How Loadsmart Uses Sonar To Train Pricing Algorithms & Provide Freight Market Insights To Customers

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Founded in 2014, New York-based Loadsmart is a technology company whose online platform makes it easier for shippers to move freight fast, and easier for carriers to keep their trucks full. Loadsmart’s mission statement is simple – to transform the future of freight by leveraging cutting-edge technology and strategic partnerships to help its shipper and carrier customers move more with less.

“What makes SONAR really impactful,” Nicholson said, “is that there’s so much data that you can piece together to understand what’s driving the market and anticipate what’s going to happen next.” He also said, “There is also all of this other data that is aggregated through SONAR. And I think SONAR does a nice job of bringing that data together to paint the holistic picture instead of a view of a single transaction. On a lane basis, SONAR does both. And I think that there is a ton of value with that.”

To summarize the FreightWaves-Loadsmart relationship, Battistella said, “I think this is working well in part because many FreightWaves staff have freight backgrounds. They really understand the business and they also know how to use the data effectively. And they have learned about Loadsmart and are invested in us to provide what we need to make our business better.”

In this case study, learn how Loadsmart uses SONAR for:

  • Bringing that data together to paint the holistic picture instead of a view of a single transaction
  • Collaboration to discuss SONAR data with the FreightWaves data science team to aid in training Loadsmart’s pricing algorithm
  • SONAR indices, charts and graphs to get a holistic real-time market view

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What's the SONAR ROI?

By increasing the number of loaded miles per day your drivers drive by 1% and your rate per mile by $0.03 you will make more per week #WithSONAR.

#WithSONAR you can save up to per week through better bid negotiations and more effective management of your routing guide.

#WithSonar you can add 1 more load per person each day and increase $5 margin per load, earning your company an extra per week.

Disclaimer: Every company’s circumstances are unique. Fixed and variable expenses, market conditions and operational factors vary. Unforeseen events may also affect results. Calculated potential results reflect the consensus expectation of FreightWaves’ experts. Actual results may vary.

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