This fireside chat recap is from FreightWaves’ Domestic Supply Chain Summit on Wednesday.
FIRESIDE CHAT TOPIC: The benefits of using an electronic marketplace for booking air and truck moves in an increasingly volatile supply chain world.
DETAILS: 7LFreight CEO Brennan O’Dowd discusses the company’s integration with Freightos, how its LTL-focused rate management fits with the parent company’s air and ocean booking platform, and how the ability to book loads through a central platform makes freight forwarders more competitive. The 7LFreight system adds convenience by automatically adding surcharges and other carrier fees, as well as allowing forwarders to add their margin on top of carrier rates.
KEY QUOTES FROM BRENNAN O’DOWD:
“[A multiparty booking platform helps] the operator who is going to be routing the freight and making the decision of which carrier is going to be used. But it also ties into back office processes so they can do their audits to make sure they are being charged what they’re supposed to be charged. So when you’re using a service like ours, we’re aggregating all of your different carriers and all of your different rates in a centralized platform instead of having to go to the various locations to get that kind of information. So it really streamlines how much effort has to be put out to obtain an accurate quote and make sure you’re being billed the correct amount.”
“It makes it really simple for the forwarders to get a quote. You just put in the number of pieces, dimensions and weight, where it’s coming from and where it’s going to and then we’re going to do all the calculations for them, including oversized fees and things of that nature that can often be pitfalls or ‘aha moments’ for forwarders.”
A digital platform helps with continuity during chaotic markets by allowing forwarders to operate in a decentralized fashion, O’Dowd said. “So having a digital booking platform regardless of the mode of transportation will assist with that. Your accounts are centralized for all your users. They know how to access the carriers, the buy rates and still execute the shipment to continue to drive revenue through your doors. And it ties into the need for real-time information. Some companies are updating every single day for fuel. So being able to access real-time, instant rates through digital platforms really makes that less of a headache. The takeaway from these last few years was the ability to have flexibility and adaptability. And digital platforms are certainly aiding in that.”
