Shippers and 3PLs continue to pay more in carrier rates and fuel costs for trucking and transportation services, despite a marked drop in truckload spot rates, according to the Journal of Commerce. Reporting on the U.S. producer price indexes (PPI) for trucking in May from the U.S. Bureau of Labor Statistics, Shippers and 3PLs saw month-to-month increases, with the long-distance truckload PPI rising 4.1 percent and the long-distance less-than-truckload (LTL) PPI increasing 3.8 percent from April.
Digital Solutions Provide Valuable Analytics to Combat Rising Shipping Costs
A digital freight solution can help combat the unknown variables that impact changing prices due to carrier rates and fuel cost increases. Comprehensive business intelligence tools that combine the analytics, data mining, data visualization, tools and infrastructure, lane variation insight, and best practices can help you make better business decisions.
Data-rich technology solutions that integrate shipping, rating, and tracking functionality directly into your existing platform to share and transfer real-time data serve as a single source of truth to help navigate the changing supply chain.
Leveraging valuable business intelligence helps you map out strategies to positively impact your shipping operations providing real-time visibility that gives you better data to extract and leverage in the supply chain process.
Analyzing your shipping data can also help you forecast the impact of capacity constraints, interruptions, and additional cost increases in the future. This level of actionable insight, only available through a digital solution, provides you with the real-time business intelligence you need to protect your bottom line as rates and fuel costs continue to rise.
The actionable insight and enhanced visibility you gain into your shipping operations will help drive better shipping decisions. Capturing data is only the first step. Having the tools you need to analyze and use the information is critical in controlling rising shipping costs. Banyan Technology’s LIVE Connect™ platform has the business intelligence tools you need to protect your bottom line.
Did You Know
Banyan’s Business Intelligence Tools and comprehensive Visibility Suite use the carrier and freight bill data captured in LIVE Connect to help you identify and respond to carrier performance and cost issues. This suite of dashboards gives you the enhanced visibility into your shipments and eliminates hours spent weekly pulling reports and running complex spreadsheet formulas.
It also helps you identify carrier performance issues that you can take to the negotiating table, allows you to compare performance with costs to evaluate carriers and adjust future spend, and exports your findings to PDF or PowerPoint to present to stakeholders and carriers.
Contact Banyan Technology today to learn how you can gain powerful business intelligence from the leading modern technology solution for managing freight.
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