FreightWaves, an industry-leading provider of data, analytics and news for the global supply chain and logistics industries, and Revenova, whose transportation management system – RevenovaTMS – the leading multi-modal TMS solution certified on the salesforce cloud and available in the AppExchange marketplace, are partnering. FreightWaves Trusted Rate Assessment Consortium (TRAC) is now available to RevenovaTMS customers that are also FreightWaves TRAC application programming interface (API) subscribers.
FreightWaves SONAR is the industry’s leading and fastest freight forecasting platform. SONAR provides the clearest insight into freight pricing, and subscribers can reliably forecast supply chain demand and capacity by using spot rate and tender data for predictive rates.
With FreightWaves TRAC, Revenova users gain access to high-frequency spot rate data that is based on rates at the time of booking, published daily at 9 a.m. By accessing FreightWaves TRAC spot rates in RevenovaTMS, users have data in their workflow and at their fingertips – in the environment they use to make key rate, bid, and booking decisions. The combination of TRAC and Revenova features help users maximize margins, improve workflows and optimize business outcomes on a daily basis.
Charles Craigmile, CEO of Revenova, said, “We are excited to expand our partnership with FreightWaves. Adding FreightWaves TRAC data within our RateIQ tools will strengthen the real-time spot market pricing guidance RevenovaTMS users leverage to make more informed spot pricing decisions.”
“Mutual customers of RevenovaTMS and SONAR will now have another access point for mission-critical data that can drive key decisions,” stated Spencer Piland, FreightWaves’ COO/CFO. “SONAR has been proven to make operational and financial impacts for shippers, carriers and intermediaries. We’ve heard from SONAR subscribers that they’d like our data accessible in more ways and are asking for integrations between SONAR and their TMS, freight matching services, and other third-party services.”
Mutual customers can quickly take advantage of the integration. “Licensed TRAC customers can get TRAC in RevenovaTMS in about 15 minutes. It’s as easy as entering credentials,” explained Revenova Executive Vice President and Chief Marketing Officer Michael Horvath.
Piland summarized, “Because SONAR was designed with an API-first approach, it allows for easy integration and access to key freight market data within a broad range of FreightTech solutions providers. Ultimately, FreightWaves’ vision is for SONAR customers to be able to obtain key supply chain intelligence in solutions most convenient to them to drive decisions across their operations.”