Shippers are being asked to innovate by their customers, but introducing new technologies and services often comes with a high price tag. Logistics data and technology provider RateLinx has created a new Data-as-a-Strategy Platform to address some of those concerns by helping shippers streamline operations and eliminate data silos.
The platform integrates data across order, shipment, tracking and cost. This allows shippers to evaluate the real-time cost-of-service and pricing pressure by carrier, lane and mode. The Madison, Wisconsin-based company announced the product during CSCMP EDGE in Anaheim, California in September 2019.
“Many companies have data, but they don’t trust it, because they don’t have the right data,” said RateLinx President Shannon Vaillancourt. “With our platform, shippers now have the right data to confidently make decisions to create real, measurable cost savings without adversely affecting service.”
The product is meant to provide shippers with complete logistics intelligence in a single product. By creating a one-stop shop, RateLinx hopes to offer shippers cost savings alongside data analysis.
“A new, single data set with powerful, real-time analytics and KPIs [key performance indicators] can quickly identify the cause of pricing pressure and provide alternative solutions,” a media release from the company reads. “The system powers new levels of data intelligence and detail. Accessorial charge detail allows customers to analyze line-item costs, effecting better carrier selection and rate negotiation.”
RateLinx Senior Vice President of Global Sales and Alliances Nate Endicott is passionate about giving companies access to data that can drive strategy, not just eliminate inefficiencies. He wants to see companies utilizing the data they already have in a way that truly impacts their bottom line. In order to do that, the data has to be accessible, fast and accurate.
“We want to give our customers the speed to go out there and get an ROI [return on investment],” Endicott said.
Vaillancourt pointed out that other organizational segments, like marketing, have been using data to drive strategy and make business decisions for quite some time.
Transportation and logistics segments often lag about 10 years behind everyone else because of the cost of innovating, according to Vaillancourt. Now that cloud computing exists as an affordable technology solution, he sees an opportunity to start leveraging data for strategy purposes.
RateLinx hopes to work with each individual customer to ensure that their data is clean, determine what can be done with that data and help them develop a strategy for success with the level of confidence that comes from being backed by solid data.
By utilizing data and moving all relevant information onto one platform, Vaillancourt believes shippers can create a bridge to work better with their carriers, eliminating one more speed bump in the supply chain.