Princeton TMX, a premier provider of transportation management systems (TMS), recently concluded its annual NEXT Conference, which brought together customers, partners, and industry leaders to explore the latest advancements in supply chain and logistics technology. The event featured dynamic panels, interactive technology demonstrations, and in-depth discussions on market trends, AI-driven solutions, and sustainability initiatives. This year’s conference highlighted Princeton TMX’s steadfast commitment to innovation and customer satisfaction, focusing on assisting shippers in optimizing their transportation networks within a rapidly changing landscape.
Attendees gained valuable perspectives from both user and executive panels during the conference. Notable topics included the ongoing transformation of transportation management fueled by data and AI advancements. Presentations emphasized the growing influence of AI and machine learning, as well as the critical role of quality industry partnerships.
“The stark contrast between brokers and shippers regarding load volume per carrier relationship necessitates that shippers build long-term, high-volume partnerships,” stated Matt Harding, Chief Technology Officer of Greenscreens.ai, during his presentation, “The Benefits of Continuous Market Rate Benchmarking.” He noted that while 50% of broker volume occurs with fewer than 20 loads per year per carrier, shippers experience 50% of their volume with over 1,500 loads annually per carrier. This disparity highlights the need for shippers to prioritize consistency, reliability, and robust partnerships to ensure efficiency and scalability, whereas brokers can adopt a more transactional approach.
Thom Albrecht, Chief Financial Officer and Chief Revenue Officer of Reliance Partners, shared insights on the current state of the transportation market, including key points about capacity:
- Freight brokers are contracting: The tightening market is resulting in freight brokers facing reduced demand and shrinking margins.
- Rising equipment bad debt: With declining freight volumes, carriers are struggling to manage their debts, especially concerning equipment purchases.
- Increased costs per mile: Escalating fuel prices, labor shortages, and inflation have significantly raised shipping costs per mile, squeezing already tight margins for carriers and driving rates higher for shippers.
- Capacity has decreased by 22%: According to the Federal Motor Carrier Safety Administration (FMCSA), there has been a 22% reduction in capacity since the industry’s peak. This notable decline in available trucks has resulted in tighter market conditions, fewer trucks available for moving goods, and elevated freight rates.
The conference also showcased new and expanding partnerships within the industry, further demonstrating Princeton TMX’s dedication to fostering collaborative relationships. One attendee remarked, “I appreciated the market outlook and the formation of new partnerships. Princeton TMX customers are highly satisfied with the product and service, and their staff is clearly invested in listening to customer feedback.”
Moving forward, Princeton TMX aims to continue strengthening industry relationships and integrating customer feedback into future developments. The NEXT Conference served as a platform for customers and potential clients to engage with the company’s leadership, share insights, and explore new opportunities.
One customer noted, “Princeton TMX is growing and focused on future expansion. My company needs to better leverage the PTMX capabilities, but the new leadership is forward-thinking, intuitively meeting customer and market needs.”
Ready to transform your transportation management strategy? Visit www.princetontmx.com today to discover how our platform can revolutionize your logistics approach.
