The fifth 3PL Value Creation Summit in Chicago took place on October 24th-26th. The summit was an occasion for 3PL executives, technology innovators and investment leaders to discuss the future of the 3PL industry and explore new ways to improve logistical operations. The event was a huge success, featuring noteworthy panel discussions from high profile third-party logistics (3PL) providers, including HighJump’s Chief Operating Officer, Joe Couto.
The conference focused on a variety of key issues within the logistical sphere, including current global 3PL trends and operational aspects of the industry. With global logistics costs reaching $8.2 trillion in 2016, the 3PL market is forecast to keep growing. 3PL revenues represent around 10 percent of logistics costs, coming in at $802.2 billion. Furthermore, the conference highlighted important regional aspects, including the Chinese logistics industry. China’s 3PL industry is developing rapidly and predicted to eclipse the U.S. next year. That said, stricter environmental regulations have forced China to transfer some of their manufacturing and supply chain practices to alternative Asian countries.
The summit also provided attendees with an overview of expansion and innovation within 3PL corporations, indicating key growth industries including automotive, pharmaceuticals, e-commerce retail, food and beverage, consumer packaged goods and chemicals. Emerging solutions, such as warehouse robotics and application program interfaces (APIs), are at the forefront in a shift towards more automated logistics. With machines facilitating automated functions and advancements towards autonomous vehicles, a surge in productivity within the industry is certain.
To learn more how HighJump is empowering 3PL’s to excel in the future supply chain landscape discussed at the event, visit here.