As a Shipper, this feature will allow you to upload a set of lanes that will be benchmarked against contract market Line Haul rates. Benchmarking will provide an Aggregate Analysis and Lane-level Analysis to identify At Market, Above Market, and Below Market lanes. You can also include Network Partners in your Benchmark Analyses, allowing you to see how their rates compare to the market.
This market data is provided by RateView Analytics from DAT iQ, which collects data from more than $137 billion in transactions annually to produce market insights on over 68,000 lanes.
You can also create a new RFP event from an existing Benchmark Analysis. If you have already created a Benchmark Analysis, you can find out How to Create an RFP Event from a Benchmark Analysis.
How to Create a Benchmark Analysis
Click BENCHMARKING. If you have already created a Benchmark Analysis, the BENCHMARKING tab is where you will be able to find them.
You can click into any previous Benchmark Analyses on this page.
If this is your first Benchmark Analysis, you can click CREATE ANALYSIS located in the middle of the page.
Enter a Name for the analysis.
Click on Lane Templates and choose from the drop-down menu.
Click Contract Duration.
Input the Contract Duration using the calendar provided and click DONE.
Next, choose how you would like to benchmark your rates. The Market Rates are provided by DAT IQ. If you would like to learn, click on the DAT IQ logo and follow the link provided.
Select Market Rates Today to compare your rates against line haul market rates today OR
Select Market Rates at Contract Start to compare your rates against line haul market rates when the contract began.
Click NEXT once you have made your selections.
Click DOWNLOAD TEMPLATE to get an updated version of your lanes file to make the necessary updates.
Fill out the Excel template
Required fields are denoted by *
Note: Vendor Email and Vendor SCAC are optional - these fields are only required fields when running a Network Partner Analysis.
Once the lanes have been uploaded and analyzed you will see the Lanes page. You will be able to see Market Rates by lane which are provided by DAT iQ.
Click the Summary tab on the left hand side to view the overall Analysis, including Top 5 Lanes Above and Below Market, as well as Top 5 Partners Above and Below Market.
Click Network Partners on the left hand side to view how all of your Network Partners compared with the market. Note: If no Vendor information was provided in the Benchmarking template, this will be blank.
To create another benchmark, go to the BENCHMARKING tab and click CREATE BENCHMARK in the upper right-hand corner of the screen.
How to Create a New RFP Event from a Benchmark Analysis
Click BENCHMARKING and select the Benchmark you want to use to create a new RFP event.
Select one or multiple lanes that you would like to include in your RFP event and select CREATE EVENT.
Enter a Name for the event and click NEXT.
Choose the Bidding Dates and Contract Dates for the new RFP event and click the CREATE button.
Next, click Add RFP Instructions and any supporting documents. The more information you provide your capacity providers, the more accurate their rates will be when they begin bidding.
Click the Pencil icon to enter any RFP Instructions you think your capacity providers should know. This can include information such as the type of rate you are asking for from the carriers, general expectations of carrier performance, and tracking requirements.
Type the instructions in the text box provided and click SAVE.
Click ADD DOCUMENTS if you have supplemental information, such as fuel schedules, accessorial rates, or facility hours of operations.
Click BROWSE in the pop up window, and select the relevant files from your computer. Once complete, click UPLOAD.
Once you have uploaded documents to the RFP Event, click the Participants section to invite your Network Partners.
Click ADD PARTICIPANTS to begin choosing which Network Partners you would like to bid.
A pop window will appear, allowing you to select some or all of your existing Network Partners. Once you have selected the correct Network Partners, click ADD TO EVENT. Once you publish the RFP Event and the bidding begins, your Network Partners will receive an email letting them know that you have invited them to participate.
Once your Network Partners have been added, click the RFP Manager section, and then click PUBLISH EVENT. Once it is published, it will automatically open for bidding at the time and date that you chose.
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