This fireside chat recap is from the FreightWaves 3PL Summit.
FIRESIDE CHAT TOPIC: How smaller 3PLs can use technology to compete
DETAILS: Running a logistics startup can be overwhelming. You watch large competitors stroke multimillion dollar checks for technology platforms while you are focused on maintaining positive cash flow to pay your carriers and employees. Fortunately, there are tools that can help limit risks of scaling a business while giving you the competitive advantage that legacy brokerages have spent years investing in.
SPEAKER: Sam Powers, CEO of TruckerCloud
BIO: Powers has spent his career in technology startups and currently is the chief executive officer of TruckerCloud, a freight visibility software provider that allows customers to view their trucks, based on electronic log data, in real time or retroactively. Prior to TruckerCloud, he was vice president of operations for the software company FactorCloud, largely serving transportation factors. Previously, Powers was instrumental in launching BAM Capital, a factoring company that also built and offered its own TMS.
KEY QUOTES FROM POWERS
“When we look at areas of risk, for a small 3PL or a newer brokerage, securing capacity might be a little difficult for them. One thing that helps with that immediately is financial stability. … Oftentimes those 3PLs might have to give the carrier a fuel advance or quick pay just to secure that capacity.”
“Is the carrier that you hired really the carrier who hauled it? … Through visibility, 3PLs are able to verify that. … They can verify the fleet size, the carrier of record and the actual activity of that vehicle or asset ID that happened to be assigned to the load.”
“Detention is a very sticky subject. … Using [visibility] technology you have the data to determine the legitimacy of that request.”