A Great Life on The Open Road: How Tech Solutions Optimize for Higher ROI
Trucking
A Great Life on The Open Road: How Tech Solutions Optimize for Higher ROI
July 26, 2023
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CloudTrucks Team
Table of Contents
- The positives and negatives of being an owner-operator
- Overview of the ways the industry has evolved in the last decade
- The technological key to having a successful career as an owner operator
- How to use tech to optimize loads
- Broader benefits of using tech wisely: The life you want with the people you love
To make a successful living as an owner-operator on the open road, one needs an enduring, spirit-driven mindset and an aptitude for adventure and intrigue. It’s a career that requires stamina, vision, independence, and some savviness, and it’s not for everyone. But for those who choose entrepreneurship in trucking as a means to create and support the life they envision, trucking can be highly rewarding – especially for those who know how to leverage the tools and software currently available within the space.
The positives and negatives of being an owner-operator
Life as a “trucking cowboy” (or cowgirl) offers big risks and big rewards. The upsides of pursuing a career as an owner-operator are plentiful: autonomy, flexibility, and the potential for high profitability are all available to those who enter the field with a clear idea of what it entails. The cons — startup costs, tenuousness of work due to weather and safety conditions, competition, being held financially responsible for damages or mistakes (even at times those one isn’t at fault for), long stretches away from home — must be carefully weighed before one sets out on their path.
Those who have been drawn to the path of independent trucking have long weighed these considerations. But over recent years, shifts within the industry have added unprecedented angles to weighing the many factors inherent within the career and what it takes to succeed at it.
Overview of the ways the industry has evolved in the last decade
Over the last decade, there have been a few changes in the industry that have had an impact.
- The ELD mandate congressionally required paper time logging to be replaced with Electronic Logging Devices (ELDs). This rule was instituted in order to improve driver safety, and it’s been effective in doing so: the ATA reports a reduced truck crash rate of 11.7% thanks to higher compliance around hours-of-service rules.
- A continued shortage of drivers has left businesses scrambling to staunch the financial bleed created by standstill trucks with no one to drive them. The 2020 lockdown left numbers looking pretty stark. There’s also an aging driver population and many chose to retire given the uncertainty caused by the pandemic and subsequent market impacts. Driver supply has somewhat rebounded since 2020, but there is still a shortage today.
Finally — and on a positive note — the incorporation of technology has democratized operational efficiency for everyone involved in the industry, so those who use the resources available to them are more easily able to establish competitive advantage.
The technological key to having a successful career as an owner operator
The trucking industry will always have its cycles around demand for services and the number of truckers engaged in the profession. During times when demand is high and competition intensifies, maintaining a professional edge can only be accomplished via meticulous management of one’s time and resources. The smart use of technology makes it easier to accomplish this feat now than ever before.
Of all the safety requirements, a driver must optimize their hours of service (HOS) above all. The key to making the best use of working hours is having access to data that allows drivers to negotiate with pricing and market insights when making decisions on loads. Owner-operators now have access to business management technology that levels the playing field shared between companies, brokers and themselves. Tools such as real-time cloud computing and personal device adoption help put truck drivers in a more resilient position as small business owners in a field that’s historically catered to large companies.
How to use tech to optimize loads
To combat some of the recent, changing dynamics in the trucking industry, there are now a range of tech tools available to help drivers do more with less:
- Schedule optimization — Customizable, feasible schedules across thousands of available loads, backed by data and easily configured according to a driver’s availability, location, and preferences. Drivers can use apps to book instantly or place bids like an auction, making it much easier for them to make the most of their hours of service.
- Facility visibility — Crowd-sourced reviews on facilities alerts drivers to wait times, levels of cleanliness, and facility management.
- Lane speeds and weather considerations — Real-time technology gives drivers the ability to locate optimal routes based on traffic, closures, and weather conditions.
- Business intelligence — Platforms can provide a comprehensive breakdown of a driver’s performance, safety standing, personal expenses, and revenue, allowing users to determine how they can yield the most profit.
Fleet management, even while on the go — Thanks to app integrations, drivers can easily manage fleets from mobile devices. This allows for greater flexibility around resources and time, something that’s especially useful during phases of driver shortages.
Broader benefits of using tech wisely: The life you want with the people you love
Trucking is renowned for being an industry with high rates of burnout and isolation. While certain currents in our society glorify the grind, those who are drawn to a life of self-direction aren’t typically the kind who want to be controlled by work or just let life happen to them. Rather, they’re dedicated to making life happen for them. The smart use of technologies within the trucking industry does more than just turn your time into profit. When used effectively, technology also protects the time you give to your loved ones and the time you’re able to dedicate to other life pursuits that matter to you.
"Victory is won not in miles but in inches,” said the late American novelist Louis L’Amour. “Win a little now, hold your ground, and later, win a little more." Drivers who stay organized, take advantage of new technologies, and maintain the right headspace during these lean days in the trucking industry will increase their odds of being among those that make it and will ride the wave on the upswing.