In today’s transitioning market, shippers must control the controllables. If we’ve learned anything from the last couple years of panic-buying, Russia’s invasion of Ukraine, fuel spikes, inflation, COVID-19 shutdowns and so on, it’s that shippers – namely retailers – cannot predict demand.
Now more than ever, to build a strong foundation in freight procurement, shippers need clean and consistent data. Today we’re focusing on a data metric for shippers who manage their transportation cost by weight. Today’s Data Dose brings you…
Metric 2: Consolidated Spend
Once shippers aggregate and consolidate transportation spend in the appropriate categories, they can slice and dice the data by time period, lane, type of shipment, and more. When shippers understand the averages, they can minimize deviations and help budgets stay on track.
“Knowing exactly how much shipments cost and staying under the budget is crucial,” said Stephen Bartalini, Manager of Inside Sales at Transfix. “Unplanned transportation spend can negatively impact the cost of cargo, as well as the additional shipments delayed as a result. Time equals money.”
Shippers must find carrier and broker partners that are transparent about accessorial charges. Providing this information up front might cause some initial sticker-shock, but it also offers an opportunity to negotiate pricing ahead of time. Knowledge is power, right?
By acquiring accurate data and consolidating spend, shippers are held accountable to the drivers and can successfully schedule shipments.
Today’s Data Dose is an original Transfix series that helps shippers identify the key metrics they should track to get the most out of their supply chain, plan strategically, and thrive in volatility. Click here to learn more about Transfix’s Intelligent Freight Platform.