Benchmarking is an activity that provides companies with the ability to compare and contrast their quantitative and qualitative performance versus other enterprises with similar attributes (operating model, industry segment, size and geographic footprint). Within transportation, The TCA Profitability Program (TPP), provides a successful example of benchmarking in action, and it’s beneficial effect with respect to efficiency and competition in the truckload segment.
TPP has grown to over 230 participants (truckload carriers) throughout North America. The foundation of TPP is inGauge, developed by StakUp Inc (acquired by FreightWaves in June 2019). inGauge provides an online service and community to allow companies to review their comparative results versus a chosen peer group. The act of benchmarking increases the sophistication of participating companies and their employees, eliminates status quo, and provides the motivation to continuously improve.
FreightWaves is leveraging the existing inGauge platform to provide similar services to other transportation segments.
FreightWaves Benchmarking Services are integrated within SONAR to provide a streamlined view of benchmarking data, while also providing the ability to consume other external datasets and workflow tools that will improve the profitability of their respective business(es).
To assist participating companies in the reporting of their unique financial and operational data, FreightWaves has built a proprietary data translation tool that results in all members (within a specific market segment) reporting their data via a ‘common language’. This service ensures that the consolidated data is credible, consistent, and significantly reduces the time it takes to participate in benchmarking.
- Leverage the FreightWaves media platform to bring the message and value proposition for membership to a wider cross section of the marketplace
- Increase the value proposition for association membership
- Serve member companies seeking increased sophistication and profitability
- Access aggregated and anonymous data to better inform messaging and advocacy by government affairs staff and lobbyists
- Generate non-dues revenue
“InGauge has been an absolute game changer for JLE! Having quickly become a sacrosanct element of our monthly close and financial review process, InGauge provides our team with the necessary tooling to perform relative benchmarking in a convenient, web-based environment. The Profitability Team run by Chris Henry have been tremendous collaborators since we adopted the InGauge platform, rightfully educating us to adopt alternative, margin-driven strategies to improve our operational and financial durability in all market environments. Any team that shares a commitment to visibility, discovery, and performance will benefit from what the InGauge platform offers.”
– Evan Pohaski, CEO & Founder, JLE Logistics