Autonomous Quotation uses machine learning and real-time market insight to automate the complete spot quoting process. This ensures an easier, quicker and more efficient bid solution for LSPs of all sizes – helping them overcome market volatility and capitalise on new business opportunities.
FORT WASHINGTON, Pa., Feb. 1, 2023 /PRNewswire/ — Transporeon, the market leading transportation management platform, has announced the launch of a new solution that lets freight forwarders, brokers and logistics service providers (LSPs) serve their shipper customers with instant, accurate and automated pricing. With Autonomous Quotation, transportation providers of all sizes can generate instant quotations for truckload spot transports based on predicted market rates, significantly increasing the number of opportunities they quote for without increasing their operating expenses. This empowers them to win more business and drive growth.
In the $15 billion freight spot market, price negotiations are still highly opaque and manual. Digital instant pricing solutions have typically been limited to the largest transportation providers, with challenges around inefficient processes and spot market predictions being ever-present. As a result, brokers and LSPs have been forced to spend considerable time manually researching and building quotes. This makes it virtually impossible for them to meet shippers’ expectations for fast quotes, while eating into their bottom line and leaving them at a competitive disadvantage.
Autonomous Quotation empowers small and mid-sized companies by giving them the tools they need to provide instant and accurate quotations to their customers. No longer limited by a lack of budget or resources to build their own solution, these companies can now compete on the same level as larger organizations.
Quotes are based on real-time data covering metrics such as market conditions and carrier availability, thereby increasing quote accuracy and velocity while considerably streamlining manual workflows through automation. What’s more, customers can define their own rules based on a variety of criteria including margin requirements, equipment type, distance, pick-up and delivery windows, and stop location.
The solution is backed by data science and machine learning algorithms. This allows even smaller brokers and LSPs to predict spot market rates with precision and quickly adapt to volatile markets. A real-time win/loss feedback loop enhances the accuracy of the predictions over time and, with the solution serving as a demand aggregation layer through integrations with major TMS vendors, LSPs can access a much broader part of the market and quote more spot business.
“From navigating volatile markets to dealing with the inefficiencies of manual price negotiations and freight auction portals, freight brokers and LSPs have faced an uphill battle when competing in the spot market,” said Nikolay Pargov, Executive Director Freight Procurement & Audit at Transporeon. “You can only win what you quote, but a lack of scalability has held smaller businesses back. Now, these transportation companies have the freedom to deliver fast and accurate quotes every time. As well as reducing the burden of manual process, Autonomous Quotation lets brokers and LSPs of any size increase their profit margin and compete with larger competitors – all as part of the industry’s biggest transportation network. Welcome to a new era of spot market quotation.”
The key benefits of Transporeon Autonomous Quotation include:
- Speed assured with full quotes delivered in less than two seconds
- Dynamic pricing based on real-time market conditions
- Enhanced scalability through automation and reduced manual processes
- Highest possible quote accuracy and win rate prediction
- Integration with TMS vendors for increased reach and market transparency
Autonomous Quotation, which was trialed in 2022 with early adopter customers, is now available to all Transporeon customers.
About Transporeon
At Transporeon, our mission is to bring transportation in sync with the world. We power the largest global freight network of +1,300 industrial shippers, +100 large retailers and +145,000 carriers and logistics service providers. They execute 220,000 transactions per day on our platform and process around €48bn in freight spend per year.
Our leading Transportation Management Platform connects all actors along the supply chain. It facilitates collaboration between the different parties, helps to automate manual processes and provides valuable real-time insights. The modular Application Hubs solve specific logistics challenges and range from freight sourcing over transport execution and dock and yard management to freight audit and payment. Data hubs provide insights into logistics operations, market developments and carbon emissions, next to ensuring transparency in the supply chain through visibility. Our platform works across all geographies and all modes of transportation, empowering logistics teams to move, manage and monitor freight.
Transporeon is headquartered in Ulm, Germany, and maintains 18 offices around the globe with +1,400 employees across 27 countries. For more information visit www.transporeon.com.
Media Contact:
Dana Cogan
[email protected]
SOURCE Transporeon
