Use SONAR to maximize pricing and fleet utilization (a $700 per truck/per day opportunity). and use sonar to minimize fuel and operating costs.
Carriers can “keep score” and compare financial and operational performance against the market or industry through aggregated data from competitive cohorts. You’re able to compare and contrast your financial and operational performance to peer groups and the broad market. With SONAR you know where your company stands. Use custom indices, customizable dashboards and specialized analytical tools to generate data that helps you eliminate the status quo. You can set goals based on credible market data to drive improvement or increase positive performance.
Competitive benchmarking allows you to compare your company against a number of competitors using a number of metrics. You benchmark to measure the performance of your company, as well as compare it to others over time.
Operating ratio data scaled to a 52week high and low on gauge chart
SONAR benchmarking data for carriers comes from the Truckload Carrier Association's (TCA) Profitability Program (TPP) – trucking companies that have from 13 to 7,000 trucks. Carriers submit detailed financial and operational data monthly that comes directly from their general ledger and transportation management systems to FreightWaves. This data is then aggregated and placed into competitive cohort groups for benchmarking. All carrier information is anonymized, meaning no corporate or personalized information is ever revealed.
You can access proprietary cohort benchmarking data in 30+ aggregated indexes, directly from SONAR. You have access to the largest data repository and most advanced geo-based mapping UI that has ever been brought to market. This enables you to fully exploit the potential of benchmarking your in-house data alongside data from the rest of the industry across all modes of transportation. With this data, you can compare/contrast your company against the market and your cohorts. You turn this credible market data into the intelligence that helps you beat competitors in a specific market or across North America.
Benchmarking against the market is also important. This will often include looking at the practice behind these metrics as well. This means you can define ‘best practice’ for specific metrics and compare this to your own approach. It also is an important step of a competitive analysis. In addition to the TPP/FreightWaves metrics that you can find in SONAR, you may want to adopt others from other sources, or develop your own for specific aspects of your business.
The benefits are clear. You can develop an organized overview of your company and how it performs on different levels. In addition, you can use metrics to stay competitive. Benchmarking helps you determine when a competitor is doing well or beginning to struggle – you should evaluate your own strategy in either situation.
How do you choose your competitive benchmarks? First benchmarking can and should be adapted to fit your business; it can be as broad or as granular as works for you. There’s no set approach, but SONAR data can point the way. Your pre-existing KPIs should be used, but you can also use others, including the 17 that TPP uses.
Utilize SONAR's real-time data to understand freight market conditions/trends. With information from SONAR, you can take decisive action ahead of your competitors.
The SONAR platform has powerful analytics tools and the richest, deepest and fastest data sets in the entire market. SONAR's 150,000+ indices and billions of data points give users insights into current and trending conditions – from one specific market or across the global freight market. You have the ability to analyze how different factors impact your revenue and profitability.
Analyze and track historic freight market activity with all the near real-time datasets in the SONAR platform.
SONAR aggregates data from over 1,000 sources in transportation and logistics. These sources range from IoT vendors, transportation management systems, telematics providers, on-truck sensors, payment providers, fuel vendors, 3PLs, shippers and carriers. Moreover, 93% of the data available in SONAR is proprietary.
Each data set is statistically significant and most samples are massive in size. How much of the market does SONAR see? FreightWaves has access to 85% of the electronic tenders in the market, 800,000 ELDs, 220 large for-hire fleets (about 60,000 trucks), 95% of wholesale diesel transactions, 9 million commercial equipment listings – plus much more!
For years, analysis has been limited to old data, because old data was all that was available, and it was better than no data. Much of SONAR's data is based on what has happened in the market within the past 24 hours. This perspective gives SONAR a near-time view of market conditions from data sets generated by executed TMS and telematics activity. Now you have access to that near-time data, making your analysis better than your competitors!
Most importantly, SONAR is more than just data, it’s intelligence. The intuitive SONAR 5.0 platform allows users to quickly understand market conditions. SONAR users also have access to the expertise of the FreightWaves Customer Success and Market Expert teams. Across the board, SONAR offers you the largest and most representative samples in the market. Also, SONAR is not dependent upon one type of data, unlike most data providers in the freight market. SONAR offers you a holistic view of the market and analytics tools to see how different factors impact current operating and financial performance.
Using SONAR’s monitoring features, you can understand real-time freight market conditions to take immediate action to prosper from positive conditions or take precautions because of negative conditions. And you have the ability to monitor a specific market or the global supply chain.
SONAR has special features and alerts that you can customize for personalized views necessary to easily monitor and quickly assess the market conditions that matter most to you and your business.
You have the ability to monitor dozens of conditions, including load volumes, truck capacity and forecasted rates in specific markets in near-time. This near-time view of the markets enables you to adjust to volatile markets on a day-to-day basis.
With SONAR's proprietary data, you can see where the market is headed before it gets there. No more playing from behind. No more shooting from the hip. For the first time in history, you can see the impacts of actual freight movement in a timeframe that is less than 24 hours old. Plus, SONAR has a wide variety of volatility measurement indicators and tools that look for unusual and inconsistent market activity in the market – and you can set personalized monitoring alerts for your specific needs.
By monitoring conditions using the SONAR platform, you are armed with the information needed to make faster and smarter decisions regarding capacity, rates, trends and other factors.
You have access to real-time monitoring, utilizing data sets that only SONAR has organized in one place. This enables you to catch market trends that can provide you an edge, or provide you with leading indicators of imbalances in supply and demand that will affect your operations. Having access to SONAR’s monitoring functions provides you a competitive advantage and risk management capabilities.
