5 Tips for Efficient Freight Rate Management

1. Integrate as many rate data feeds and get as many standardized data formats as possible from your suppliers, this will make it easier to maintain your rates database, even when the market is volatile.

2. Digitize tariff surcharges and your local charges too, not only the surcharges in your supplier contracts, make sure they pull into your rate data, giving you a complete rate. This reduces hours of manual work, and ensures you maximize revenue and increase accuracy.

3. Assign contract experts to audit and analyze your contract data, contracts are complex and one mistake in the data can result in many quoting and operational data errors. You’ll be surprised how many supplier mistakes in the source data they will catch too!

4. Do your market analysis and determine rate benchmark data that will help your procurement team negotiate better and your sales team quote confidently in line with the market to win more business at better margins.

5. Spot rates in your inbox? Don’t leave them there! These rates may be made available for use by your colleagues on routes where you have few rates available, and they will help your whole team keep their finger on the pulse of the market