DAT Solutions is supplying Knight-Swift Transportation with a powerful new rate forecasting tool to provide actionable short-term and long-term insights into transportation markets. The predictive analytics tool provides forecasts based on the DAT RateView database of more than $68 billion in annual freight transactions.
"Knight-Swift is eager to begin testing DAT’s new rate forecasting tools,” said Don Everhart, VP technology and analytics for Knight-Swift Logistics. “In our experience, DAT is the most accurate and complete source of spot and contract rate data available. We are looking forward to applying these rate predictions to significantly improve the speed with which we can serve customers, while mitigating price risk."
The pilot program will run through Q1. The DAT Rate Forecast will then be made widely available to third-party logistics providers, freight brokers, truck fleets, financial analysts, and other industry stakeholders at the start of Q2.
DAT’s data science team tested the rate prediction algorithms for months, back-checking its forecasts against actual results and refining the models to improve accuracy, but the partnership with Knight-Swift provides the perfect proving ground, according to Ken Adamo, DAT chief of analytics.
"This pilot is an important step as we develop and broaden the commercial scope of our best-in-class forecasting tools,” explained Adamo.
“Our forecasting is based on the most historically complete database on the market today. That’s important, because the best indicator of future prices is historical prices, and by teaming with Knight-Swift, we can continue to refine the algorithms to solve real-world problems.”
"Our customers grapple with uncertainty every day,” added Claude Pumilia, DAT Solutions president and CEO. “That’s why we’re proud to have earned the trust of Knight-Swift and look forward to working with them as they put our rate forecasting tools to use and get a clearer picture of the road ahead.”
