Freight Forecasting host Michael Vincent introduces viewers to the basics of freight forecasting. From a shipper to an over-the-road truck driver, Michael will explain what freight forecasting is and why you need to forecast.
Watch the episode below:
The main purposes of forecasting freight is to determine the specific capacity needed to move freight from an origin to a destination and to monitor disruptions to capacity in the market. The amount of capacity allocated to the amount of freight moved is the most important factor in determining freight rates.
Frequently used data sets for forecasting freight volumes and rates are economic activity data, import/export data, tendered load volumes, tendered rejection rates, weather, critical events, traffic and current freight rates.
One of the most important calls that freight forecasters can make is predicting when issues in one mode – spot truckload, for example – will spill over into other modes. Because SONAR is the only truly multimodal freight data platform in the world, it’s a necessary tool for a holistic understanding of the transportation industry.
Micael explains what is a freight market and how pricing is affected by conditions. He also discusses how economics, trade policy, the supply and demand effect, pricing, service, and disruptions across all modes of transportation impact freight forecasting. In addition, he covers the relationship of the various modes of capacity as well as domestic and international freight flows.
Know more, faster – and find just what you need with SONAR!