The digital age has presented a wealth of opportunities for the over the road trucking market. As explained by Supply & Demand Chain Executive, “Digitization, software and giving shippers and carriers efficient tech tools are critical, as technology continues to modernize this industry. COVID-19 has also accelerated technological adoption by an order of magnitude. Everyone is working from home, switching in-person and paper processes with digital transactions and signatures.”
This means that the industry continues to move in the direction of improved shipping technology. The abundant data sources can make the process of assessing the market more difficult than necessary. Shippers and carriers should make more definitive decisions in selecting their data sources. Why? Because data sources matter to assess accurately and objectively the over the road trucking market.
The challenge with lagging data in logistics
One of the most significant issues associated with poor data sources comes from lagging data. Lagging data makes for a massive hindrance in assessing the over the road trucking market. This lagging freight data presents members of the freight market with several challenges, including longer lead time, inability to offer competitive freight rates and limited foresight. These issues may not seem immediately pressing, but the list does not end there. Lagging data also contributes to inventory problems, delays due to the weather, inability to intervene when things go wrong, as well as other challenges that are compounded by lagging data. But what is the solution to lagging data? It is the implementation of real-time freight data. Real-time data offers shippers and carriers a much clearer picture of the over the road trucking market, as well as the challenges presented within it.
Data source and dataset size set a standard for measuring more market volatility characteristics
Data source and dataset size make for an immediate concern for shippers and carriers alike. These data aspects set the standard for measuring more market volatility characteristics. Market volatility presents a logistical challenge for the trucking industry. However, shippers and carriers can better measure volatility of the over the road trucking market by using accurate and reliable data sources. In addition to reliable and accurate data sources, the dataset size also plays an important role in measuring market volatility.
Other core considerations in assessing the trucking market
The information made available with a proper data source presents other considerations for members of the over the road trucking industry. Shippers and carriers should also consider these points in assessing the trucking market.
- Outbound tender rejections. Shippers can better monitor outbound tender rejections with real-time data presented from improved data sources. Data tracking of freight allows shippers to know which freight tenders have higher chances of acceptance.
- Accuracy of predictive rate analytics. The accuracy of predictive rate analytics should be a primary concern for those in the over the road trucking industry.
- Asset availability versus utilization. Real-time data tracking means that shippers and carriers can better visualize which of their assets require attention.
- Empty miles. Unchecked, uncontrolled empty miles make for a costly expense in the over the road trucking industry. However, real-time data tracking helps to avoid this issue.
- Other digitization of freight execution processes. Shippers and carriers should consider the digitization of other freight execution processes. This ensures that the company continues to move in the direction of technological progress, as well as automating several key processes.
Gain a better market understanding with quality freight forecasting data
Data sources determine the accuracy of assessment for the over the road trucking market. Gain a better market understanding with quality freight forecasting data through a partnership with the right freight analytics partner. Request a FreightWaves SONAR demo to get started.