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3PL recap: Data needed to deal with latest supply chain woes

This fireside chat recap is from FreightWaves’ 3PL Summit.

FIRESIDE CHAT TOPIC: How data keeps the supply chain resilient.

DETAILS: Shipper networks have been put to the test over the past two years and data has allowed for shippers to build resilient supply chains despite the curveballs they have been thrown. Environmental, social and governance — known as ESG — is also in the early innings, but data has allowed for carriers and shippers to find and improve inefficiencies within networks and drive improvements to their carbon footprint.

SPEAKER: Scott Sokoloff is the vice president of data and analytics at Transfix.

BIO: Sokoloff brings a track record of generating billions of dollars in value for diverse companies by leading their transition to an analytics-driven enterprise. Prior to joining Transfix, Sokoloff served as vice president of data and chief data scientist at Newsela. He also was chief data officer at OrderUp, which was acquired by Groupon in 2017; ran the data organization at Domino’s Pizza; and founded a data analytics consultancy.



KEY QUOTES FROM SOKOLOFF:

“Stuff happens every day — trucks get flat tires, they experience delays at the docks — and we account for that at a micro level. But when you talk about the recent Shenzhen, China, port lockdown or the changes in fuel prices, we rolled out our playbook that helped on both the shipper and carrier side: understanding what to expect, how to react and to not let a one-off event drive their business and stay focused on the fundamentals.” 

“We can help shippers better understand their load planning and identify opportunities within their supply chain where they can be more efficient. We had a lane we were running for a backhaul carrier for one of our retailers that had a private fleet and the drivers on that lane were driving empty — a lot. We were able to use data to identify lanes within that shipper network that were perfect for the private fleet so we could really drive those empty miles.”

“You really want to use data to drive towards value and to make decisions, and over the next five to 10 years, companies are putting a bigger focus overall to make the shift to be truly data driven and environmentally focused.”