Tag Archives: industry trends

Top 10 Fast-Growing Industries to Work In

If you are a recent college graduate, chances are you’re on your way to find a promising, fulfilling career. While some grads may have a clear understanding of what field they want to work in, many folks still discover and evaluate the diverse variety of jobs on the market. If you don’t know what your dream job is yet – don’t panic! There are plenty of opportunities, and we have compiled a list of the top 10 industries to work in.

The labor market is changing, with new and evolving industries gradually replacing old and conservative approaches. Comparably new sectors such as technology and e-commerce are booming. The entire career attitude is shifting towards flexibility, blurring the lines of rigid job patterns.

Essentially, some industries, like the energy services industry, will remain a gold mine. But the modern labor world gives young people unique opportunities to choose from, ranging from new innovative industries to traditional ones.

Here are the top 10 most promising industries to work in:

1. Technology

It is no surprise that the technology industry is one of the most promising industries to work in. With the wide span of specializations, it is one of the fastest developing sectors in the global economy. Big data science, cloud services, and AI are considered the most promising fields within the industry.

Job growth estimate until 2026: 120 percent

2. Health

Luckily, more and more venture investors flow their capital into health infrastructure, technology, and health care. With genetics programming, biotechnology, and health data management, the health industry becomes an extremely interesting and promising field to pursue your career in.

Job growth estimate until 2026: 121 percent

3. Energy

An increased demand for fuel and growth of oil and gas fracking sites are driving the increase in the workforce for the energy field. Additionally, great success is forecasted for sustainable energy projects in the future.

Job growth estimate until 2026: 115 percent

4. Media

The media is far from just an information source – it has become a valuable commercial asset. Apart from traditional media like television and radio, the industry covers many innovative fields like streaming services, gaming, and virtual reality. In fact, media accounts for 10 percent of entire venture capital, which makes it a very promising field to work in.

Job growth estimate until 2026: 109 percent

5. Retail

Both online and offline retail sectors offer various positions. Essentially, e-commerce and personalized retail are at the peak of job growth forecast.

Job growth estimate until 2026: 103 percent

6. Construction

As in many other fields, technology is changing the face of construction and infrastructure sector. Residential houses, smart homes, and big infrastructure will have the biggest impact in the near future.

Job growth estimate until 2026: 113 percent

7. Hospitality

Young entrepreneurs will have plenty of opportunities to implement their ideas in the hospitality industry. Hotels, restaurants, sustainable food projects and various travel platforms will remain the core of the field.

Job growth estimate until 2026: 108 percent

8. Finance

Fintech start-ups, new banking systems, and cryptocurrency creates an endless number of exciting job opportunities. The financial sector demonstrated the second highest profit margin after the media industry.

Job growth estimate until 2026: 107 percent

9. Real Estate

Real estate industry is also going to gain a lot over the next decade. With innovative changes brought into the game, the most promising sub-industries will include online brokerage services, real estate tech and property management tools.

Job growth estimate until 2026: 106 percent

10. Logistics and Transportation

The transportation and logistics industries are extremely important because most of our everyday operations depend on them. Companies seek ways to ship faster, cheaper, and more efficiently, causing a big shift in the way the industries function. Thus, autonomous vehicles, data-driven strategies, connected devices, brokerage, and trucking will produce the biggest cash flow into the transportation industry.

Job growth estimate until 2026: 108 percent

Final thoughts

Of course, money and trendiness are not the only things that you should consider when choosing your career path. However, the above-listed industries include a wide span of jobs to consider when searching for a position. 

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3PL Trends That Are Shaping the Logistics Industry

Third-party logistics providers already make a big impact on the transportation industry today. According to surveys, the amount of 3PLs users is growing and has reached 81 percent for domestic transportation in 2018. There is no surprise that fast and convenient shipping is a must for a company’s success. Demands for delivery rates and customer service rise every day. Therefore, efficient transportation management and awareness of 3PL trends become crucial to stay in the game.

There is a boiling competition between 3PL providers to stay ahead of trends on the market and in the industry. As big players like Amazon set the shipping standards higher and higher, third-party logistics services must apply smart technologies and follow the trends to keep moving forward.

