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.
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 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.
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.
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.