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Luke Kupersmith is Co-Founder and CEO of Source Consulting. Under his leadership Source has become one of the leading transportation and logistics companies in the country. Luke has led the formation and development of two now-successful companies. Previous to his entrepreneurial ventures he gained experience working as a financial advisor for small businesses and wealthy individuals.
Source Consulting is a privately owned logistics consulting and solution provider that applies relevant shipping cost reduction services and technology within the transportation industry. Since 2004, Source Consulting has been helping companies with high shipping volumes to reduce transportation costs and streamline the logistics process.
MO: What influenced your career change from financial advisor to founding a transportation and logistics company?
Luke: Approximately one year prior to leaving my financial advisor position, two friends and I decided to start an online clothing company (Blankstyle.com) and a logistics consulting company (Source Consulting). Some time later, my boss at the advisory firm “suggested” that I either resign my position as financial advisor or that I discontinue the “side projects”. I opted for the entrepreneurial route. After running both the clothing and logistics companies for approximately three years, we hit a challenging season in the business’s lifecycle. During this time, one business partner decided to make his exit. The remaining business partner and I decided to sell the clothing business and focus our energy, effort and resource on Source Consulting (the logistics consultancy), which turned out to be one of the best decisions that I have ever made.
MO: How did your background and experience contribute to the development and ultimately the success of Source Consulting?
Luke: Source Consulting is primarily focused on selling cost reduction services and technologies to companies with high shipping volumes. Though I personally brought no carrier, operations, or logistics experience into our business I do have a very good understanding of money, sales, and management. As it turned out, my background in financial services was an excellent training ground for a future of helping companies understand and act upon the cost savings solutions offered by Source Consulting.
MO: What innovative technologies have you implemented at Source and what advantages do they provide to your customers?
Luke: In addition to our suite of logistics reporting, analytic, and audit technologies, we are very excited about a logistics software company that we acquired in December 2011. As a result of that transaction we now own the Halo and Intelliship technologies. Halo is a cloud/SaaS visibility software that provides users a real-time tracking visibility to all shipments in transit with all their carriers at all times from a single interface. Halo also contains a proprietary color coding functionality that alerts users of shipments that are in “distress” and need immediate attention. Intelliship is a true SaaS multi-carrier multi-mode shipping and manifesting solution that helps companies ensuring routing guide compliance and automate the shipping process. Both the Halo and Intelliship technologies are revolutionary in their way and will delivery invaluable utility to our existing and new customers.
MO: Source Consulting was recently named to Inc. Magazine’s “500 Fastest Growing Companies” list. How did it feel to be recognized for your success and why is Source thriving while other companies are barely surviving?
Luke: Our suite of cost reduction solutions are obviously relevant in a thriving economy because companies are shipping more packages and therein exists more opportunity to save. What is especially exciting about our business is that cost reduction becomes even more of a priority for companies in the midst of a struggling economy. We are very honored to have been included on Inc’s 500 fastest growing companies short-list, in addition to being named amongst the top ten logistics and transportation companies in the country. The majority of our revenue is generated by a contingent share of savings that our solutions have procured for clients. Source Consulting’s rapid growth is most definitely a testament to the fact that we are successfully improving the bottom-line of many other companies, in addition to that of our own.
MO: Are there any trends in logistics that we should be aware of?
Luke: Across the board, shipping costs are on the rise. In recent years, carriers have made a focused effort to increase the cost and occurrence of accessorial charges. Although there is very little that can be done to entirely eliminate the rise of transportation costs, there are many things that can be done to offset it. The need for cost reduction services and technologies in the logistics space will always be prevalent.
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