benchmark analytics to maximize freight spend

The freight market has shifted from a constrained market to an inverted market, meaning that there is more capacity than freight. This gives shippers more bargaining power and the opportunity to negotiate lower rates. However, to maximize this opportunity, shippers need to use accurate market data and analytics. Verified third-party data and analysis can give shippers solid, market-based information to renegotiate carrier rates, as well as improve their internal operating data and benchmark performance against the market.

Here are some of the key points from the text:

• The freight market was constrained from the COVID pandemic until spring 2022.
• The freight market began shifting during the second quarter of 2022.
• Shippers currently have more bargaining power.
• To maximize this opportunity, shippers need to use accurate market data and analytics.
• Verified third-party data and analysis can give shippers solid, market-based information to renegotiate carrier rates.
• Shippers using only their own historical data as a benchmark may be missing the larger picture.
• By adding verified benchmarking information to their data and analytics stack, shippers can more easily see inefficiencies and opportunities.
• Shippers can confidently negotiate from a position of knowledge by leveraging historic, current, and forecasted rates.