The cloud-based software provider Logistical Labs on Wednesday released a new freight pricing and modal selection tool that leverages big data and social collaboration for quicker and more accurate pricing information.
The product, LoadDex, is aimed at providing shippers and third-party logistics providers with faster, more accurate freight pricing. LoadDex aggregates pricing information for a given route, using an algorithm that collects relevant historical, social, and external pricing data so that rates can be quickly compared and accurately tracked.
“LoadDex helps us address the challenge of consistently providing real-time freight quotes to customers and allows us to track this information in a single platform, integrated with our transportation management system,” said Steven Lawson, president of Overland Park, Kan.-based Rail Logistics – Cold Train. “We now can analyze our data in a new way, comparing each leg of a shipping route and allowing us to predict and control costs.”
Logistical Labs said a distinguishing component of LoadDex is its ability to provide intermodal options for freight pricing, including offers multiple rail options for shipping goods which allows users to choose the most optimal carrier.
“Logistical Labs is helping to advance technology within the transportation industry,” said Dwight Weber, general manager of highway and truckload services at APL Logistics, in a statement. “Through our partnership with Logistical Labs, our containers gain more visibility to more shippers, resulting in increased asset utilization.”
The platform also has a chat function that lets users exchange information so that companies can better understand and communicate rates accurately and efficiently, while capturing information exchanged by team members to inform future pricing.
“By bridging big data and social collaboration, our customers can look at their data differently,” said Chris Ricciardi, Logistical Labs’ chief product officer. “The platform helps customers improve operations by better managing pricing and procurement complexities. It increases effective decision-making by incorporating social collaboration with historical data, and improves productivity by simplifying complex pricing data.”
Logistical Labs releases freight pricing platform
