There are different opportunities that you can take advantage of to Drive Unprecedented Growth in 2023 that your company needs to seize.
There are myriad factors in the market that can affect the growth and development of companies within the transportation industry. This year, specifically, the industry dealt with issues related to inflation, plummeting rates, driver shortages and compressed margins. Companies need to be prepared for these challenges and it is important to consider the different opportunities that you or your company can take advantage of to deal with these obstacles to growth. In this blog, we want to expose to you some growth strategies that are important to implement in times of uncertainty.
Implementing Technology. Tech implementation provides a high ROI with limited investment due to benefits that will help to reduce transaction times, provide cost savings and promote greater efficiency.
While there are forward technologies involving artificial intelligence and autonomous services (autonomous trucks, automated warehouses, smart roads, etc), they stand at the vanguard of activity and pave the road for the more present and practical solutions available now.
Presently, automation systems can automate processes in your company and enable you to be more efficient in providing the best experiences and services to your customers. These automation solutions also free up time for your employees to focus on relationship development and revenue-producing activities. These processes and automations are currently deployed across all aspects of the supply chain. Do not be left behind with inefficient manual models in areas where you can implement technology to improve your services.
Implementing Training. Training of existing teams continues to be neglected throughout the industry. Your team needs to be trained (onboarding, skills development and career development) if you want to consistently grow and improve. Currently, our industry is struggling to find qualified labor and has a relatively untrained staff. This creates large problems in regards to ramping up activity and success. Your team must be up to speed with all the market trends and new strategies to build competence and confidence in their roles. In logistics, your employees should be well trained in areas such as carrier management, capacity acquisition and development, sales, marketing and new modalities to foster growth.
Also, we are experiencing a labor desert, which means that finding Talent for your company is harder these days. You must put more effort into keeping your best employees, giving them benefits and flexibility (I.e work from home options – either remote or a hybrid model). Your company’s agility requires looking beyond past models.
Local talent can be hard to find, being either expensive or unqualified or both, so consider hiring qualified remote workers from different countries to help with your growth. This broadens your pool of talent while bringing diversification of culture and ideas to your business. This can also provide your existing local employees the opportunity to develop in more complex positions or roles.
Finally, it is important to implement KPIs and OKRs. Measurement of activity and the movement towards goal achievement keeps you and your team focused and aligned. Regular monitoring can help you identify deviations from the goals and help you make the necessary changes to workflow and activities. With properly defined metrics, your team can ‘see’ the impact of their work to drive the business and achieve success.
To learn more about Hubtek services and how they can help you to Drive Unprecedented Growth in 2023, click here.
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