Here are the main 3PL trends that companies should focus on in order to enhance their service and capabilities:

Value-added services and transparency

One of the most influential and enduring trends in 3PLs’ future is effective communication with clients. No business today survives only on a good product or technology — customer service is vital for building brand identity and obtaining loyal partners.

3pl trends

Unorganized and complicated transportation management is reasonably outdated, so transparency and value-added services will become more prevalent in the upcoming years. Free audits, forecasts, list of available services, and freight visibility will increase customers’ confidence level, giving you a primary advantage over the competitors.

Analytics and automation

Year after year, it becomes more relevant and needed, and 3PLs need to invest in new technologies to keep an eye on insights and have more accountability and information for boosting sales. New technology helps bring more consistency to the supply chain, and automation is essential for operating the logistics process. The decrease of labor-intensive tasks and cut of manual work involvement causes faster and more efficient production. 3PLs should utilize technologies that will fill in the current gaps in the chain, from transportation management systems to self-driven vehicles.

Investing in last-mile delivery

We all have to confess that shipping giants like UPS and Amazon are setting the trends for the industry. At this point, they have already developed specialized services for quick and reliable delivery directly to the customer. Last-mile delivery is the final element of the shipping process that leaves a certain impression about the shipping provider in the customer’s mind. Even if someone else failed, you are responsible for the consequences and customers’ experience. Investing in better service and technology to improve the last step of shipping is vital.

There is no doubt that 3PLs are in demand, but this also means an increase in the competition. Technology continues to advance. This means companies integrate their shipping process and supply chains. Ultimately, new trends will come into focus throughout 2019 and into the future.

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The Top 10 Blog Topics of 2017

  1. Everything You Need to Know: Spot Market Freight: Have you ever wondered about how the product you buy from a store ended up there? The complexities of a supply chain and the steps for moving freight to its end location are often overlooked. But, for manufacturers, suppliers, and retailers, logistics is a top priority to business operations. Accurately planning for efficient transportation routes and potential delays comes with many challenges, which is why many shippers turn to a freight broker to ship goods.
  2. 4 Innovations That Will Seriously Effect Last Mile Delivery: Continued growth of e-commerce and heightened customeriStock-615999310.jpg
  3.  expectations have prompted huge innovation in last-mile delivery practices. Last-mile delivery involves three main players – customers, merchants, and delivery providers – each with a different set of challenges and expectations.
  4. Capabilities and Benefits of Shipment Tracking: Shipment tracking technology enables shippers to be in control of their transportation and locate freight at any point in its journey. Track and trace features are available on a transportation management system (TMS). With this technology, you have insight to carrier performance, transportation costs and market trends as you manage your logistics. Shipment tracking is a necessary element of supply chain management.
  5. How Shippers Can Prepare for the ELD Mandate: The Electronic Logging Device (ELD) Mandate is happening whether your company likes it or not. There are critics, and there are supporters – no matter the side you’re on, your company needs to prepare for the inevitable. To help, we’ve laid out 4 tips for you to prepare for the ELD Mandate.
  6. Hurricane Harvey: Transportation Impacts: Hurricane Harvey has made landfall in Texas as of Friday 8/25/17. This is the largest storm to hit the United States in over a decade. Some forecasts are calling for as much as 60 inches of rain from Harvey. What does this mean for the transportation industry?
  7. Beginner’s Guide to Intermodal Freight Service: FTR’s Intermodal Competitive Index (ICI) rose in October 2016, reflecting a moderately favorable environment for intermodal transportation. The ICI looks at a variety of factors including truck capacity, fuel prices, rail service, intermodal rates, and more.
  8. 4 Tips to Ensure On-time Shipping for Small Businesses: On time delivery is a crucial in any industry. This final touchpoint in the supply chain represents your ability to fulfill your customer’s needs competently. It’s especially important for small businesses to delivery products on-time, as a good reputation is essential to their bottom-line.
  9. 8 Things to Know if You’ve Never Worked with a Freight Broker: A substantial amount of over-the-road freight transportation is handled by freight brokers. A freight broker is a person or company that brings together a shipper (with freight to move) and a qualified carrier (who has capacity to move the freight).
  10. Beginner’s Guide to PLS PRO, Transportation Management System: PLS created a SaaS based software, PLS PRO, that is highly configurable, adaptable and dynamic. PLS PRO is an online transportation management tool that enables shippers to oversee, operate and adjust shipments using a centralized network – regardless of shipment size or customer requirement.
  11. 8 Fascinating Statistics from Shippers about 3PLs: 3PLs have two fundamental responsibilities – leading customer relationships that focus on supply chain services and providing the management of those services. Most 3PLs have achieved a clear focus on what they do best, and on what expertise they can provide in order to enhance a shipper-client’s supply chain.