Using SONAR’s monitoring tools, you can track markets that need capacity and get your trucks there to capitalize on the opportunities.
Data has been sliced into hundreds of granular details like equipment type and length of haul, allowing you to get a never-before-seen perspective of actual, near-time activity. You use SONAR to better understand the market and keep ahead of competitors.
A key factor to monitor year-round is weather, which creates supply chain volatility and risk. Hurricanes, blizzards and flooding all cause significant challenges for freight movement. SONAR has the deepest set of weather analytics and risk monitoring applications of any logistics and supply chain software platform.
For similar reasons, SONAR Critical Events keeps you ahead of costly disruptions to freight movement. Impact regions are highlighted, often days in advance of major weather events like hurricanes or snowstorms. Other Critical Events include earthquakes, fires, road/bridge closures, etc. Within a potential impact region, Critical Events color codes assets such as highways, airports, seaports and railroads based on threat level, and indicates how long the threat will last. Overlays of radar, temperature, precipitation and wind forecasts, National Weather Service warnings, DOT traffic information and forecasted road conditions complete the picture. SONAR’s Critical Events, along with its vast freight market data, can help you make better routing decisions for driver and asset safety, helping to protect your bottom line.
Critical events page focused on Denver Airport weather risks
SONAR’s News feature can also help you analyze the market (whether that is a single market, a region or the entire country). The SONAR RSS News Feed provides real-time news feeds from hundreds of business news sites, including many in transportation and logistics.
You can customize the RSS news feed to present as a scrolling ticker or as a page with automatic updates.
The Social Media Flash feature is streamed from Twitter and is highly filtered from a list of 35,000 relevant accounts that tweet about business and transportation news. You can sub-filter the content even further with:
- Pre-selected subjects
- Custom accounts
- 70 terms that are relevant for transportation and logistics
- Social media flash can also be put into scrolling ticker mode
Social media flash widget
SONAR's comprehensive, trustworthy and real-time data from freight markets across the United States and the world is combined with the most powerful forecasting features in the industry. You are provided with the intelligence necessary to proactively manage your business. Forecast market activity, market volatility, contract and spot rates, fuel and operating costs, mid- and long-term equipment values or total cost of ownership – to name just a few.
Traditional freight and trucking rate products tell you where the market has been. SONAR picks up where they end and provides you forecasts of where freight spot rates will go. Imagine the power of knowing where rates will head in the future – perfect for managing freight RFPs and RFQs, especially for transportation contract rates. Using SONAR, you can plan for capacity demand and availability. You can create customizable dashboards, and the information that you analyzed and monitored can be used in your forecasts.
For example, forecasting load volumes and capacity for specific freight markets is a challenging task. Most trucking companies rely on historical rate data that really is not very useful in predicting future rates.
SONAR has the only near-time data on load volumes and capacity. Therefore, you have the ability to generate predictive rates for hundreds of freight markets. SONAR's predictive rate tool uses market data and artificial intelligence to forecast freight rates for today, next week, next month, next quarter, six months from now or next year. The predictive rates widget calculates the mileage and shows a total with or without fuel surcharge.
The predictive rate feature currently predicts trucking dry-van rates, but will soon provide predictive rates for reefers, flatbeds, intermodal and other modes. And this forecasting capability will also provide predictions and forecasts for your rates as well.
Forecasting is all about timing… How would you like to save $1,000 per truck per year? A new SONAR feature lets you know (with 90%+ accuracy) the forecasted overnight change in diesel rack prices – in other words, what wholesale diesel prices will be tomorrow!
How much money could you save your company if you are aware of diesel price movements a day earlier? By timing your fuel purchases, you will save approximately 3% in annual fuel costs.
SONAR’s Overnight Fuel Forecast data series predicts rack prices in 135 U.S. markets – based on trends companies that post rack prices consider when setting prices. With the Overnight Fuel Forecast solution, you will know whether tomorrow’s rack prices in any of those 135 markets are likely going up or down – critical information to decide whether to top off today or fill up tomorrow.
Don’t just make fuel-buying decisions based on where – decide on when. Understanding when to fuel is now as important as where to fuel.
These new diesel rack price forecasts support SONAR’s mission to help you stay ahead of the market using information and insight not available anywhere else!
News wTraffic camera from Virginia DOT on 3D mapidget with transportation and oil and fuel filter
Just how quickly will SONAR provide a return on your investment? Use this calculator to determine the effect that small improvements can have to your bottom line. Using SONAR, you will make more informed and less risky freight decisions that can lead to growth in your organization.
By increasing the number of loaded miles per day your drivers drive by 1% and your rate per mile by $0.03 you will make more per week #WithSONAR.
#WithSONAR you can save up to per week through better bid negotiations and more effective management of your routing guide.
#WithSonar you can add 1 more load per person each day and increase $5 margin per load, earning your company an extra per week.
Disclaimer: Every company’s circumstances are unique. Fixed and variable expenses, market conditions and operational factors vary. Unforeseen events may also affect results. Calculated potential results reflect the consensus expectation of FreightWaves’ experts. Actual results may vary.
SONAR provides Carriers access to lightning fast insights into asset positioning and allocation, increasing your truck and asset utilization in ever-changing backhaul and headhaul markets, and giving you real time responsiveness to freight market volatility.
We know that time is money, and with SONAR you have the fastest and most comprehensive freight data at your fingertips combined with the tools to understand trends, optimize your network, and react faster than ever before. We deliver a faster view of freight market data than anybody else in the industry – by several days and even weeks.
With our unique combination of data, analytic tools and news, you’re given unprecedented insight and understanding into what is happening in the freight markets right now, in the near term and forward looking into weeks and months ahead.