Project44 has joined forces with SONAR to launch a new tool called Freight Procurement Analytics. This partnership gives shippers real-time market data, helping them make smarter decisions about carrier contracts and pricing.
For many years, freight procurement has been slow and inefficient. Many transportation managers continue to use outdated tools such as spreadsheets and emails to negotiate rates and secure carriers. This manual procedure frequently results in increased prices and poor service.
Another major difficulty is that many shippers continue to use the same carrier networks and pricing strategies, even as the market changes. This means they may be overpaying for services or having difficulty finding capacity during peak demand periods.
With SONAR’s real-time freight data fused with project44’s platform, shippers now have instant access to up-to-date market rates. They can compare their current contract prices with live data, identify savings, and negotiate better deals.
As government regulations, consumer demand, and international trade change, shippers are encountering new difficulties. This market volatility makes it harder to secure capacity at competitive rates.
For example, new regulations could impact freight costs, while shifting demand patterns may cause sudden surges or drops in capacity. Without access to real-time data, companies risk making bad procurement decisions that cost them money and hurt their supply chains.
With real-time market data, they can adapt their plans and make more educated decisions to keep their supply chains working smoothly.
This collaboration between SONAR and project44 represents a significant step toward modernizing freight procurement. As the industry transitions away from manual procedures and outdated pricing methods, data-driven decision-making will become the standard.
Shippers can negotiate smarter contracts, reduce costs, and improve service reliability in a market where every dollar and every minute counts.
Backed by a strong network and deep supply chain expertise, Lading Logistics ensures smooth and secure transportation across industries.
Disclaimer: This information is for general reference only and does not constitute professional advice. While we strive for accuracy, we cannot guarantee the completeness, reliability, or timeliness of the content provided.
Sources for the article: Yahoo Finance, Index Box, Project44