 

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Top Megatrends to Adopt by 2025

Today, the business operates in a digital world – once that changes at a rate seemingly impossible to keep up with. In order to succeed in this business climate, a company needs to adapt to the pace of change.

Adopting megatrends allows a company in this industry to gain critical insights into long-term changes that will affect the future of transportation. Driving growth and innovation, megatrends can be incredibly useful is creating a competitive advantage, excelling the company and keeping it afloat in the fast-paced future.

Trend 1: Replacement of multiple distribution network strategies with an omnichannel.

On average, there are three discrete distribution networks across all industry sectors. This number varies depending on overall corporate strategy.

Separate distribution networks were created mostly to handle the specific requirements of customer or product segments. Recently, e-commerce distribution networks were introduced as a sound supply chain strategy, but they lacked an important external element: speed.

Because of this, companies have started working on omnichannel strategies that will eliminate the need for multiple distribution networks, hopefully solving the speed problem.

Don’t be confused – omnichannel is not just an additional network to be added. It requires an integrated, seamless strategy to create and deliver value in the digital marketplace.

Megatrends.jpg

Trend 2: Integrated supply chain operations enabled by data-format neutral technology.

Until now, the best option for a company was to purchase and install technology in-house. Transportation management systems (TMS) and distribution management systems (DMS) require(d) the best software possible, and the investment in these assets often translated to improved performance, efficiency, and effectiveness for the business.

However, software as a service (SaaS) provides any firm with the same sophisticated, top-of-the-line tools to manage transportation and distribution, minus the large financial investment. This seems like a no-brainer for most companies, especially those with budgets restricting their technological explorations. The reality is that SaaS did not improve efficiency or effectiveness overall for supply chains, making it a moot point.

The solution to this problem is simple: technology must be viewed as an enabler for integrated supply chain operations, with its purpose being the creation of value in an ever-changing business environment.

Cutting-edge firms have gotten a leg up on others by learning how to handle demand uncertainty and customer requirements. The most important way to do this? Supply chain visibility.

Moving away from stale information towards real-time, streamlined supply chain visibility is a must if a company wants to survive in the digital business climate.

Trend 3: Introduce the Chief Supply Chain Officer.

The 25th Transportation and Logistics Annual Study indicates that companies with a Chief Supply Chain Officer report statistically better profitability than their competitors.

Strategy-structure-performance (SSP) theory supports the idea that an integrated supply chain strategy that is led at the C-level of an organization will result in improved firm performance.

Even better, the Chief Supply Chain Officer who recognizes the value in transportation will excel even more. At this point, most chief executive officers wouldn’t debate the importance of supply chain management, but many of them neglect transportation.

The CSCO balances the tradeoffs between functions to achieve the long-term, overarching strategic goals of the company, creating a competitive advantage.

Your Top 5 Questions on NOx Standards Answered

green-sustainability.jpgThe Environmental Protection Agency (EPA) is preparing a rule that would set new standards to reduce NOx emissions from heavy-duty truck engines beginning in 2024. The agency last tightened its NOx standards for truck engines in 2010 to 0.2 gram per brake horsepower-hour.

The California Air Rescue Board is pushing for a lower NOx standard, as low as .02, so they can meet the federal ambient air quality standards for the ozone. That would be a 90% reduction in NOx emissions.

What is NOx? Nitrogen Oxides. NOx pollutes air with its chemical compounds. NOx represents a family of 7 compounds. The EPA regulates nitrogen dioxide, NO2, as a surrogate for this family of compounds because it’s the most prevalent form of NOx in the atmosphere and is generated by human activity.

