Freight Rate Management with Trax
Trax’s Rate Manager brings you and your carriers together in one web-based platform. As a single source of truth for your entire rate management process, Rate Manager ensures that rates are up-to-date and that they conform to your data requirements for audit, procurement, and operations.
Benefits of a Rate Management Platform
A rate management platform aims to create a single source of truth across all carriers, all modes and all regions. Plus, it offers the transparency and seamless experience needed for success. A centralized platform ensures efficiency across all carriers and regions, allowing your organization to reap the following benefits:
Visibility and Accuracy of Rates
There are many platforms out there that have mastered rate data management for one mode, like ocean, air, or trucking. However, without complete visibility of rate data for each and every mode of transportation, proper management is stifled and rate accuracy can easily suffer.
A centralized platform offers full transparency, including a history of rate approvals, advanced notification of expiring rates, and shared visibility of rates.
Seamless Collaboration with All Carriers
One big factor in maintaining rate accuracy is quick and effective collaboration between carrier and shipper. But collaboration is often siloed in disparate transportation software (ERP, TMS, etc.) or trapped in legacy communication tools (email, spreadsheets, etc.).
Centralized transportation management allows both parties to communicate through one platform on all aspects of the rate management lifecycle in real time, eliminating the risk of unapproved charges and improving billing accuracy, as well as downstream errors in other areas of the FAP process.
Centralized Management of All Contracted Rates
Contracted rates are frequently tracked using disparate platforms, spreadsheets, or documents. This makes it difficult to manage your transportation spend efficiently across a global enterprise.
Centralized management of data is where it all begins. Without a single source of truth, it’s difficult to accomplish contract optimization. And contract optimization—which connects predictive analytics, industry insights, and much more—leads to cost savings. Shippers can make more accurate and cost-effective movements and work more efficiently, even while managing multiple carriers.
Management of Spot Quotes Process
When negotiating shipping costs outside of contracted rates, it can be challenging to capture and compare competitor quotes. Add in a volatile chain supply and economy fluctuations, and spot quote management becomes even more difficult.
A centralized rate management platform will keep competitors organized so your company can make informed business decisions for each type of quote. And it goes a step further with compliance and budget accountability, data quality, etc.
Features of Trax’s Rate Management
Rate Manager has proven to improve rate management visibility by keeping all carriers and related data in one place. Features include:
- Shared visibility to all rates as well as advanced notification of expiring rates
- Online visibility to rates and charges for all parties
- Robust and collaborative approval workflow for rates with multiple approvers
- Full history of rate approvals
- Advanced notification of alerts for expiring rates
- Fully configurable templates to capture required data
- All modes, lane types, services and rates
- APIs for integrating rates with in-house platforms
- Designed to grow with your company
A single source of truth has many advantages. Pfizer is just one example of how rate management can help companies improve their rate visibility, manage their carriers, and generate actionable metrics.