Logistics & Supply Chain Trends and Movements at the 2024 FreightWaves’ Future of Freight Festival

We just returned from Chattanooga, TN, where we joined many of the leaders and players in FreightTech at FreightWaves’ Future of Freight Festival.

It’s as much a showcase as it is a gathering to celebrate, network, and casually talk shop and collaborations. The energy was high, and the conversations revealed a lot about where the industry is headed.

Whether it was hearing about transformative partnerships, seeing cutting-edge demos, or discussing how AI and data are shaping the future, one thing was clear: the freight and logistics world is in a state of dynamic evolution.

There are a few movements and trends in tech that are becoming more and more apparent.

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Optimism continues, but this time it might be for real

Back at the FreightWaves Future of Supply Chain event earlier this year, the industry was buzzing with talk about “green shoots” signaling recovery. However, those signs were more wishful thinking than concrete progress. Fast forward six months, and while the industry hasn’t turned a complete corner, there’s a stronger sense of grounded optimism.

With the presidential election now finalized, policies and initiatives impacting freight and logistics are clearer. From infrastructure spending to sustainability efforts, companies are positioning themselves to align with these directives, giving the optimism a tangible foundation.

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Collaboration wins—between customers and partners alike

Shelley Simpson, President at JB Hunt, delivered a keynote that highlighted the importance of partnerships. She shared the story of JB Hunt’s transformative collaboration in 1989 with Walmart—a deal that redefined intermodal freight and propelled their business to new heights.

This keynote reinforced a recurring theme: partnerships—whether with customers, vendors, or even competitors—are not just advantageous but essential in today’s complex logistics landscape. In an era where integration is everything, businesses must work together to build resilient, adaptive supply chains.

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The need to leverage AI is obvious; the “how” is still TBD

AI’s promise in FreightTech is undeniable, but implementation remains a hurdle. The technology’s potential to optimize routes, improve demand forecasting, and even streamline back-office processes is clear, yet few companies are truly capitalizing on these opportunities.

One major roadblock? Dirty data.

Many organizations are struggling to consolidate and clean their data, leaving them unable to fully unlock AI’s capabilities. Without rich, accurate, and unified datasets, AI efforts risk producing siloed, incomplete solutions. Companies that invest in data standardization and contextual integrations are better positioned to see real ROI from AI initiatives.

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Experience matters—more than ever

A staple of FreightWaves events is the rapid-fire demo sessions, where attendees can see the latest tech in action. This year, HappyRobot stole the show with its game-changing logistics automation platform. Their demo highlighted how they leverage voice-based AI to reduce inefficiencies in support, booking loads, and automating busywork.

Another standout was Everest, which wowed the audience with its customer support tool that directly integrates with TMS platforms. By combining AI-driven insights and customer communication data, Everest equips support teams with actionable information, ensuring that customer issues aren’t just resolved but resolved in context.

It’s no longer enough to solve problems; where and how you solve them matters.

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The industry is ready for change, but friction remains

Change is coming, but it’s far from seamless. From regulatory shifts to technological adoption, the industry faces significant friction. Many players are slow to adapt, constrained by legacy systems and processes. As the pace of innovation accelerates, those unwilling to embrace change risk being left behind.

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Digital and analog brokers are more critical than ever

Uber Freight made waves by announcing its new broker platform online at the start of the week, aimed at streamlining operations for carriers and shippers alike. Meanwhile, Flexport continues to build on Convoy’s legacy, leveraging its tech to refine and expand its own freight solutions.

The takeaway? Whether digital-first or blending analog expertise with tech, brokers remain the linchpin in connecting fragmented supply chains.

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Investment in FreightTech is growing

Despite economic uncertainties, capital continues to flow into FreightTech. Investment in AI-powered tools and platforms is at an all-time high, signaling confidence in the industry’s future. Startups and incumbents alike are raising funds to innovate in automation, sustainability, and visibility solutions, fueling the next wave of transformation.

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Failures and flailing companies still help the industry evolve

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Convoy’s closure was one of the most talked-about moments of the year, but their story isn’t just about what went wrong. In a fireside chat with Convoy’s founder, we gained invaluable insights into the risks of scaling too quickly, the importance of sustainable growth, and the value of learning from failure.

Failures like Convoy’s aren’t the end—they’re a catalyst for industry-wide learning and evolution. Each misstep leaves behind lessons that push FreightTech forward.

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Final thoughts

FreightWaves’ Future of Freight Festival underscored that while the logistics industry faces its share of challenges, the momentum for change is undeniable. From collaboration and AI adoption to investments and hard-earned lessons, the sector is evolving in real-time. The companies that lean into innovation and embrace partnerships will undoubtedly lead the way in shaping the future of freight.

The future of freight isn’t just on the horizon—it’s here, and it’s moving fast.