Where does NOx come from? About half of the NOx emitted comes from automobiles and other mobile sources.

What other EPA rules affect trucking? The agency’s heavy-duty greenhouse-gas regulations will take effect in 2024. The GHG Phase 2 calls for cutting truck emissions of carbon dioxide (CO2) and other greenhouse gasses, but left the NOx levels alone.

What’s the challenge? There are tradeoffs in lowering NOx emissions: a higher combustion temperature drives fuel efficiency, but also creates more NOx. The EPA has been under pressure to reduce NOx emissions from heavy-duty trucks. Plus, limiting NOx and CO2 standards at the same time is an engineering challenge. The Truck and Engine Manufacturers Association president said, “It is especially important to ensure that any potential future low-NOx requirements do not compromise compliance with the just-finalized Phase 2 greenhouse-gas standards, which will improve heavy-duty on-highway fuel economy by more than 25% over the next 10 years.”

What does the industry think of the NOx Rule? The EPA’s future rule signals progress. Today, NOx levels are near zero, and with additional regulations, emissions will be even less. The American Trucking Association (ATA) wants the federal government, not states, to set NOx standards. “Further ramping down on NOx emissions as envisioned by this petition will likely have a deleterious effect on our industry’s overall fuel economy. We believe any tightening of NOx standards for large trucks might consider these impacts, as well as the impact these technologies may have on engine cost and reliability,” said ATA’s energy and environmental counsel. The ATA works with the EPA to improve the environment, like with the SmartWay Transport Partnership.

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Sources: www.tida.org, www.ttnews.com

The Top 6 Supply Chain and Logistics Trends to Watch in 2017

What Are the Top Supply Chain and Logistics Trends in 2017?

Globalization logistics trends 2017

The supply chain is affected by the globalization of business, and those who work with international suppliers don’t have the same competitive advantage they once had. More markets are emerging in the global economy, and traditional supply and demand are changing. Industry Week reports that by 2025, global companies will have procurement managers based in China to source materials and services not only for their operations in that country but for their entire organization. Brazil, Russia, and India are predicted to become sources of supply and demand for global companies. Companies will have to be transparent in supply chain expansion strategies and offer suppliers visibility.

Life Cycles (Shorter, More Complex)

Companies are developing innovative products, faster. Speed-to-market is significant to supply chains, plus consumers are looking for more features and cheaper prices. With more collaboration in the supply chain, suppliers, solution providers and distributors can work together to accelerate a product’s life cycle. Shortening a product life cycle causes challenges to the supply chain; reverse logistics, inventory management, and shipping strategies are all affected. To quickly get products to the end-user, logistics service providers have to understand transportation regulations and market developments to avoid disruptions and additional costs.

Technology

The growing use of the Internet of Things, support to robotics in the supply chain, use of autonomous vehicles for shipping, and the rise of cloud technology software is supporting the company’s goals of streamlining data, gaining visibility and automating processes in real-time. But, with technology comes risks, especially cybersecurity vulnerabilities. Cyber-attacks are increasing in supply chains, and since analyzing big data has become such a priority, hackers have targeted vulnerable system’s sensitive information. In 2015, the number of records exposed in data breaches rose to 97%. (Read more here.)

logistics trends 2017

Digital Processes

Like other areas in the supply chain, once procurement’s manual processes changed to digital, companies found cost and time savings. Now, businesses should exploit digital processes in the supply chain. Logistics providers have to keep up with the demand and offer seamless software integration, which gives the company better supply chain visibility, operational productivity, reduced costs and less chance of disruption.

Cost Analyses

Understanding costs is as important as reducing them. With a cost analysis, it is easier to analyze proficiencies, charges, volumes, and loads. Supply chain decisions cannot be made strictly on the purchase price or discounts, as multiple processes (inventory, logistics, transportation) drive optimization. It’s important for supply chains to look beyond logistics to cut costs: renegotiate vendor contracts, check for chargebacks, and move to digital processes for less administrative error. (Read more here.)

