We had a great time last week in Cleveland for the Future of Supply Chain event, hosted by FreightWaves! While attending sessions and chatting with other attendees, we noticed a few key themes popping up in conversation. We’re sharing our recap and POV here.
Key Themes
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API Integration and Connectivity
a. Many conversations placed significant emphasis on the role of connectivity in the industry.
i. We’re glad to hear that industry leaders are looking to provide seamless connections between various systems and stakeholders. These integrations are vital for streamlined operations and improved efficiency.
ii. This is why Metafora created Socket. Socket is a configurable platform developed to enable easier, faster integration between shippers, brokers, and carriers, and technology providers while offloading maintenance and management of the integrations. Socket can consume API, EDI, and Flat Files as inputs.
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Maximizing Existing Technology
a. In the current environment, many companies are working to maximize the potential of their existing tech, rather than acquiring new technology.
i. We understand the desire to stick with existing tech if you’ve already invested in it, but we cannot overstress the importance of having the right tech for your business goals. I.e. Not the “newest tech” or the “best tech.”
ii. Many are asking if we need a reset for freight tech. If you’re going back to the drawing board or trying to figure out how to move forward, we recommend devoting time and resources to building a solid tech strategy. This usually starts with a tech analysis in which you evaluate your current technology stack and identify opportunities and inefficiencies. From that you are better equipped to make your next freight tech decisions: For example: Save or scrap? Buy or build?
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The Impact of AI
a. Artificial Intelligence emerged as a major topic of discussion throughout the event. Experts explored how AI can revolutionize supply chain management by improving forecasting, demand planning, and operational decision-making.
i. We are thrilled about the potential benefits that AI can bring to the supply chain. Getting started with AI can be tough, and using it in the right way to support your business can also be tricky. Don’t be afraid to work with a trusted partner as you navigate the new and exciting waters of AI.
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A Holistic Approach to Success
a. In any market, especially our current one, you need to have something truly differentiating about your business. Yes, you have to start with a quality product or service, but you have to go beyond this to stand out. Consider your company’s mission and values. Consider how you manage client relationships. Consider how you empower your employees with proper training and development resources.
While there is still a lot of uncertainty in the market as we enter the second half of the year, we continue to hear a fair amount of optimism and confidence that things will turn around for supply chain. Worth noting that there were mixed feelings about this; some seem to be losing the enthusiastic level of hope we saw at the beginning of the year. At Metafora, we remain sure that there are many ways for your business and thrive in any market condition.
All in all, the 2023 Future of Supply Chain was a fantastic event and we are honored to have been a part of it. We’re already looking forward to FreightWaves F3 in Chattanooga!
Didn’t get a chance to chat with us while at FSC? It’s all good, we still want to connect. Contact us here!
We hope you caught our CEO Peter Rentschler live on the main stage for his Fireside Chat with Craig Fuller. Their conversation about the value of modern integrations and connectivity in transportation and logistics was full of great insight and recommendations.
