• DAT unveils DAT iQ Benchmark

    DAT iQ Benchmark uses new AI-powered rate models trained on the industry’s largest dataset, comprising $150 billion in annual market transactions.
    May 7, 2024
    2 min read
    DAT
    DAT unveils DAT iQ Benchmark for accurate transportation rate and data analytics

    DAT Freight & Analytics is introducing DAT iQ Benchmark, an update to its transportation rate and data analytics service for shippers, at the 2024 Gartner Supply Chain Symposium/Xpo in Orlando, Florida, May 6-8.

    DAT iQ Benchmark uses new AI-powered rate models trained on the industry’s largest dataset, comprising $150 billion in annual market transactions. This data is directly submitted to DAT by more than 1,300 freight shippers and brokers.

    DAT iQ Benchmark pricing models consume new transaction data daily to accurately reflect spot and contract rates on virtually all trucking lanes in North America, as well as pricing for intermodal and ocean transportation. Shippers can compare their performance to all contributors over time and across numerous attributes, including average distance, load count, fuel cost per mile, total cost over time, and percentage of spot loads.

    DAT iQ Benchmark now includes pricing models for uncommon and specialized freight types, such as  hazardous materials, intermodal, expedited freight, flatbed freight, and loads in Canada, and it can use AI to infer rates for queries where no data is available or the data is sparse. Moreover, the new interface, interactive data visualizations, and customized reporting make it easier to use. 

    “Understanding your transportation costs and performance over time and relative to the market helps you pinpoint what drives your supply chain, what holds you back, and where you can improve,” said Ken Adamo, DAT chief of analytics. “Our shipper customers have been able to clearly communicate performance with their executive teams, uncover cost-saving carrier and lane-level opportunities with root-cause analysis, and streamline their procurement processes by relying on DAT iQ Benchmark.”

    See also: Mixed freight changes in latest DAT, FTR market data

    According to the company, DAT iQ Benchmark helps transportation procurement professionals do their jobs more effectively in a number of ways:

    • Better communication: Communicate performance and rate competitiveness to senior management and put costs in context.
    • Find efficiencies: Identify lane and carrier-level operational opportunities to improve efficiency and utilization.
    • Budget and forecast accurately: Prepare for RFPs, carrier reviews, and budgets with accurate benchmark data.
    • Measure performance: Evaluate pricing against past, present, and forecasted benchmark rates.

     

    About the Author

    FleetOwner Staff

    Our Editorial Team

    Kevin Jones, Editorial Director, Commercial Vehicle Group

    Josh Fisher, Editor-in-Chief

    Jade Brasher, Senior Editor

    Jeremy Wolfe, Editor

    Jenna Hume, Digital Editor

    Eric Van Egeren, Art Director

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Sign up for our free eNewsletters

    Latest from Technology

    Daimler Truck
    Daimler and Volvo's Coretura leadership
    Two of the largest global truck OEMs have established a joint venture to develop one software-defined vehicle platform, bringing standardization to the industry. While the company...
    Bendix
    In addition to those latest enhancements, the newly released Bendix Fusion system on Kenworth T680s includes previously available features.
    Bendix, BeyondTrucks, Teletrac Navman, Relay Payments, and SureCam announce new trucking technology updates.
    Haul by Fleetworthy
    haul ai compliance platform
    The acquisition brings advanced AI capabilities to enhance safety and compliance for both small and large carriers.