Sustainability

Increasing regulations in transportation and customer expectations have put pressure on companies to become environmentally responsible. Organizations (around the globe) are looking into integrating sustainable processes and strategies. Going paperless, noting fuel consumption, administrative efficiency all correlated to a company’s ability to be sustainable. Working with a 3PL, the supply chain can assess its sustainability efforts with technology and emissions measurement, reviewing route and mode choices, consolidating shipments and monitoring compliance.

Download Now: Inbound Freight Management Research Related PLS Posts:

Logistics and Transportation Outlook: More Challenges Ahead

Last month, CSCMP and consulting firm A.T. Kearney released the highly anticipated 27th Annual State of Logistics Report. The report reveals a strong shippers’ market in 2016, a slow rise in transportation rates in 2017, and vaguely states there will be large obstacles to productivity in the future.

With this information in mind, what can we expect the future of logistics to look like?

Current State of Logistics

It is helpful to first look at an overview of the current state of the industry. In 2015, total U.S. logistics costs rose to $1.48 trillion, a 2.6% increase from the year before. This is actually a significant slowdown from the last few years when logistics spending was skyrocketing.

The report concludes:

“Today, the logistics system is sound. Desired services and features are generally available, and a system designed for cost efficiency is delivering pricing favorable to shippers. However, gaps in infrastructure and accelerating trends for speed will increasingly pressure a system that was not designed for e-commerce-driven ‘last mile, last minute.’”

What to Expect in the Future

Inventory levels pass peak levels and decline, revealing improved forecasting ability industry-wide. But, transportation rates are the real story of this year’s state of logistics. Here’s what the authors expect to happen in each mode:

Over-the-Road

The pricing environment for LTL and TL is very different. LTL prices have been rising since April 2016, and rates are higher than they were in 2015. LTL prices are primed for an overall 1.5% increase in 2016, and another 2% increase in 2017. Truckload rates have been tanking. TL prices have fallen 17 consecutive months and are 6.8% below 2014. TL rates are forecast to decline a total of 2.7% in 2016, but then rebound 1.7% in 2017.

Water

Rates have remained at historic lows for waterborne freight transportation, especially for deep sea carriers. The slow economy has not allowed them to increase freight rates yet. Deep sea freight is down 11.8%, coastal and inter-coastal freight down 4.7%, and inland waterways down 4.3%. However, prices are forecasted to see a sustained increase in 2017, rising 2.4%.

Air

Air freight prices have remained strong despite the recovering U.S. economy, for schedule and non-scheduled flights. Air freight rates are projected to gain a total of 0.5% in 2016, and then start to rise in 2017, collecting a 2.9% price jump.

Rail

Rail freight has been suffering low prices for 7 consecutive quarters. Intermodal freight jumped 4.1% in April alone, however, overall rail freight prices will decline 2.6% in 2016. In 2017, a 1.6% price increase is expected.

Key Conclusion for the Future of Logistics and Transportation

It isn’t a simple task to accurately forecast the future of a fast-changing industry such as logistics, but one thing is for sure: transportation rates are going to rise, a lot. Right now, we’re in a shipper’s market due in large part to overcapacity in the trucking industry. Logistics professionals are becoming more adept at managing the complexities of the modern supply chain, as inventory levels and overall logistics spending has decreased.

However, oil prices are recovering faster than most people expected them to, and the price of oil is the best indicator of transportation rates, even though each mode is affected differently. On top of this, government regulations are primed to hurt freight carrier’s productivity, further aggravating rates.

The long-awaited driver shortage still looms over the industry, as every year more truck drivers retire. Aided by regulations, the lack of drivers will constrict truck capacity to a dangerous degree.

Capacity is just enough to meet demand right now, despite the fact the U.S. economy is in a very slow recovery – if freight volumes reach healthy levels, the trucking industry will have full control of the pricing environment.

Only 35% of shippers use a transportation management system (TMS) for freight movement. Without a TMS, shippers miss out on shipment transparency, automated rules and optimization. The transportation industry faces a lot of challenges that will cause rates to sky rocket and will make freight management more difficult.

The State of Logistics Report warns that logistics is entering a new era – that technology and operational constraints threaten to change everything we know about the industry. Despite the recent improvements in logistics management, many shippers, who lack the proper technology and transportation strategy, are woefully unprepared for this.

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