Chainalytics extends freight market intelligence

Chainalytics, a provider of freight market intelligence and analytics services, said that its new Integrated Freight Market Intelligence (iFMI) service offering has gone live. The iFMI service allows members of Chainalytics’ Freight Market Intelligence Consortium to build in predictive analytics on freight markets and rate behaviors in off-the-shelf and internally-developed transportation management and enterprise planning systems. Chainalytics said the new service will cover its existing consortium mode categories: truckload for shippers, including intermodal; truckload for logistics service providers, including intermodal; less-than-truckload; and ocean. It expects to add heavyweight air support to its software and Consortium later this year. The company has locations in North America and Asia but says it can extend the product globally through its software and its partners, which are mainly located in Europe and South America. Chainanalytics formed its consortium back in 2003 to help establish a transportation rate benchmark and currently analyzes more than $19 billion in annual freight spending for its current benchmarks, best practices, and predictive analytics. The company said iFMI was developed in response to consortium members seeking to better integrate market analytics. The company is currently partnering with transportation management systems providers to better integrate with their offerings and to expand the reach of its services. Currently iFMI is available directly through Chainalytics but the company plans to have partners and resellers make it available later this year.