Usually, if you want to know the state of transportation and logistics (T&L), you can look at the state of the economy. In normal times, no other industry registers the ups and downs of our financial well-being quite like T&L. That’s just one reason why FedEx earnings are a reliable bellwether for the economy.
But these have not been normal times. During the pandemic, demand spiked and shipping containers lined port horizons. Anywhere you drove in America roadside signs advertised for truck drivers. After two years of going full-throttle, T&L now has to steer around inflation, the war in Ukraine, continued supply chain disruptions, looming recession, rising interest rates, higher fuel prices, and cautious consumers.
On top of all that, the industry has a staffing crisis to wrestle with. There is still a global shortage of warehouse and dock workers, drivers, pilots, and rail crews that will ripple through the entire industry for some time.
So how do you manage the ups and downs of the economy? Here is what successful transportation and logistics companies are doing to future proof themselves.