FreightWaves demonstrated its SONAR Supply Chain Intelligence (SCI) tool during the F3 Virtual Experience on Thursday.
SONAR SCI was launched in 2020 and updated in June. The update added an “Opportunity View,” which shows users the low-hanging fruit opportunities to reduce spending and risks.
This tool merges SONAR data and customer data so companies can understand where they rank compared to competitors in the market, explained Travis Rhyan, chief product officer at FreightWaves.
Companies can reduce route compliance failure by using the overpaying and underpaying tool to compare their rates to competitors. SONAR SCI makes it easy to see where they’re not aligned with the market.
“Rates are only as good as their compliance levels,” said Zach Strickland, market analyst at FreightWaves.
The analysis page provides access to historical data, views and analyses. While 12 months is typical to find emerging trends, the time frame can be easily manipulated. Companies can do analyses based on time frame, product or region. They can then download that data and metadata, extract it, and ingest it into their system, Rhyan said.
This tool helps you get the best possible value from your spend and provides easy, instant access to all of your data over time, Strickland said.
Check out the demo to learn how SONAR SCI can provide shippers with near-real-time data and useful insights into volatile freight markets.
Be sure to explore the rest of FreightWaves’ F3 Virtual Experience.