CPG brands will continue to make supplier diversity a priority. 

While the leaders of global brands embarking on this journey plan to drive spend to diverse suppliers, in practice, their teams on the ground face an obstacle: diverse suppliers are difficult to find. Only a portion are indeed certified as ‘diverse’, and those who are certified wouldn’t necessarily be skilled to match specific market needs.  

The challenge of discovering diverse suppliers must be addressed for progress to occur. This presents CPG leaders with an opportunity to tee up their teams for success by helping them add robust sourcing processes. To achieve this, Supplier Diversity teams can follow a three-phase approach…  

• Take stock of your existing supplier diversity status

Before teams can deliver on supplier diversity commitments, it’s sensible to determine how many diverse suppliers the brand already works with. This is done through a combination of surveying suppliers and using data enrichment services to match against existing databases of diverse suppliers. 

When it comes to actioning these surveys, teams should take care to offer suppliers a positive and helpful experience, because it will impact the quality of results. For example, if suppliers receive questions that don’t apply to them or that aren’t in their first language, this will obstruct their ability to respond most helpfully. At best, it will slow them down and at worst, they may not even respond. 

So, the idea is to remove any barriers to them providing reliable feedback. A great way to do this is through segmenting suppliers into categories and communicating with them accordingly. Whatever the approach to surveying suppliers, let it be congruent with acting like a “customer-of-choice” because this is likely to get the most out of them. A recent HICX survey revealed that a staggering 73% of suppliers for some of the world’s biggest manufacturers would “go the extra mile” for their most important customer if this was also a customer-of-choice. 

• Proactively grow your number of diverse suppliers

Once the number of diverse suppliers working with the brand has been determined, teams can grow their selection by improving how they source. 

First, buyers and requestors should be guided to proactively work with diverse suppliers. This can be done with education and policies, and by applying some practical steps. For instance, teams should define their criteria for what qualifies as a diverse supplier in their business and territories, and then use online directories and desktop research and ask contacts for recommendations. Any potential diverse suppliers can then be evaluated for suitability. 

Next, once new diverse suppliers are found, they must be onboarded with processes that capture their information reliably so that the brand can offer them a helpful experience going forward. 

In establishing these policies, Supplier Diversity teams will benefit from the help of Procurement because the function already works with and onboards suppliers. Should Procurement, then, be taking an advisory role in helping buyers to drive spend with diverse suppliers? 

• Lock-in progress by maintaining supplier data

Finally, with diverse suppliers found and onboarded, their data must remain accurate. This step is crucial because teams need a clear view of the supply chain to deliver supplier diversity promises. But in reality, many supplier diversity teams from CPG brands face a barrier: they can’t see who their suppliers (some tens of thousands of them) are and what they’re doing. For instance, teams need to know: where is this supplier based? What qualifies them as ‘diverse’? Do we have the same number of suppliers from diverse businesses today as we did yesterday? Taking too long to resolve these questions, or not being able to answer them at all, can expose the brands to report errors and inefficient operations. 

If leaders can keep supplier data accurate, then they can reveal a bright and clear supply chain view and arm their teams to deliver the least risky most impactful supplier diversity plans possible. Encouragingly, there is a route to solving the supplier data problem, in which some forward-thinking brands, such as Mondelez and Unilever, are taking the lead. 

There are three tried and tested ways to tackle supplier data quality. First, reject anything less than 100% accuracy in supplier master data. Create the conditions in which this goal can be realised by transforming the digital procurement environment so that master data can take priority. Next, ensure that data related to every new supplier relationship – diverse or standard – gets captured upfront with structured, controlled, and dependable processes. And finally, this and any new data that enters the system must be protected with data governance, so that a reliable golden record can be maintained. 

At the end of the day, by supporting Supplier Diversity teams to add robust sourcing processes, CPG leaders can arm them with the tools needed to deliver on ambitious goals and leave a positive impact.

About the author

Costas Xyloyiannis is co-founder and CEO of HICX, the leading supplier experience management solution. Costas founded HICX in 2012 to address the challenges of bad supplier data in the enterprise. 

He holds a Master’s degree in Computer Science from Imperial College London and has 20 years’ experience in helping some of the world’s largest companies to take control of their supplier data and deliver a superior supplier experience.

He strongly believes in the importance of data and supplier-centricity, as a foundation for digital transformation in business, and is a regular speaker and contributor on this topic. 

 About HICX

HICX helps Global 5000 companies to take control of their supplier data and to deliver a great supplier experience.  The HICX Supplier Experience Platform enables businesses with thousands of suppliers to efficiently on-board and manage the end-to-end lifecycle of all suppliers, to achieve a single version of truth for all supplier data, and to remove the friction from supplier relationships. Some of the world’s largest companies trust HICX for the management of their supplier data, these include Unilever, Mars, Mondelez, Lenovo, Baker Hughes and BAE Systems.

The post How CPG Brands can Deliver on Supplier Diversity Promises appeared first on Global Trade Magazine.

