In a recent webinar with FreightWaves, Flock's Founder and CEO, Oren Zaslansky, shared valuable insights on how artificial intelligence (AI) is revolutionizing the freight commerce sector. The discussion focused on the projected transition towards a more technology-driven approach, which is expected to increase efficiency, cut costs, and enable data-driven decision-making. Let's dive into the key takeaways from the webinar and explore how Flock's AI-powered technology is driving cost efficiency within truckload programs.
Transitioning Towards a Technology-Driven Approach
By 2024, the freight industry is expected to undergo a significant transformation, embracing a more technology-driven approach. Both shippers and carriers are projected to adopt this transition to enhance efficiency, reduce costs, and make informed decisions based on data. The expanded use of machine learning models and optimization technology will enable better prediction and management of supply and demand, leading to increased efficiency and proactive decision-making.
Mitigating the Impact of Inflation
The industry is expected to face an inflation rate of approximately 30-40% in 2024, particularly in the second half of the year. However, the use of technology, such as A.I. and optimization tools, can help mitigate the impact of this inflation. By streamlining operations and improving efficiency, shippers and carriers can offset the rising costs and maintain profitability.
The Rise of Shared Truckloads
In 2024, shared truckloads are predicted to become the preferred shipping method, especially for loads that do not require a full truckload. This shift towards shared truckloads offers significant cost-efficiency benefits, allowing shippers to pay only for the space they use, rather than an entire truckload. This trend is expected to reduce industry-wide volatility and provide a more sustainable and cost-effective solution for both shippers and carriers.
Flock's A.I.-Powered Solutions
Flock offers innovative solutions powered by machine learning to optimize freight for shippers and increase profits for carriers.
For shippers, Flock provides a service called FlockDirect®, which enables shared truckload services. Shippers can now pay only for the space they utilize, significantly reducing shipping costs for semi-full or partially empty loads. Flock's advanced machine learning models accurately predict and optimize shared truckloads, offering a more cost-effective alternative to traditional full truckload or less-than-truckload options.
For carriers, Flock serves as an income booster by maximizing revenue opportunities. Flock's data optimization capabilities allow carriers to fill their unused truck space with compatible cargo, without disrupting their existing schedules. This ensures that carriers can increase their revenue, whether their trucks are entirely empty or partially loaded.
Tailored Solutions and Integrations
Oren emphasized the Flock's commitment to providing tailored solutions based on customers' unique needs. With user-friendly digital tools and new transportation management system (TMS) integrations with platforms like e2open and OTM, Flock is creating efficient and cost-saving solutions for shippers, while simultaneously offering revenue-boosting opportunities for carriers. This approach adds value to all stakeholders involved in the freight process.