DAT Freight & Analytics will introduce DAT iQ Benchmark™, a significant update to its transportation rate and data analytics service for shippers at the 2024 Gartner® Supply Chain Symposium/Xpo™ in Orlando, Fla., from May 6-8.
DAT iQ Benchmark uses new AI-powered rate models trained on the industry’s largest dataset, comprising $150 billion in annual market transactions. This data is directly submitted to DAT by over 1,300 freight shippers and brokers.
DAT iQ Benchmark pricing models consume new transaction data daily to produce the most accurate reflection of spot and contract rates on virtually every trucking lane in North America, as well as pricing for intermodal and ocean transportation. Shippers can compare their performance to all contributors over time and across numerous attributes, including average distance, count of loads, fuel cost per mile, total cost over time, and the percent of spot loads.
DAT iQ Benchmark now includes pricing models for uncommon and specialized freight types, including hazardous materials, intermodal, expedited freight, flatbed freight, and loads in Canada, and can use AI to infer rates for queries where no data exists or the data is sparse. It is also easier to use, with a new interface, interactive data visualizations, and customized reporting.
“Understanding your transportation costs and performance over time and relative to the market helps you pinpoint what drives your supply chain, what holds you back, and where you can improve,” said Ken Adamo, DAT Chief of Analytics. “Our shipper customers have been able to clearly communicate performance with their executive teams, uncover cost-saving carrier and lane-level opportunities with root-cause analysis, and streamline their procurement processes by relying on DAT iQ Benchmark.”
DAT iQ Benchmark helps transportation procurement professionals do their jobs more effectively in a number of ways:
- Better communication: Communicate performance and rate competitiveness to senior management and put costs in context.
- Find efficiencies: Identify lane and carrier-level operational opportunities to improve efficiency and utilization.
- Budget and forecast accurately: Prepare for RFPs, carrier reviews, and budgets with accurate benchmark data.
- Measure performance: Evaluate pricing against past, present, and forecasted benchmark rates.
“We’ve gone from fully outsourcing our transportation to managing it ourselves using data and analysis from DAT iQ Benchmark,” said Dirk Martin, Vice President of Customer Service & Logistics at Freshpet Inc. “At any time, we know where we stand relative to the broader market and can confidently make decisions that help us reduce costs and build better relationships with our transportation providers. DAT iQ Benchmark data has been an invaluable source of truth.”
For more information, visit DAT.com/Shippers.
See DAT iQ at the Gartner Symposium:
Experience DAT iQ Benchmark at Booth 107 in the Logistics Solution Village. Learn how reliable market-rate benchmarking delivers insights shippers need for better planning, performance evaluations, risk mitigation, network optimization, and cost management.
Speaker session at Gartner: Dr. Chris Caplice:
On May 6, DAT Chief Scientist Dr. Chris Caplice will discuss “Leveraging Data Science to Transform Freight Transportation.” Time: 3:35 p.m. Location: Stage 3, Supply Chain Xpo, Pacific Hall.
https://www.DAT.com/Shippers
