With things so crazy, is it really a good time to add or replace tech? The stress of transition and training, the financial investment, the time spent. Is it worth it when everything seems so unsure?
We think so, but only if the technology you’re considering can help you move in the right direction, despite what’s going on in the world and even when market conditions aren’t wholly favorable.
These Questions Can Help You Decide If Tech Investment is Right for Your Company Right Now
Is This Technology Going to Offer ROI?
Whether you’re thinking of adding or replacing tech in good times or bad, ROI must be a serious consideration. Is the system going to be able to help you recover the money you spend on it? Of course, money isn’t the only consideration, but in business, the ability to at least break even in a reasonable amount of time is very important.
You can also ask exactly how the solution will offer ROI based on your business model, the shippers you’re working with and the amount of freight you’re handling, and the makeup of your carrier network.
Will This Tech Advance My Business Goals?
New technology should always help and not hinder, regardless of the circumstances. It should help you get to where you’re aiming to go. Will a potential piece of new tech help you meet your goals? How will it do that? Will it be able to flex and grow with you as your business grows?
Within this question, you’ve got to consider whether a piece of tech has the features that you are looking for and whether it will function in a way that’s practical for your business. Is it going to help you meet operational goals? Is it going to help you meet financial goals?
Potential vendors should be happy to look at your business goals and explain how they believe their solution will help you achieve them.
How Will It Connect to My Current Tech Stack?
The modern broker’s tech stack is tied together with integrations that allow each program to exchange data with the others so that they can all function at peak efficiency. A new piece of technology, especially if you’re not looking to revamp your whole tech stack, will ideally include robust integrations with current pieces of your tech stack.
It’s About Finding the Right Tech
We’ve had customers tell us over and over that they don’t want to add tech just for the sake of adding tech, and we totally agree with that sentiment. We love how our partners at Concept Logistics say it:
“New tech should elevate, not just automate.”
New tech tends to make people think more complicated, but in reality, technology like Parade and many of our integration partners’ solutions offer more streamlined processes through key automation. The right technology gives brokers more time to spend on the things that matter: conscientious connection building with carriers and booking more loads to improve the bottom line.
Freight Tech Can Help Brokerages Grow, Even Through Hard Times
Hard times, like when the freight market slows down, may even be an ideal time to add value-added tech like capacity management. If you can use your available capacity more effectively (i.e., more carrier reuse and smarter load matches) and get better rates, your business can continue to grow despite tough times.
If you have questions about Parade can serve as a valuable investment for your brokerage or you’re wondering if our capacity management solution might be a good fit for you, please don’t hesitate to reach out. You can contact our team here.