Today, FreightWaves announced that its TRAC truckload spot rates have been integrated into OmnisTMS, a transportation management system “built for brokers by brokers.” OmnisTMS is transportation management for today’s supply chain. Built with speed and ease of use in mind, our highly intuitive, modern interface puts everything you need at your fingertips.
“Through our partnership with SONAR, we are extremely excited to offer our customers cutting edge freight intelligence which will allow them to make better buying decisions at all moments,” said Joseph Toe, founder and chief executive officer at OmnisTMS.
OmnisTMS is the software business of 1910 Ventures, a Charlottesville, Virginia-based multi-modal transportation provider. FreightWaves, founded in 2016, has become the nerve center of global supply chain intelligence, specializing in high-frequency fundamental freight market data.
This integration is now live, pushing spot rate data via API into OmnisTMS so that freight brokers have additional data points from fundamental market data when making their sourcing and pricing decisions. Specifically, OmnisTMS users will see lane-level Low, Median, and High truckload spot rates from the FreightWaves Trusted Rate Assessment Consortium (TRAC).
The rates are built by FreightWaves from electronic truckload booking transactions submitted by members of the Trusted Rate Assessment Consortium, representing approximately $10 billion of truckload spend.
“SONAR’s TRAC data helps brokers price freight more accurately to improve margin and efficiency,” said Spencer Piland, FreightWaves’ COO/CFO. “Our SONAR subscribers often tell us that they’d like SONAR data integrated into their systems of record,” Piland added. “In response to their requests, mutual customers of FreightWaves and OmnisTMS will now have another access point for mission-critical data to drive key decisions.”
“We hear constantly from both customers and prospective customers a need for data, however, it’s our belief that it’s what you’re doing with that data that matters,” Toe added. “With our partnership with SONAR, our customers now have the ability to leverage that data into making better business decisions.”