While last year’s 1.2% decline in trade was larger than anticipated, particularly in Europe, it remains relatively modest overall. However, the region’s subdued trade growth was attributed to factors like high commodity prices, notably natural gas, which impacted both exports and imports.

Looking ahead, Asia is poised to play a significant role in driving global trade, accounting for a substantial portion of both exports and imports. Africa’s exports are also expected to surpass pre-pandemic levels by the end of the year, showcasing resilience and potential growth in the region.

Despite the positive outlook, geopolitical tensions, supply chain disruptions, and climate change effects pose risks to the trade landscape. Recent attacks on commercial ships and disruptions in key maritime routes highlight ongoing challenges faced by the global trading community.

Services trade, on the other hand, remained robust, with notable growth observed in financial and insurance services. However, geopolitical tensions have contributed to a riskier environment, impacting trade patterns and flows.

The WTO underscores concerns regarding rising protectionism and potential fragmentation in trade flows, emphasizing the need for collaborative efforts to sustain the recovery and promote inclusive trade practices.

While uncertainties persist, the WTO remains cautiously optimistic about the resilience of global trade. However, continued vigilance and concerted action are essential to navigate the evolving trade landscape and mitigate potential risks to the recovery.

The post WTO Forecasts Global Trade Rebound Amidst Challenges and Uncertainties appeared first on Global Trade Magazine.

Understanding Trade Market Trends

Whether you’re a seasoned investor or just starting, it’s easy to be swayed by the allure of investment opportunities. A compelling sales pitch from a trader can entice you to invest significant funds into something you may not have thoroughly studied. This is why conducting due diligence is paramount.

It’s crucial to acknowledge that trade market trends are molded by a blend of macroeconomic and microeconomic forces. These encompass geopolitical events, economic indicators, technological advancements, and shifts in consumer behavior. Through meticulous analysis of these factors, investors can glean valuable insights into trade market trends and identify potentially profitable opportunities.

Geopolitical Events

Geopolitical events have a significant impact on trade markets, often leading to fluctuations in prices and volatility. Factors such as trade disputes, political instability, and military conflicts can disrupt supply chains, affect consumer sentiment, and create uncertainty in the market. 

For example, the ongoing trade tensions between the United States and China have had far-reaching implications for global trade, influencing investor confidence and market behavior. Another example is the political unrest in oil-producing regions, which can lead to disruptions in the supply of oil and affect global energy prices. 

Additionally, events such as Brexit or elections in major economies can introduce uncertainty and impact currency exchange rates, affecting the competitiveness of exports and imports. Geopolitical events are unpredictable and can have profound effects on trade markets, highlighting the importance of closely monitoring global developments and incorporating geopolitical risk analysis into investment strategies.

Economic Indicators

Economic indicators provide valuable insights into the health of an economy and its potential impact on trade markets. Key indicators such as GDP growth, inflation rates, unemployment figures, and consumer spending can help investors gauge the overall direction of the market. 

For instance, strong GDP growth and low unemployment rates are often associated with bullish market sentiment, while rising inflation and sluggish economic growth may signal a bearish outlook.

Technological Advancements

Technological advancements play a crucial role in shaping trade market trends, driving innovation, and transforming industries. From the rise of e-commerce and digital payments to advances in automation and artificial intelligence, technology is reshaping the way goods and services are produced, traded, and consumed. Investors who stay abreast of these developments can capitalize on emerging trends and position themselves for long-term growth.

Shifts in Consumer Behavior

Consumer behavior is constantly evolving, driven by changing demographics, social trends, and cultural preferences. Understanding these shifts is essential for investors seeking to capitalize on emerging opportunities in the market. For example, the growing demand for sustainable and ethically sourced products has led to a rise in ESG (Environmental, Social, and Governance) investing, with investors increasingly factoring in environmental and social considerations when making investment decisions.

Strategies for Navigating Trade Market Trends

Navigating trade market trends requires a strategic approach, informed by thorough research and analysis. Here are some strategies to help investors make the most of market opportunities:

Diversification

Diversifying your investment portfolio across different asset classes, industries, and geographical regions can help mitigate risk and maximize returns, especially in volatile market conditions. Several investment opportunities have gained considerable traction in recent years:

Real Estate

The appeal of real estate investment lies in its potential to generate passive income, build wealth through property appreciation, and diversify investment portfolios. However, like any investment, real estate comes with risks and requires careful due diligence, market analysis, and financial planning. Investors must consider risk management strategies, including insurance coverage. Rental property insurance is crucial for safeguarding against potential liabilities, damages, and unforeseen events.

Cryptocurrencies

The emergence of cryptocurrencies, such as Bitcoin and Ethereum, has created a new asset class that has attracted significant attention from investors. While cryptocurrencies are known for their volatility and speculative nature, they offer the potential for high returns and diversification benefits in a portfolio.

Venture Capital

Investing in startups and early-stage companies through venture capital funds has become increasingly popular among investors seeking high-risk, high-reward opportunities. Venture capital investments provide exposure to innovative technologies and disruptive business models, with the potential for substantial returns if successful.

