THE BUSINESS CASE

Six Reasons to Adopt Autonomous Procurement

THE BUSINESS CASE

Six Reasons to Adopt Autonomous Procurement

Improve Productivity by 20%

With Autonomous Procurement, every planner becomes 20% more productive—automatically. You’ll also streamline your back-office workflows, cutting the clutter that slows operations down. Indeed, it will naturally facilitate optimized transport assignment and operational processes for both shippers and carriers – it’s logical that it must, because you are putting an end to endless email and phone searching for capacity. AI algorithms find available capacity faster and assign the right shipment, to the right carrier, and for the right price, every time. You can expect average matching times of one to two hours, far faster than usual wait times in the old way of working. There are human benefits, too. Let machines take care of the tedious, repetitive and time-poor tasks, enabling your human resources to maintain oversight while focusing on other activities to drive relationship-building and strategic work.

Understand Your Carriers Better

Autonomous Procurement brings you unparalleled online engagement with carriers, enabling you to learn in precise detail about their behaviors and preferences. AI and machine learning, coupled with applied behavioral science, can be used to develop carrier profiles – that is, a detailed individual understanding of each carrier on the network. What types of loads do they tend to accept? In which lanes are they most competitive on price? Where have they moved loads in the past? Which pickup or delivery locations do they prefer? Which types of tenders do they respond to the fastest or search for (or click on) the most? Insights into these types of questions help the procurement solution determine which carriers are the most appropriate to include in a load tender.

Understand Your Carriers Better

Autonomous Procurement brings you unparalleled online engagement with carriers, enabling you to learn in precise detail about their behaviors and preferences. AI and machine learning, coupled with applied behavioral science, can be used to develop carrier profiles – that is, a detailed individual understanding of each carrier on the network. What types of loads do they tend to accept? In which lanes are they most competitive on price? Where have they moved loads in the past? Which pickup or delivery locations do they prefer? Which types of tenders do they respond to the fastest or search for (or click on) the most? Insights into these types of questions help the procurement solution determine which carriers are the most appropriate to include in a load tender.

Predict Prices

Price prediction is another aspect of smart tendering using AI and machine learning. For a given load, what is the price a carrier is most likely to accept to move it? Is that price the same for all carriers? Price predictions can be customized for each carrier based on their profile. The combination of carrier profiles and price prediction brings you forensic diversification opportunities and opens the door to a variety of smart tendering strategies. For example, instead of asking carriers to bid on a load tender, the platform can present the tender to a select number of carriers (based on their profiles) along with an offered (predicted) price – with each carrier potentially receiving a different price based on their profile. If none of the initial carriers accept the tendered load at the offered prices within a defined timeframe, then the platform can initiate additional tendering rounds as needed, determining which carriers to invite next, what prices to offer them, and the duration of each round.

Reduce Average Spot Costs by Up to 12%

You need solutions that meet the challenges of today’s dynamic and volatile markets. We are applying advanced analytics to the spot market, making sure you consistently achieve the best spot market price available. And there’s no need to sacrifice trust or reliability. You can slash your buying rates by 8-12% while still working with your regular base of trusted carriers. Autonomous technology will help you become a price maker, rather than a price taker.

Reduce Average Spot Costs by Up to 12%

You need solutions that meet the challenges of today’s dynamic and volatile markets. We are applying advanced analytics to the spot market, making sure you consistently achieve the best spot market price available. And there’s no need to sacrifice trust or reliability. You can slash your buying rates by 8-12% while still working with your regular base of trusted carriers. Autonomous technology will help you become a price maker, rather than a price taker.

Increase Volume and Revenue

Autonomous Procurement strengthens shipper-carrier relationships by offering increased volume and revenue opportunities alongside optimized transportation planning and reduced empty miles – a compelling proposition for carriers. This explains why carriers are actively requesting its expansion to more lanes and regions, as it provides immediate benefits across operational and business aspects. By offering real-time visibility into available shipments with complete and accurate details and guaranteed on-time payment, Autonomous Procurement empowers carriers to book loads with confidence, a unique advantage in the current industry landscape.

Create Your Perfect Assignments Mix

By becoming a more strategic spot freight buyer you gain the confidence that comes with complete control, at the same time reducing any potentially damaging over-exposure. Because the touchless execution of volumes transacted through the platform is as high as 80-90%, you are free to focus on oversight and relationship-building with customers. In turn, this gives you the opportunity to hone the perfect contract and spot assignments mix. Bring the spot price prediction power of Autonomous Procurement into your contracted rates and become more dynamic by working contract freight and spot freight in parallel. When freight is rejected and cascades down your routing guide, you can make sure that Autonomous Procurement is your next primary choice.

Create Your Perfect Assignments Mix

By becoming a more strategic spot freight buyer you gain the confidence that comes with complete control, at the same time reducing any potentially damaging over-exposure. Because the touchless execution of volumes transacted through the platform is as high as 80-90%, you are free to focus on oversight and relationship-building with customers. In turn, this gives you the opportunity to hone the perfect contract and spot assignments mix. Bring the spot price prediction power of Autonomous Procurement into your contracted rates and become more dynamic by working contract freight and spot freight in parallel. When freight is rejected and cascades down your routing guide, you can make sure that Autonomous Procurement is your next primary choice.