Logistics industry leaders rely on data to run their businesses in real-time, and they consult data when planning for the future. In recent years, it has become easier for decision makers to gain access to a wide swatch of different data points. How useful those insights are, however, depends greatly on their source.
Legacy data is still some of the most popular data in the industry. The problem is that this information only allows shippers to create potential forecasts based on historic norms. The logistics industry is well known for its volatile and chaotic nature, meaning that historical data is not necessarily an accurate indicator of future conditions. FreightWaves SONAR was created to solve the legacy data issue. The platform provides a wealth of high-frequency, upstream data that comes together to provide predictive signals well before lagging indicators.
SONAR Container Atlas provides users with real-time volume data and daily market pricing information specific to ocean freight.
By utilizing Container Atlas, shippers, brokers and carriers can access more up-to-date information than that offered by U.S. import data. This is because Container Atlas captures ocean container volume data at the time of reservation, whereas traditional import data is based on arrival time.
The real-time data powering Container Atlas makes it possible for the users to take transit times and port delays into consideration, providing the most reliable gauge of future activity available on the market.
With Container Atlas, users can manage disruptions with confidence, identify trends in demand and volume shifts weeks in advance and balance cost and service as market conditions change.
Ultimately, Container Atlas empowers transportation teams to gauge risk, manage fluctuations and pinpoint cost-savings opportunities. This ground-breaking application enables users to stand out among the competition by helping them spot emerging trends in container shipping rates, global port conditions and carrier transit times.
Having access to high-frequency data like that featured in Container Atlas is particularly crucial during times of extreme volatility, and it allows shippers to stay ahead of the market.
During market volatility, shippers can use Container Atlas to:
- Compare conditions holistically throughout other regions and contrast to historical conditions to see port-by-port congestion trends
- Isolate ports of entry that are available for their operations
- Identify where capacity and rate pressures may be working in or against their favor
Shippers can maximize the benefits of Container Atlas by considering the data alongside other real-time SONAR indexes – including OTVI and ITVI – to get a full picture of what the market is doing today, as well as what the market will be doing tomorrow.
Users can rest assured that the insights they gain from Container Atlas – and from any other SONAR index – are based on accurate, vetted data.
“FreightWaves SONAR acts as the transparent intermediary in the ever-evolving supply chain world. FreightWaves partners with leading technology providers and industry stakeholders to create an unbiased source of information,” according to a recent FreightWaves article. “With more ocean data from disparate sources, backed by data engineering and machine learning, users are able to get the most accurate booking, tender and pricing information for every ocean shipment.”
Ready to step into the future? Click here to request a SONAR demo.