Loadsmart, a digital freight technology company, released Data Insights, an offering designed to strengthen shipper operations with data infrastructure specific to each company.
By building the "digital pipes" linking supply and demand in the freight marketplace, Loadsmart is positioned to offer a macro- and micro-level perspective, as illustrated in the first-ever Freight Data Insights Report. Loadsmart bridges the gap between available industry information and what shippers really need to optimize freight management and maintain positive carrier relationships, Loadsmart officials said in a press release.
With Loadsmart’s Data Insights, shippers gain access to custom-built dashboards tailored to their specific needs and offering visibility into key logistics performance indicators, including:
- Target lead times that avoid detention and other accessorials (charges for additional services).
- Estimated additional costs resulting from shorter lead times.
- Scheduling insights including in-facility waiting times.
- Repeat offenders for accessorials, including cancellations and Truck Ordered, Not Used fees, evaluated by facility or accessorial.
- Comparison of accessorials to benchmarks of other shippers of the same size or industry.
- Mode optimization options to reduce cost, time, and emissions.
- Analysis of past shipment costs that could have been reduced and by how much to establish better mode selection.
“We are much more than a digital freight technology company, we are a tech partner that helps shippers identify inefficiencies and we have the executional services to act on them,” said Felipe Capella, co-founder, president and chief operating officer of Loadsmart. “This solution provides actionable insights that extend beyond industry benchmarks and can be used to improve many aspects of the shipper’s business.”
Today’s shippers increasingly aspire to be data-driven, company officials said. While shippers that leverage industry databases have a leg up on the competition, there are gaps between what public databases portray and the reality of what shippers are experiencing, and context is often lacking. Loadsmart’s Data Insights allow companies to dig deeper to identify points of action, so they can take real steps to beat third-party benchmarks and focus their attention on fixing problems at the source where it will have the greatest impact.
“Existing industry data is often handed off to shippers, leaving managers struggling to find what they need among irrelevant datasets,” said Ed Summers, senior product manager at Loadsmart. “Due to our strong engineering makeup, our team is uniquely capable of building customizable dashboards that grant shippers the ability finally to dictate what they want measured.”
Equipped with Loadsmart’s AI and machine learning capabilities, Data Insights gets smarter the more a shipper utilizes it, adapting findings to suit business needs on an ongoing basis, and helping customers achieve their KPIs and OKRs. With relevant, customized insights, shippers can establish and maintain positive relationships with for-hire fleets by understanding inefficiencies that impact successful carrier performance. The better service carriers can provide, the better service shippers can then deliver to their customers, company officials said.
The inaugural Freight Data Insights Report analyzes a massive data set from Loadsmart’s digital freight platform. Findings within the report are based on millions of customer quotes, hundreds of thousands of pickups and deliveries, more than 30,000 carriers and 680,000 U.S. lanes from 2020-2021. The report confirmed the manufacturing industry experiences the highest proportion of FTL detention at 10%. Additionally, the average lead time is greatest in retail at 7.2 days.
“At Loadsmart, we don’t create technology for the sake of technology. Our focus is clear—we aim to develop solutions that significantly improve efficiency in the freight shipping sector,” Capella said. “Real-time information is the currency of the future of freight and with Data Insights – alongside our ability to execute against the findings – shippers can utilize data to its fullest potential.”
Originally posted on Work Truck Online