Mike Mareen AdobeStock_381285702_Editorial_Use_Only
DAT Freight & Analytics introduced DAT iQ Benchmark, an update to its transportation rate and data analytics service for freight shippers.
“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,” says 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.”
Key takeaways:
- 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.
- DAT iQ Benchmark helps transportation procurement professionals communicate performance and rate competitiveness to senior management and put costs in context; identify lane and carrier-level operational opportunities to improve efficiency and utilization; prepare for RFPs, carrier reviews, and budgets with accurate benchmark data; and evaluate pricing against past, present, and forecasted benchmark rates.
