“What’s the best way to use data to beat your competition as a freight brokerage business?” Freight brokers are continually looking for the latest and greatest ways to add value and keep costs under control through new freight brokerage software. That’s regardless of whether it’s an asset-based broker or just someone who works with a company to source capacity. Nevertheless, it all adds up to a greater demand for integrated systems and real-time data. Furthermore, real-time data and SaaS-based resources have additional value in the form of enabling management by exception. As explained by Supply Chain Beyond, “The integration of real-time information can enable you to take a magnified look at your business operations and swiftly recognize any possible deficits and issues before they become full-blown problems that can affect your sales and profits.” For those still unconvinced, consider these reasons SaaS transportation technology with real-time data adds value to a freight brokerage business.
1. Real-time data increases customer service
SaaS-based freight brokerage software, no matter your freight broker business model, helps increase customer service by allowing brokers to see beyond the details provided by a single shipper or carrier to understand the market’s real trucking rate and offer the best freight rates.
2. SaaS-based resources have fewer maintenance and development costs than an in-house platform
SaaS-based resources are wholly built and maintained by third-party entities, such as FreightWaves, resulting in fewer total freight brokerage software development fees. That is especially true when looking at the perpetual costs that occur with continuous development. It all adds up to lower maintenance and development costs than the building and maintenance of an in-house platform that leverages real-time freight data.
3. SaaS-based freight brokerage software is critical to staying competitive
Companies worldwide are advancing their IT cloud services, meaning freight brokerage software must move in tandem. According to Freddie Pierce of Supply Chain Digital, “A recent study from the research firm IDC predicts that of the projected $27 billion in net new IT revenue in 2013, 27% will come from IT cloud services. The supply chain industry is prime for the cloud because of the sheer number of partners and suppliers that must collaborate to make products. Today’s supply chains are highly fragmented, with silos of information that make it nearly impossible to share information with trading partners. Businesses need technology platforms that empower them to visualize a product in every stage of its lifecycle, in real-time, from raw materials through delivery to end customers. Management must be able to make quick decisions to re-route shipments, locate containers, and collaborate with suppliers to meet customer demand.”
Of course, enabling that continuous goal of collaboration future-proofs the brokerage and enables competitive positioning. In other words, real-time data reduces confusion and streamlines collaboration with all supply chain segments to book more loads, execute more loads, track more loads while in transit, and audit all movements. As a result, SaaS-based freight brokerage software is paramount to streamlining the freight settlement process and maintaining top-of-the-line service.
4. Integrated, real-time capable systems are critical to maximize the value of supply chain analytics
It’s easy to see how the right SaaS-based freight brokerage software can add value. However, real-time capable systems that make data accessible and digestible can further add value through freight analytics. As analytics comb through data, freight brokerages realize more opportunities for improvement and lower their overhead expenses.
Leverage additional freight brokerage software in the form of SONAR’s real-time insights to reap the most significant value
Freight brokerage software is not just a simple resource; it’s the whole deal for these vital logistics industry players. Unlike carriers and shippers, brokers’ entire businesses are transportation. That’s what they do. And without increased value and savings-generating freight brokerage software, staying competitive will be downright impossible. And SaaS-based freight forecasting resources, such as FreightWaves SONAR, are one of the top ways a company can leverage data in real-time and maximize profitability across all operations. Request a SONAR demo online to get started.