B2B shipping firm Freight Technologies has increased its reach by partnering with trucking company Majoba.
The companies announced their collaboration Monday (Jan. 30), saying that Mexico-based Majoba Logistics would onboard its fleet to Freight Technologies’ (Fr8Tech) Fr8App platform, allowing the companies to provide a broader range of products and services to their customers.
According to a company news release, Fr8App is a B2B cross-border shipping marketplace for the North American region powered by machine learning and artificial intelligence (AI).
“Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility and simplicity for the once-complex process of international over-the-road (OTR) shipping,” the release said.
PYMNTS wrote last year that companies in the transportation and logistics sectors were using digital technology to make the most of their trucks, whether that meant aggregating freight or improving routing.
Value-added logistics solutions enabled by technology are in high demand and are contributing to a significant amount of new business at Ryder System, Chairman and CEO Robert Sanchez said during an earnings call.
In addition, Ryder has invested in startups that focus on areas such as autonomous vehicle technology, eCommerce fulfillment and digital technologies that support freight optimization.
“Our investments here advance strategic relationships to support development of new products that benefit our customers and solidify our position as an industry leader,” Sanchez said.
Meanwhile, more recent research by PYMNTS finds that nearly half of all transportation and logistics companies plan on innovating their accounts payable (AP) platforms within three years.
“Transportation, shipping and logistics companies have proven essential to the rise of eCommerce, particularly since the pandemic began,” PYMNTS wrote last month. “Amid soaring demand, these businesses recognize a pressing need to upgrade their AP systems to ensure that supplier and vendor payments are sent reliably and efficiently.”
Businesses in this field already process payables at high volumes — 71% process an average of at least 1,000 payables per month, and 72% expect their payables to rise by 11% or higher in the next three years, according to “Accounts Payable Automation: Transportation Companies Innovate To Drive Growth,” a PYMNTS collaboration with Routable.
The report found that 83% of transportation and logistics company finance chiefs expect to see an improved relationship with vendors through AP innovation.
Nearly half expect their ability to pay vendors with their preferred payment methods to improve thanks to these innovations. Sixty-seven percent of these firms who said insufficient payment options were a key challenge stressed the importance of having automated AP platforms to handle rising payables volume.
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