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.
