Welcome to the new year! While the world around us slowed down to enjoy the holidays, the SONAR team was hard at work building a foundation for the biggest year yet in product delivery. The data engine behind the source of truth for supply chain news and information is growing, evolving and becoming more actionable so that your teams can be effective in the rapidly changing freight world.
Announcing our NEW Quick Rates tool
Operational users tend to have many tabs and systems open at one time — switching between all of them can be frustrating and often slow down the flow of their day. SONAR rates are integrated in many TMS systems via API, but we’ve now launched an outside tool that can live in a simple pop-up window so that anyone can grab the industry’s most accurate and up-to-date market rate faster than ever before.
The TRAC rate is built based on actual booking data. Rates are gathered at the time of booking. It is the largest consortium of its size and is quickly growing. If you are interested in joining our consortium, reach out to bd@freightwaves.com.
And while we’re at it, a couple of new indices
One of the most recognized and trusted tickers we have is the NTI (National Truckload Index). That data is only based on the dry van average. We have now launched similar indices for both reefer (RTI) and flatbed (FTI). Similar to the NTI, these can be viewed at the national level. While market rates can give a ground-level perspective, this data gives users a better understanding of the broader mode-specific market from a 30,000-foot view.
Speed is the name of the game
Ever since load boards entered the web space back in 1994, they have been the key provider of rate data for brokers and shippers alike. That is 30 tremendous years of freight matching performance in the supply chain world. But while these companies — along with TMS providers, technology companies and more — offer rates, it is not their core competency. SONAR holds more than $200 billion in domestic truckload data, more than $1 trillion in ocean data and countless additional billions of dollars in air, rail and energy data to act as the source of truth in logistics. But all of that is meaningless if you can’t access it. That’s why we’ve spent countless hours making these processes take seconds. All of our 300,000 unique deliverables are available via API or in simple, easy-to-use interfaces. We’re not finished expanding, and we want to partner with you to paint a more transparent future.
And on that note
It is now easier than ever before to share data with SONAR. A new receiving API empowers companies to become involved, which unlocks premium discounts and key benefits like rate supplier benchmarking, prescriptive actions and more. This year is expected to see tremendous growth and potential volatility in freight markets. There is no better time to partner with the largest data hub in the transportation world than now, and we’ve just made the process much faster and easier for you to get involved.
We’re building a LOT more
The future’s so bright, we’re wearing shades over at SONAR. Leading transportation organizations are finding new ways to increase efficiency and optimize pricing. As we continue to grow, we’re creating new, dynamic methodologies, exploring new modes and geographies, and building a supercharged engine that can deliver unprecedented results. Find out more at sonar.freightwaves.com. Let’s make 2024 the best year yet in freight.
The post SONAR is kicking off the new year with new developments appeared first on FreightWaves.