Commodities

Investing in commodities such as gold, silver, oil, and agricultural products provides investors with exposure to physical assets that can serve as hedges against inflation and geopolitical risks. Commodities markets offer opportunities for both short-term speculation and long-term investment strategies.

Exchange-traded funds (ETFs)

ETFs have gained popularity as a cost-effective and efficient way to gain exposure to various asset classes, sectors, and geographic regions. ETFs track indices or baskets of assets and trade on stock exchanges, offering investors diversification benefits and liquidity.

Active Monitoring

Stay informed about market developments by actively monitoring news headlines, economic reports, and industry trends. This will enable investors to adapt their investment strategy quickly in response to changing market conditions. Additionally, investors should leverage advanced data analytics and technology tools to gain deeper insights into market dynamics and identify emerging trends. 

Risk Management

Implement risk management strategies, such as setting stop-loss orders and maintaining a balanced portfolio, to protect your investments from potential downside risks. Regularly review and adjust your risk management strategies in response to changing market conditions, economic outlooks, and personal financial goals. Remember that risk management is not about avoiding risk altogether but rather about understanding and managing risk effectively to achieve long-term investment objectives while preserving capital and minimizing potential losses.

Long-Term Perspective

Take a long-term perspective when investing in trade markets, focusing on fundamental factors such as economic growth, industry trends, and company performance rather than short-term market volatility or noise. It’s essential to maintain a disciplined approach and focus on the underlying fundamentals driving investment opportunities. While short-term fluctuations in prices may create temporary uncertainty, successful investors understand that market movements often do not reflect the true value of assets over the long term. 

Conclusion

Understanding trade market trends is essential for investors looking to navigate the complexities of the global economy and identify lucrative investment opportunities. While the investment landscape may be dynamic and unpredictable, disciplined investors who prioritize research, diversification, and patience can position themselves for long-term financial success amidst the ever-changing trade market trends.

The post Insights into Trade Market Trends: An Investor’s Guide appeared first on Global Trade Magazine.

Nearshoring is moving some manufacturing into Mexico versus the Pacific region, and that is changing the way products flow into the U.S. in a great way. I don’t see that being reversed. We’ll continue to see more companies go into nearshoring. In Laredo, Texas, specifically, volume is up roughly 45% from a year and a half ago and capacity is being shifted to the border to meet demand. It’s important for shippers to have inbound capacity so you can properly source the outbound capacity that’s needed to import those goods. That is a challenge and the industry will have an adjustment period before settling in. 

However, the main trend that I want to focus on as we continue into 2024 is fraud and cargo theft in our industry. We’ve all recently heard about numerous fraud and cargo theft stories. We are looking into roughly 50-55% minimum increase of fraud from Q2 2022 to Q2 2023. And, in some lanes, activity is up well into a 200% fraud increase. 

What we’re seeing today seems to be a very sophisticated approach to fraudulent activity that is probably not U.S.-based. Not only does recent fraudulent activity in the industry include spoofing and tracking software, but also setting up fake domains for small and large carriers as well as fake domains for a third-party logistics company (3PL). Industry crimes are getting more and more complicated. Criminals create fake domains for email purposes that look almost identical to an actual 3PL’s domain and companies who do not take a second look will miss the small details and potentially fall victim to such crimes.

Bigger companies are getting better at spotting fraudulent activity but it’s the smaller mom and pop operators that need to be more vigilant. The small one to ten truck carriers may not have sophisticated cybersecurity practices in place to catch this kind of activity. That’s why they have to do their due diligence from where they’re getting a load. They need to always confirm it’s a 3PL that they’ve worked with or it’s a reputable 3PL with freight that’s actually being managed by that 3PL. The small 3PLs that may only cater to warehousing, receiving, and cross-docking, are the ones that need to stay current and educated on recent market developments and ensure there are standard operating procedures in place for every load. Small carriers and 3PLs need to have safeguards in place to prevent an erroneous load from shippers. In turn, shippers need to be involved and conduct due diligence on the personnel at a dock, warehouse or distribution center. Due diligence could be as simple as physically walking to the appropriate area to confirm the carrier picking up the load is the same as it appears on the bill of lading. It’s very easy to sign a rate confirmation and send it without paying attention but those extra few moments are the differentiators between being safe and falling victim to load scammers. Companies need to realize that it’s more beneficial and cost-effective to be proactive instead of reactive.

Industry movers need to keep these trends in mind as we move further into 2024. With a slower U.S. economy, nearshoring developments, and increase in fraud and cargo theft activity only shows that businesses have to be more vigilant and in-tune with market developments so that they can overcome incoming industry challenges head-on. 

Author Bio

Karl Fillhouer is the Vice President of Sales and Operations of Circle Logistics, a privately held third-party logistics company committed to delivering on three core promises to their customers: No Fail Service, Personalized Communication, and Innovative Solutions. Circle Logistics leverages its technology, industry experience, and employee ingenuity to develop industry-leading transportation solutions. For more information, visit https://circledelivers.com/. 

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