3. Smart Processes for Replenishment Will Reduce Miscommunications and Over/Under Ordering

Better use of data and centralized platforms will also reduce the risk for miscommunications in replenishment. This further includes smart payment processing and better demand planning through advanced analytics. 

4. Inbound Freight Consolidation Will Save Money for Shippers and Hassle for Carriers

Inbound freight consolidation forms another trend in inbound freight management. Instead of simply hoping to reduce congestion at docks, shippers can leverage automation to reduce dock traffic and improve scheduling, lowering costs along the way. As noted by Logiwa:

“Less-than-truckload (LTL) shipments are inefficient and lead to unnecessary costs both in terms of shipping and unloading. Indeed, when a company unloads 10 to 14 different LTL shipments, it spends 5 times more than it would unloading just one truckload.”

Therefore, shippers can bring in the right amount of product, at just the right time, at a lower cost, and with reduced stress. It is a win-win for shippers and vendors alike.

5. Consolidation Within the Industry Will Lead to Less Capacity for Inbound Freight

Industry carrier consolidation, as well as bankruptcies like the NEMF bankruptcy the industry saw in 2019, will also likely lead to less available capacity in the coming months. This deduction in capacity will be the result of forced disruptions due to ongoing trade war and the coronavirus. As a result, shippers will need to rethink carrier contracts by creating backup plans to replace SMB-carriers that do not survive. Now, some carriers will undoubtedly merge to avoid bankruptcy, and that again will present opportunities to renegotiate contracts and overcome the trials created by limited loads deriving from disruption in the supply chain. 

6. Automated Freight Invoice Settlement Will Boost Vendor-Shipper Relations

Automated invoicing and freight processes will reduce miscommunication between vendors and shippers. As these systems grow further into the digital frontier, their value will optimize payment and accounting processes, adding to supply chain efficiency. In addition, accounting will become a greater focus on inbound freight trends as blockchain moves to finally give shippers and vendors access to smart contracts. Basically, blockchain smart contracts could leverage robotics process automation to self-validate invoice details, review potential claims for damage or missing freight, perform additional audits, and complete freight settlement processes. Those same benefits will extend across inbound logistics and outbound freight management too, opening doors to further opportunities for lower freight spend and better shipper-vendor relationships.