Shipwell has introduced new pricing intelligence tools to assist shippers in secure capacity while removing some guesswork on pricing.
The tools, which were announced Tuesday morning, provide 14-day pricing forecasts, compare industrywide rates from thousands of sources to realize accurate historical rate reviews, and streamline recommendations into existing workflows to form managing multiple shipment variables easier.
“We knew there had to be a far better thanks to building resilient and sustainable pricing strategies,” said Greg Price, Shipwell’s co-founder, and CEO. “Too many of us are fighting uphill battles with limited tools and data. we would like to form it easy to cost confidently as your business grows.”
Between November 2020 and March 2021, the value of shipping a container of products increased 80%, the corporate, said, adding pressure on supply chain managers to seek out pricing advantages. Shipwell said traditional methods of pricing believe spreadsheets and auctions. The shortcomings of spreadsheets, which are susceptible to errors, and auctions, which don’t offer transparency into the competitiveness of rates, make effective pricing harder.
The new Shipwell tools provide more accurate price forecasts, tailored market benchmarks, and other data embedded into existing workflows, the corporate said.
In an interview with FreightWaves, Price noted the goal of Shipwell is to form data available and useful for patrons.
“In supply chain, it’s been very opaque and elusive for people,” Price said. “Because supply chains are speeding up and that they are getting fast … how can we put data ahead of frontline workers?”
The new pricing tools are a solution. Collecting data from multiple sources, the tools utilize machine learning to “predict a forecast” and incorporate that forecast into workflows of existing transportation systems. Price said the customer is in a position to benchmark the Shipwell forecast with their data sources – including those included within Shipwell’s enterprise platform – to validate the forecast.
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“We usher in trusted data sources and put that ahead of our customers unfiltered. we've proprietary information that's on the Shipwell platform … that we put ahead of our customers,” he said.
The accuracy of the tool is vital because it ultimately drives trust with the customer.
“If you don’t have trust together with your end customer, you don’t have anything,” Price said. “Our goal is to place it ahead of them with our platform and [then] they need the resources to see that.”
He also noted that within Shipwell’s platform may be a confidence score that ranks the arrogance within the data. it's a part of eliminating mistrust that permeates supply chains.
The 14-day pricing forecast is updated regularly, so it might capture potential shocks to the availability chain. the top goal, Price said, is to assist shippers “make smarter decisions today also as 14 days out.”
The tool has been in beta testing with select customers. Price said those customers are ready to reduce procurement spend by the maximum amount of 10% and identify new opportunities within the market.
A potential offering for carriers could follow, but the initial tool is targeted toward enterprise shippers, Price said.
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