The freight market’s volatility demands data-driven procurement strategies. To meet this need, project44 and SONAR have partnered to launch Freight Procurement Analytics, empowering shippers with contract benchmarking, procurement optimization, and real-time carrier rate visibility.
Table Content:
Transforming Traditional Freight Procurement with Data
Traditional freight procurement methods, often reliant on manual processes and outdated information, lead to inefficiencies and inflated costs. Many shippers inherit static routing guides and carrier networks, hindering adaptability in a dynamic market. project44’s Freight Procurement Analytics, enhanced by SONAR’s market intelligence, provides a solution. This platform offers access to real-time data, enabling informed decision-making and agile procurement strategies.
Leveraging Real-Time Insights for Competitive Advantage
Integrating SONAR’s data into project44’s platform allows shippers to benchmark contract rates against current market conditions, identify cost-saving opportunities, and negotiate favorable contracts. This collaboration addresses the challenges of outdated RFP processes and limited visibility into carrier performance. As Jett McCandless, founder and CEO of project44, explains, this partnership empowers shippers with the technology needed to navigate a fast-paced market, potentially leading to significant cost reductions and improved on-time delivery rates. The goal is a potential increase in on-time-in-full percentage by up to 20%.
Navigating Freight Market Volatility and Policy Changes
Shippers face growing concerns about securing capacity at competitive rates while maintaining reliability. Factors like fluctuating consumer demand, global trade shifts, and policy changes contribute to market volatility, making effective procurement increasingly complex. The partnership between project44 and SONAR directly addresses these challenges by providing the tools necessary to adapt to dynamic market conditions.
Responding to Capacity Constraints with Dynamic Procurement
Recent data highlights the increasing pressure on capacity. The Q1 2025 FreightWaves Shipper Rate report reveals a surge in tender rejection rates, indicating a return to capacity constraints. This underscores the importance of dynamic procurement solutions that enable shippers to respond effectively to market fluctuations. The collaboration between project44 and SONAR provides the real-time insights and agility needed to navigate these challenges.
Conclusion: Embracing Data-Driven Procurement for Success
The partnership between project44 and SONAR signifies a crucial step towards data-driven freight procurement. By leveraging real-time market intelligence, shippers can optimize their strategies, enhance negotiation power, and navigate market volatility with greater confidence. This collaboration empowers businesses to achieve cost savings, improve service levels, and gain a competitive edge in the ever-evolving freight landscape.
