We are discussing here the key parameters which helps the freight brokers to be always at the top of their game. We have heard a lot about the growing inclination of the industry towards the adoption of software solutions for business. It is time to introspect the actual value added by the freight brokering software solutions in the business.
Freight brokers often need to work on a very quick turnaround time. No points to guess that this needs to be done without compromising on rates or the margins earned on the particular shipments. At the end of the day, these are the challenges which make a difference between a good and a great broker. There are more fine prints which play the crucial role in distinguishing between the quality of service forwarders provide. But the main difficulty faced by the brokers remains surrounded by the ability to access, negotiate and forward the spot rates at best time.
Why using freight brokering software is crucial?
Software solutions give a technological edge to the freight brokers to compete with the dynamic scenario of the logistics industry. With increasing intermodal transportation and growing connectivity, the demand to get the shipment transported as fast as possible is insurmountable. Freight brokering services deal with a varied set of carriers, loaders, and shippers. The main utility of hiring a broker lies in getting the shipment transported in the cheapest as well as fastest way. This proves that the reputation and business capacity for a broker are majorly dependent on the efficiency of his services.
The container freight industry rates have already declined by as low as 9% in various regions during 2015. Even though intermodal freight exchange is on rising, various factors such as growing driver shortage and cheaper air freight modes are contributing to the slow economy of container freight. This proves that there is a need for forwarders to step up in their game. Getting right metrics from the brokering software serves the purpose effectively. Adapting to the latest freight solutions available is no more a choice, it is a need nowadays. In a business where information about rates, LTL carriers, loads, ready to ship containers is the key, it makes sense to use the power of information technology in your favor.
[bctt tweet=”The container freight industry rates have already declined by as low as 9% in various regions during 2015.” username=”DreamOrbit”]
The key benefits of mobility solutions, real-time information exchange and an unbounded freedom to do the business from the partners around the world are indispensable. Freight broker software is customized and improvised in order to suffice the global needs of industry. Different exchange rates and their volatility, time zone constraints and international transportation laws for intermodal transportation are the main concerns for any broker while evaluating the business potential associated with the shipment. Having a clear visibility about these and similar details associated with the business adds huge value to the earning potential of freight brokers. We are pointing out few key parameters which benefit the brokers immensely.
Rating Engines For LTL Carriers
It makes sense to get your carrier rates on tips and ensure a better business proposition for yourself as well as the loader. It is definitely not going to work if you are earning $ 34 profit on a $ 2000 shipment. With most of the shipments received at west and east coast falling between the carrier rate range of under $ 1000 for a 40 ft container from Asia, it is important to marginalize the slightest inclinations in rate if they are in your favor. Rating engines for LTL carriers give you a logical analysis or comparison between the different carrier providers. This not only saves you the time and hassle to run for different container rates from carrier providers, it saves you the crucial time. You are better prepared to get your loads on board successfully and quickly. Most of the Rating engines are compatible with the real-time carrier rates for intermodal transportation which in turn helps them to provide a more exhaustive range of services to the freight brokers.
Preferred Lane reports
For the LTL truck carriers, it is very crucial to choose the right route. It is definitely not necessary that the shortest route needs to be most profitable or quicker. Various factors such as tax collected, weather conditions and lane quality matter while calculating the shipping time. Since there is no control over the inward and outward flow of the freight for a region it is obvious that preferred lanes might change owing to the high congestion rate in particular areas. By integrating your freight broker software with a global platform you can utilize the technology to get the correct data valid for the real time scenarios.
Mark down the reliable dispatchers
Nurturing a dependable ecosystem of reliable dispatchers is crucial as well as essential. Detention time remains one of the major potholes for precious man hours even in 2016. Around 30% drivers accepted that they have been detained for more than 2 hours on the dock. Efficient dispatchers make sure that they keep the detention time as low as possible. Analyzing the dispatch timings of various dispatchers from your freight deliveries will allow you to understand the ones who are your fastest and most successful dispatchers and also the ones who took more than necessary time. This way you are able to make a more accurate estimation of the success rate and timeline for the forwarded shipment.
[bctt tweet=”Around 30% drivers accepted that they have been detained for more than 2 hours on the dock.” username=”DreamOrbit”]
Direct access to load boards
To connect the loaders with the shippers there are various load boards available. These load boards are paid as well as free ones. The problem again lies in the real-time access and the ability to take the fastest action to secure a spot by freight broker in absence of a savvy freight broker software. By going digital, the broker is ensuring that he can take action on securing the first available spot for his shipments to dispatch it as soon as possible. Depending upon the needs of the frequent shippers encountered it is also analyzed that which load boards are able to provide faster spot data and are prioritized accordingly.
Building a reputation in freight broking is a matter of efficiency and speed. An efficient freight brokering software solution allows you to attain both by helping you get quicker access to the key parameters of the transport business. It doesn’t need to be an elaborate report on the next 6 months logistics trends, it can be as simple as the insight about the most successful deliveries made by a dispatcher in record time. This information can then be utilized to make a better business decision in future by the freight brokers. But to churn out these details, using best technology is no more optional it is necessary.
DreamOrbit is a Logistics and Supply Chain Technology Development company. We have been creating meaningful and reliable software products for the industry which is “Always on the go” for the past half decade. We are highly motivated team aimed at innovation. Our philosophy is to “keep challenging the potential within”. With the support of our happy customers and dedicated team, we strive to provide best possible solutions to industry problems. Visit our website to know more about DreamOrbit.