Everybody is talking about transparency in this digitized marketing world. Data sharing has become a center of attraction nowadays. Leading business owners are focusing on introducing transparency into their scheme of things to take their businesses into the next level. What about the freight forwarding industry? The traditional freight forwarding industry operates in a different way. The security is an important aspect in freight forwarding, and it was designed to be safe and secure. Since the practice of data sharing may compromise with the security, traditional players are not focusing on sharing data.
Since security is a major concern, internal sharing has become a less popular task
Acquisitions and mergers are taking place at a faster pace in this modern business world. Big players are acquiring other businesses as a part of expansion activities. Freight forwarding industry is not different. You can find several big companies growing by absorbing other players. It has made things even difficult for these companies, and they are finding it hard to share data internally. There is a tremendous shortage in terms of transparency and speed as far as freight forwarding industry is concerned compared to their industries. The obsession with security is the main thing that prevents companies from data sharing.
Striking the right balance is the key
There should be a balance between security and data sharing. This is a very vital aspect that the freight forwarding industry needs to focus on achieving. It is a well-known fact that more data generation leads to improved forecasts. When better forecasts are made, the spikes in demand and pricing can be lowered in a significant way. However, it should not be done by compromising on safety. That is where the importance of striking a balance comes in. Smart business players have realized the importance of this aspect, and they have been making efforts to progress in this direction.
Importance of avoiding disconnects and effective use of technology is the need of the hour
As far as transparency is concerned, not all partners are moving forward at the same speed. Data sharing is very critical, and it influences the progress of a business in freight forwarding industry massively. Some people are still apprehensive, and it leads to disconnects. This situation needs to be avoided. Offer and demand cannot go in two directions. It is high time businesses need to realize that service should not be confined to offering a rate and accepting a booking. The scope of digitization should be utilized more effectively, and it equips traditional freight forwarding companies with better forecasting ability.
The expertise and infrastructure of traditional freight forwarding companies cannot be replaced, and it is designed to be secure. However, there is scope for more flexibility and the range of a peer to peer review system needs to be explored to promote safe data sharing and transparency. New companies can come up with innovative business models to make this industry more vibrant without compromising on security. Smart utilization of the technology is the best option available to take freight forwarding industry into great heights.