FreightFacts introduced FICO-style Shipper Score reports.
FreightFacts worked with leading LTL carriers on developing robust scoring methodologies and algorithms that accurately measure shipper performance. The company’s Shipper Score reports bring transparency and accountability to the LTL ecosystem, helping eliminate operational blind spots that affect freight rates and accessorial charges.
“For years, shippers have rated their carriers’ performance, but the LTL industry has lacked a common, data-driven way to assess shippers’ behaviors,” says Lance Healy, co-founder and CEO of FreightFacts. “By transforming carrier operational data into Shipper Score reports, we enable shippers, carriers, and 3PLs to reduce unnecessary LTL freight costs through better intelligence and collaboration.”
Key takeaways:
· Shipper Score reports provide visibility into 24 metrics, including dwell time, appointment compliance, payment timing, accessorial frequency, and damage claims. These and other behaviors at shipper, vendor, and customer docks directly affect LTL pricing, service levels, and overall network efficiency.
· The reports are released only with the shipper's authorization, and no personal, product, or pricing data is shared.
· The reports translate carriers' operational data into executive-friendly metrics that shippers can use to pre-qualify vendors and customers; monitor facility-level behaviors affecting their Shipper Scores; strengthen negotiating leverage with carriers; benchmark performance against peers and industry averages and more.
· The platform includes Freight Karma, a prescriptive coaching engine that provides specific recommendations, such as reducing dwell time and improving payment speed, to improve a Shipper Score and thereby reduce transportation costs.
