Mapping the trucking market assists freight market participants with a flurry of benefits. Companies with access to accurate near-real-time data not only improve their operations; they also gain the ability to depict the current state of the trucking market. An in-depth understanding of the trucking market provides businesses vital information. That information then leads to improved rates, capacity, and several other benefits. Many of those benefits come directly from the foresight afforded by predictive analytics, which according to Transport Topics, “is becoming increasingly familiar within the trucking industry as fleets look to make better use of the data collected by their back-office and onboard systems.” These accurate depictions of the market come from the tracking of data. Businesses that have better access to more data have distinct advantages.
To have access to a true representation of the trucking market, several outside factors must come into consideration. This includes national factors that could affect freight, such as increased global trade, the demands of e-commerce and more. Regardless, the more outward freight data that comes into play, the better for market mapping. Data sources that fail to take into consideration influential granularities, as well as national factors, will deliver inaccurate information. Inaccurate data leads to unnecessary expenses that can hurt the financial bottom line. This makes a careful selection of data sources a priority for businesses that wish to map the current state of the trucking market. And it’s part of the reason that more enterprises are considering the historical accuracy of analytics, particularly freight rates, such as the exact findings presented by the newer FreightWaves Scientific tickers.
One of the greatest influencers on trucking market mapping comes from near-real-time data. Real-time freight data allows for better predictive modeling of rates, capacity, volumes and tender rejections. This means that companies with access to near-real-time data could potentially save by the elimination of lagging data. Quite simply, real-time data is more reliable. But it’s important to consider the other side of the equation too.
Lagging data, while better than no data at all, leads to unnecessary expenses and avoidable costs. Quality, as well as quantity, of data makes all the difference in market mapping. Implementation of near-real-time data generates better rates, improved trucking capacity and greater insight into volumes and rejections
The most in-depth insights are derived from data collection, organization and implementation, specifically the processing of tender data, carrier information and key details from across all applicable modes. These data types all play a significant role in successful trucking market mapping. Tender data informs its users of proposal fluctuations in the current freight industry. Carrier information provides shipping companies with greater insight into carrier business relations. Diverse shipping mode data provides a broader perspective of the different factors affecting the market. Companies that seek a better understanding of the current market should consider implementing these key data factors.
A significant aspect in fueling a trucking market strategy appears in the form of spot freight and contract data tracking. This includes views of pending and paid invoice rates, as well as whether they were one-off or contracted commitments, providing a more accurate depiction of a business status within the market. Fuel and energy data also provide useful information in preparing a strategy. Together, this data includes consumption, production, retail prices, electricity prices and several other influential industry aspects to promote a more strategic and tactically advantageous enterprise.
The rewards of trucking market data can drastically improve business operations and financials. Companies that have access to more diverse and near-real-time data have the advantage in mapping the current market and pre-empting disruption. These easily accessible benefits make market data tracking a most appealing proposition for trucking companies seeking an upper-hand in the industry. Request a FreightWaves SONAR demo by clicking the button below to get started.