Is Your Supply Chain Ready for 2024? Two Conferences to Consider.

Folks, I know your time is extremely valuable. You have a ton of things to do and not enough time to get it done.
 
That said, I wanted to encourage you to consider attending at least one of these two major conferences that will be held in October: One is the CSCMP Edge Conference in Orlando, Florida from October 1-4, and the other is the NIT League’s Engage Conference in Columbus, Ohio from October 9-11.
 
Personally, I attend both of these events every year and find them invaluable in helping us assess and understand how the freight markets are changing due to events and other factors. And I'll be at both of these conferences this year and hope to see you there, so simply send me an email or stop by Booth 603 at the CSCMP Edge Conference if you'd like to meet.

Why should you consider attending either one or both of these conferences?

In short, the speakers and panelists at the conference will be looking into the future to help you be prepared for what's ahead. What we learned from the supply chain crisis of 2020-2022 was that shippers were “surprised” by several things. Whether it involved cost issues like the massive increases in ocean rates, or the dramatic increases in TL and LTL rates, or the impact of service issues and simply not being able to get the material or products their company needed, shippers were caught off guard.

And then 2023 became one of the most contentious years for shippers already, with the threat of a strike at the West Coast ports, the railroads or UPS looming for much of the year. And then Yellow announced this month that they were closing their doors.

But guess what? Many individuals believe that 2024 could be just as challenging as what shippers experienced recently, if not more so.
 
Here are some key challenges shippers may face in 2024:

• After plummeting ocean rates in the first two quarters of 2023, ocean carriers are once again using Blank Sailings and other measures to drive up ocean rates. How high will these rates go?
  
  
• If the experts are correct that the United States will come out of the current freight recession in 2024, what will happen with your truckload rates?
  
  
• How will the new contract between the Teamsters and UPS affect freight rates in the parcel sector as well as the LTL and TL sectors?
  
  
• With the closure of Yellow, how will your LTL rates and service schedules be impacted?
  
  
• Will the ILWU contract negotiations result in potential disruptions at the East Coast and Southeastern ports?
  
  
• What do shippers need to know as the FMC looks at detention and demurrage issues?
  
  
• How should your company address supply chain risk mitigation strategies in light of the uncertainty in the marketplace? 

Whether these issues or others will impact your company, the insights you'll gain at the conference could be a great foundation for building your 2024 supply chain and logistics plans.
 
In case my enthusiasm hasn't come across, let me assure you - I could give you at least ten other reasons why the CSCMP Edge Conference and the NIT League Engage Conference are great educational and networking events that amount to an excellent investment of your time.

Once again, if you're attending either of these events and would like to meet, stop by Booth 603 at the CSCMP Edge Conference or simply send me an email.

BY MIKE REGAN, CO-FOUNDER OF TRANZACT

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