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Navigating budget variances in transportation and logistics is an expected challenge when navigating the standard ebbs and flows of supply and demand, However, the scale and pace has changed drastically during the pandemic and other recent major global market challenges. Truckload, LTL, and intermodal rates have all fluctuated significantly, causing uncertainty for shippers everywhere. Making sure to build flexibility into your budget and developing the right approach for your business are crucial heading into unprecedented times. DAT has developed this guide to help shippers manage these new market conditions, identifying two types of budgeting processes for transportation and identifies areas of opportunity to better account for cost variability. The strategies incorporate advanced rate analytics and forecasts to build more resilient and flexible budgets that can weather even the most challenging environments. With the help of these strategies, transportation teams can establish a regular cadence for analytics and hold themselves accountable for budget performance as market conditions change. They can also drive collaboration with internal and external stakeholders to make continuous improvements. |
