The COVID-19 pandemic created a disruption like no other within the transportation industry. The rapid start of this new hurdle began a challenging season for global freight. Many countries shut down their borders, global manufacturing declined and consumer purchasing patterns changed significantly.
As 2022 comes to a close, companies are still recovering from the whiplash that resulted from the pandemic and now many believe the U.S. is in a recession, with a possible global recession not far behind. Inflation has reached heights not seen in four decades and mass layoffs are occurring among many technology and supply chain companies.
To meet the needs of consumers in the midst of fast-changing supply chain patterns, the industry had to adapt with haste. Many logistics service providers invested in technology to automate processes and increase efficiency. Instead of having teams dedicated to specific mundane tasks, employees focused their attention on other jobs to keep their supply chains running.
Download the Full Report for FreeThis new technological take on freight processes and policies held the promise of a much-needed paradigm shift in the freight industry, creating an entirely new blueprint for the fundamentals of freight and how business is conducted.
So just how did the COVID-19 pandemic shake up the industry, and how will it be affected by the predicted recession?
In partnership with Chain.io, FreightWaves surveyed more than 100 logistics professionals across North America about the following topics:
- Change in investment over the last two years
- Technology priorities
- Customer technology priorities
- Planned technology investments over the next 12 months
The survey found that respondents are investing in a wide variety of technologies more than ever before — everything from visibility to risk management. The game has shifted. We are in a world of technology, and everyone is playing hard. Despite the forecasted economic downturn, freight forwarders seem ready and willing to keep investing.
Download the free eBook to see the research and learn how to build your supply chain roadmap in the face of a downturn.
Download the Free eBook