DAT Solutions is supplying Knight-Swift Transportation with a new rate forecasting tool to provide actionable short-term and long-term insights into transportation markets. The tool provides forecasts based on the DAT RateView database of more than $68 billion in annual freight transactions.
Callin DAT "the most accurate and complete source of spot and contract rate data available," Don Everhart, VP of technology and analytics for Knight-Swift Logistics said the company is "looking forward to applying these rate predictions to significantly improve the speed we can serve customers, while mitigating price risk.”
The pilot program will run through the first quarter of 2020, the company said. After that, the DAT rate forecasting tool will be made widely available to third-party logistics providers, freight brokers, truck fleets, financial analysts, and other industry stakeholders.
“DAT’s data science team tested the rate prediction algorithms for months, back-checking its forecasts against actual results and refining the models to improve accuracy, but the partnership with Knight-Swift provides the perfect proving ground,” said Ken Adamo, DAT chief of analytics, in a press release.
“This pilot is an important step as we develop and broaden the commercial scope of our best-in-class forecasting tools,” explained Adamo. “By teaming with Knight-Swift, we can continue to refine the algorithms to solve real-world problems.”