The Oxford Dictionary defines “visionary” as a person thinking about or planning for the future with imagination or wisdom. This definition suits Mike Regan, this year’s Council of Supply Chain Management Professionals (CSCMP) 2023 Gail Rutkowski Transportation Excellence Award (GR-TEA) winner. He’s spent the last several decades championing for improved logistics performance by all stakeholders, including shippers, carriers, and intermediaries.
Regan’s belief that collaboration is a key factor in improving supply chains has fueled his commitment to reducing transportation and freight costs in the logistics space. This is just one of the many reasons why his colleagues nominated him for the GR-TEA award, which recognizes companies and individuals that excel at using their knowledge, connections, and industry expertise to educate, support, and create long-term impacts within transportation-related fields.
Regan currently serves as chief of relationship development at TranzAct Tehnologies Inc., a freight solutions company he co-founded in 1984. Under his leadership, the company has continued its mission to help customers reduce costs, improve services, and solve logistics challenges. Recently, he spoke with Supply Chain Xchange Managing Editor Diane Rand about his work and the future of transportation.
NAME: Mike Regan
TITLE: Co-founder and chief of relationship development at TranzAct Tehnologies Inc.
OTHER EXPERIENCE: Chairman and chief executive officer at TranzAct Tehnologies for 28 years; national accounts representative at Bank of America
AWARDS: 2023 CSCMP Gail Rutkowski Transportation Excellence Award; 2014 CSCMP Distinguished Service Award; member of CSCMP’s Supply Chain Hall of Fame; 2008 NASSTRAC Member of the Year; 2005 National Industrial Transportation League Executive of the Year; 2005 DC Velocity Rainmaker; and 2002 Delta Nu Alpha Transportation Professional of the Year
As the transportation industry has evolved, what are some of the lasting principles of logistics excellence that you’ve supported and promoted over the past few decades?
There are many principles of logistics excellence that I’ve promoted. The ones that top the list would be accuracy and adaptability. Great data is the foundation of great planning when it comes to logistics or just about anything else. And adaptability is critical as things are constantly changing in the transportation and supply chain sectors. As a company that manages freight bills and supply chain solutions, we’ve learned how the data that’s gained in the process can be invaluable for evaluating operations and planning. And we’ve also learned that being flexible and willing to provide customized solutions can enable customers to adapt and compete regardless of what is going on.
Another principle we value is building great relationships and communication. We stay in touch with a large network of both shippers and carriers and look for opportunities to build a greater understanding of how to work together in ways that benefit both parties.
How is technology shaping the future of transportation?
Over the years, I’ve seen how technology is changing the industry by improving visibility and the use of AI (artificial intelligence) to drive predictive analytics. Several new technologies have enabled more data to be collected and with better precision. And with machine learning and other AI capabilities, companies can see into the future more clearly. There’s still a long way to go when it comes to standardizing information and improving communication. With continued advancements in AI, there will continue to be more effective solutions in addressing supply chain headaches.
Prominent emerging technologies such as autonomous vehicles or drones are interesting to watch and grab headlines but haven’t made a major impact on the industry yet.
You’ve been heavily involved in numerous transportation- and logistics-related associations. Why has that been important to you?
As I mentioned earlier, we’re invested in building better relationships throughout the industry. As a member of various associations, I’ve been able to serve as a panelist or moderator and help increase awareness of key issues. I’m also passionate about staying on top of the latest developments. As a result, we have a great network of industry experts and resources that we can call and engage with in addressing opportunities with our customers.
If you could fast-forward to 20 years in the future, what does the logistics transportation space look like in your mind? What do you hope changes? And what would you like to see continue to strengthen and evolve?
Although lots of ideas and innovations have come onto the horizon, change has typically been gradual in the logistics industry. As such, I expect it to look very similar, but with greater adoption of current technologies.
What I would like to see change is the overall condition of supply chains. As part of my “Is your supply chain an asset or anchor?” presentation, I’ve asked executives to rate their supply chain. They typically give it an “average” or “below average” rating. Until recently, logistics operations have largely run in the background with little investment. Now that they’re getting more attention, it will be interesting to see how they evolve. As supply chain issues and challenges continue to gain attention at the C-level and in the boardroom, companies will look to eliminate waste in their supply chains so that they can be more effective.
One item I would like to see strengthened is the quality of communication between companies and carriers. Since supply chains haven’t been prioritized in the past, there are many simple improvements that could yield greater efficiencies. Better conversations about what needs to change, along with more investment, could help them to gain an “above average” rating in the future.
