FreightWaves, the industry-leading provider of data, analytics and news for global supply chains and logistics, and Tai Software, which offers a top emerging freight broker transportation management system (TMS), announce that FreightWaves Trusted Rate Assessment Consortium (TRAC) and SONAR Capacity Lane Score data will be available to Tai TMS customers that are also FreightWaves TRAC application programming interface (API) subscribers.
The FreightWaves/Tai partnership brings FreightWaves SONAR data to Tai users “in one pane.” There is no toggling, logging in/out or switching screens. SONAR intelligence is presented where and when it’s useful in the Tai environment. Tai TMS users will have access to SONAR data that shows those lanes with the most significant tightening or loosening conditions, leading to lower costs and improved profitability.
“Mutual API customers of Tai TMS and SONAR will now have another access point for mission-critical data that can drive key decisions,” stated Craig Fuller, founder and CEO of FreightWaves.
For freight brokers, two of the most important decisions made daily are: How to maximize margin; and how to ensure service to shippers. FreightWaves SONAR answers these questions better than any freight intelligence system on the market. It is the only platform with a complete view of the global freight economy. SONAR provides exclusive insights and actionable intelligence across all modes. SONAR users know the market today and can forecast the future.
“SONAR has definitely made a splash in the broker market,” explained Sean McGillicuddy, vice president of Sales & Marketing at Tai, “and we are excited to partner with FreightWaves to provide more information to our mutual subscribers.” McGillicuddy continued, “The ability to accurately predict truckload rates has become more and more necessary in this constrained market. Tai TMS makes the data easily accessible within the day-to-day workflow for carrier reps. It’s extremely important that brokers are able to use innovative tools from within Tai TMS to keep the process moving fast. Brokers are getting pressure to respond to spot quotes faster and the SONAR platform gives them market intelligence they can trust. Tai makes the data actionable, so brokers ensure the best margins possible and gives you the speed to win more spot quotes.”
FreightWaves TRAC
According to Fuller, “FreightWaves TRAC provides freight brokers with a single solution to see market pricing intelligence per transportation lane. This eliminates much of the mystery inside of most trucking spot rate index products. FreightWaves TRAC provides spot rate data that reflects the market at the time of booking.” Fuller added, “FreightWaves TRAC provides the most up-to-date and most relevant set of data in the trucking spot market. It is focused on creating transparency and consistency in spot market data.”
Tai TMS will now provide spot rates generated from FreightWaves TRAC, which collects data daily from a consortium of key market-driving companies that adhere to a standardized protocol. FreightWaves TRAC Spot Rate methodology uses data from when a load is covered to provide better insight into freight pricing and negotiating. Rates displayed represent the low (33rd percentile), median and high (67th percentile) rates for a given lane, update daily and also provide a confidence score. Tai users with access to FreightWaves TRAC will have critical data at their fingertips to optimize transaction decisions and productivity. Put simply, FreightWaves TRAC delivers better data than the current market standard, and better data means better deal-making.
SONAR Capacity Lane Score
FreightWaves SONAR’s Capacity Lane Score provides users unique insight into the current capacity trends on a given lane. Measuring capacity is a key element to maximizing margins/transactions for a broker, utilization for a carrier, and minimizing service and budgetary failures for shippers. The capacity lane score is a measure of the origin and destination market capacities and shows you how capacity is tightening or loosening by combining tender rejection rates and the market balance of inbound and outbound loads. Users will be able to see which lanes have the most significant tightening or loosening conditions, leading to lower costs and improved profitability.
The capacity lane score ranges from 0-100 and reflects the market at the time of booking. A high score indicates that capacity is tight, and a low score indicates that capacity is loose. Increasing lane scores indicate tightening capacity with upward pressure on spot rates, and decreasing lane scores indicate loosening capacity with downward pressure on spot rates.
The data powering SONAR Lane Score is collected at time of tender, which allows users to gain insights as early as possible. Therefore, users have more information about freight pricing when negotiating rates.
Tai TMS is an all-in-one domestic freight management system for full truckload and LTL shipments. Tai gives your team unmatched speed and scalability with automation implanted into every phase, along with direct integrations to carriers, load boards, and capacity tools.
Tai TMS subscribers can follow this link to learn more and to request a SONAR demo: https://sonar.freightwaves.com/sonar-demo-request-tai
About FreightWaves
FreightWaves is the world’s leading provider of freight market forecasting, data, news and analysis. Logistics and supply chain firms depend on FreightWaves for benchmarking, analytics, monitoring and forecasting of pricing, capacity, demand, energy and carbon intelligence. The company provides the freshest data and market insights through SONAR, a subscription SaaS platform, and through the world’s largest streaming media network focused on logistics and supply chain information.
FreightWaves SONAR provides near real-time freight market data and supply chain intelligence to 700+ enterprises. FreightWaves Carbon Intelligence provides supply chain firms with transparency on carbon emissions and solutions to achieve carbon neutrality.
FreightWaves Media operates the FreightWaves, American Shipper and Modern Shipper brands. FreightWaves Media serves more than 1.5 million unique monthly visitors on its websites, generates 15 million monthly minutes of streaming TV and 100,000 monthly podcast downloads.
About Tai Software
Tai Software’s core group of developers and freight industry experts has helped freight brokers scale growth for over 20 years. They are dedicated to introducing unique, envelope-pushing, instantly accessible products to the transportation management industry. Tai Software believes in perfecting its existing products and expanding only when they can meet its own highest standards. Their lean organization allows them to focus on continuous innovation to ensure our customers are always empowered with the most cutting-edge software. Click here to learn more.