The new Dynamic PriceBuilder system from SMC³ pairs a carrier’s specific cost model with a flexible business rules engine to enable strategic, dynamic price generation.
SMC³ said, in a press release, that Dynamic PriceBuilder empowers a carrier to immediately adjust prices based on internal and external factors such as available capacity, shifting national freight patterns, and other external market conditions such as extreme weather events.
Dynamic Pricing Adapts to Changing Freight Environment
“Carriers have been needing a modern pricing system that allows them to adjust prices quickly to proactively meet a constantly changing freight environment,” said Brian Thompson, chief commercial officer at SMC³. “Countless times in my career pricing for a national carrier I wished I had a tool to quickly attract new business or rapidly improve the profit margin of freight we were already handling.”
Dynamic PriceBuilder was designed to help less-than-truckload carriers confidently execute a sound pricing strategy, according to the company. It provides carrier pricing teams with data that powers their analytics to strategically manage and grow their business in a healthy, profitable manner, according to the company.
Simplified LTL Pricing
Unlike other carriers’ dynamic pricing systems, ExactRate evaluates Averitt’s estimated costs and real-time demand to provide accurate and serviceable rates – in turn, streamlining pricing and enhancing transparency, according to the Averitt announcement.
Integrating a robust business rules engine with Averitt’s costing system, ExactRate offers real-time decisions based on cost and demand curves, generating precise rates that reflect market dynamics. This allows shippers to easily access net prices and make more informed decisions about their freight.
The system also enhances visibility and transparency, offering increased insights into discounted lanes and carrier requirements. This not only helps optimize freight matching, it also helps build trust between Averitt and its customers.
“This dynamic system will take into account our projected costs. I don’t know of anyone else that has taken it to this level of technology,” said Mark Davis, vice president of pricing and traffic at Averitt.
“ExactRate paves the way for improved efficiency, transparency, and collaboration in LTL pricing,” he added. “It empowers our customers to navigate the complex world of LTL pricing with ease and confidence, while revolutionizing the way shippers and carriers interact. The result will be stronger relationships and new growth opportunities.”
The Dynamic PriceBuilder solution simplifies the complexities of LTL pricing for the shipper, as a complete rate quote is transmitted directly into their transportation management system via high-speed API.
Powered by SMC³’s fully hosted platform, Dynamic PriceBuilder delivers high-speed, secure API connectivity and 100% service reliability for quote generation, retrieval, and reporting. SMC³ said it is scalable to handle the volume of quotes from even the largest 3PLs and shippers.
“Virtually every internal process or task performed by pricing and traffic is done so through the use of one of SMC³’s products,” said Davis. “Without these tools, we would not be able to carry out the day-to-day business of our company.”