Today’s freight market, especially for spot rates, is as volatile as it has ever been. For shippers and logistics providers, it is increasingly difficult to know whether quoted rates are consistent with current market averages. With so much uncertainty, how do you know if you are getting the best rates?
To stay competitive, you have to stay on top of rate data. You can’t rely on data that’s even a week or two old. That means having accurate, timely intelligence. And, it’s also important to be able to see regional differences. Some areas might be low, while seasonal demand might be starting to put pressure on. Understanding carrier rates, particularly those in the spot market, are critical in a tight capacity market. In fact, MercuryGate touched on a similar topic during a video blog with Talking Logistics’s, Adrian Gonzalez.
RateFriend is the only global freight rate index that covers all major modes, including truckload, less-than-truckload (LTL), parcel, air, ocean, rail, and intermodal. It provides a clear, accurate picture of market rates, giving you valuable information to drive down transportation costs. Updated nightly with more than 120,000 new loads added very 24 hours, RateFriend data is based on more than $60 billion in freight activity.
With RateFriend, you get both buy and sell data. It also breaks out the data by lane, mode and equipment type. You can actively monitor the market for current, accurate spot and contract rates. And, RateFriend can automate the rate analysis process.
Watch this video and find out how RateFriend can increase your negotiation power and support better, more informed sourcing decisions.