Procurement planning for 2023 Developing a comprehensive data strategy informs procurement approaches Access to reliable, real-time performance data use live shipment data to analyze carrier bids is essential for shippers to make procurement and better measure the effectiveness of carrier decisions that will benefit their businesses. But performance to determine the best carriers and factors that have disrupted supply chain networks procurement types for their operations. since 2020, such as out-of-region shipments and unique demand patterns, have created As an example, many shippers use contract unreliable data for shippers. In a volatile market, procurement because it offers capacity and price shipping trends can change drastically from security, as well as the benefit of better service quarter to quarter, making it more difficult for born from long-term relationships with carriers. But shippers to decide what performance data will having access to accurate and recent data could be the most useful to inform future tweaks to their reveal situations such as fluctuating increases in procurement process. freight volume or inconsistent shipment timing that don’t align with contract terms, which could inform Shippers can improve upon their existing the need to use spot procurement as the rates are procurement data management and analytics driven by the market and ideal for accommodating strategies by working with third-party logistics last-minute shipment needs. partners—who have access to vast amounts of performance data and tools like predictive Being able to accurately and efficiently measure analytics—to gather the most useful information KPIs such as on-time pickups and deliveries, carrier in order to understand what is and isn’t working in availability and approved routes helps shippers their current process. make more informed decisions about what tweaks to procurement execution and costs will pay off for By leveraging partners that understand the their business—which, in turn, will lead to better ROI nuances of freight procurement, shippers can for shippers navigating the market well into 2023. 5