The Data Landscape: What You Need from Your Digital Provider
Loadsmart is a technology company that uses artificial intelligence to analyze data, providing shippers with insights into their business operations. We help shippers reduce cost and operate more efficiently by seeing how their goods move across their network and then providing recommendations and guidance. The more you move with Loadsmart the deeper the data analytics.
When regulatory policies constantly change, technology trends suddenly emerge, insurance and fuel prices increase overnight, and consumer buying patterns shift in the blink of an eye, it’s important for logistics professionals to have the facts on their side.
Companies with access to comprehensive, accurate market insight can make better logistics decisions – both in their day-to-day and the long-term. The good news is part of this need can be satisfied with a few already available resources and reports that many in the industry are familiar with. It’s fair to say that much of the logistics news and information practitioners are reading is informed by a small number of sources, such as:
DAT Freight & Analytics: DAT operates the largest truckload freight marketplace in North America. Transportation brokers, carriers, news organizations, and industry analysts rely on DAT for market trends and data insights derived from 249 million freight matches and a database of $110 billion of market transactions.
FreightWaves SONAR: SONAR tracks daily activities in domestic and global markets, with freight data generated from thousands of exclusive sources and transactions valued at more than $200 billion. It offers historical, current and future freight rate, volume, and capacity index data – across all modes.
CSCMP’s Annual State of Logistics Report: Every year across three-plus decades the Council of Supply Chain Management Professionals collaborates with Kearney and Penske Logistics to offer a snapshot of the American economy through the lens of the logistics sector. This compilation of global logistics intelligence shines a spotlight on industry trends and provides insights on ever-evolving supply chains.
There Are Pieces Missing from the Puzzle
But while these are some of the top places to go when you’re on the prowl for some key freight market intelligence, they really only give you a piece of what you need. The problem is the data and information from these sources is always on a macro-level and the general overlook of the marketplace they provide isn’t specific to your company’s day-to-day operations. For example, generalizing historical rate data to include a whole city is not precise enough because rates can vary even within a single zip code based on many factors.
For shippers who want to be truly data-driven, there are gaps between what these databases portray and what you are experiencing in reality. This is why context matters so much. So, while shippers that frequently reference these sources of information will definitely have a leg up on the competition, it’s not enough when it lacks context.
Bridging the Logistics Data Gap
The solution lies in identifying the transportation partners and technology that can help you leverage your own company’s shipping information to get the best of both worlds: a macro and micro-level perspective on the transportation industry.
After all, numbers by themselves aren’t the most vivid storytellers. And numbers with no context or relationship to your unique shipping operation might as well be another language. No one expects shippers to be expert data analysts, so why should you? To learn more about how Loadsmart combines deep industry expertise with state-of-the-art technology to give shippers data-visibility and cost control, click here.
We are industry veterans and data-scientists using innovative technology to fearlessly reinvent the future of freight. As the ‘nerds of logistics’, we seek intelligence in data to solve deep-rooted inefficiencies in the industry. We give shippers, brokers and carriers access to our data connections (linking supply and demand) and suite of award-winning solutions to strike the perfect balance of cost and service. We’re creating a more efficient and environmentally responsible way to move more with less. For more information, please visit: https://loadsmart.com.