On October 9th, William Cassidy, Senior Editor at the Journal of Commerce, published an article on Shippers rethinking annual trucking procurement cycles. He points out that due to the current disruptions caused by COVID-19 pandemic, shippers are rethinking how they procure freight transportation. He continues by saying that "shippers are modifying their approach to bidding, using more short-term 'mini-bids' than ever before and turning to technology to improve a process that often breaks down when market prices swing quickly." Shippers "are looking for ways to avoid costly contract rate hikes propelled by a historic surge in spot truckload rates that began in May and have barely slowed since. They won't do that by sticking to traditional practices strictly focused on price, shippers, analysts, and trucking. Bidding processes will have be be more specific, more flexible, and more collaborative."
"Digitization and analytics are becoming central to the shipper efforts to determine when to go to market, what capacity to bid on and how to bid." The article also points out that as freight demand and spot pricing spikes, shippers need to be more flexible to adjust to fast-changing market conditions.
Technology providers like Opus9 are helping shippers to be more flexible in order to secure trucks at the right time and at the right price. Opus9 has been working hard over the last 6 months to improve the LTL, truckload and drayage pricing algorithms in its platform so shippers can be confident they are getting the best price at that time for a specified lane. The ease of the quoting and booking digital platform that Opus9 provides is supported by a team of booking support experts to ensure that loads are picked up and delivered on schedule.
To get an instant quote or book a shipment, visit www.opus9.com.