Spot rate load boards give shippers real-time access to market rates for freight transportation. This allows shippers to compare rates from different carriers and find the best possible price for their shipments. In addition, spot rate load boards can help shippers to identify new lanes and carriers that can help them to improve the efficiency of their transportation network.
There are a number of reasons why spot rate load board visibility is essential to have in a TMS to shippers. These include:
- Real-time market rates: Spot rate load boards provide shippers with real-time access to market rates for freight transportation. This allows shippers to compare rates from different carriers and find the best possible price for their shipments.
- Wider range of carrier options: Spot rate load boards connect shippers with a wider range of carriers than traditional contract carriers. This gives shippers more flexibility and options when it comes to finding the best carrier for their needs.
- Ability to book emergency shipments: If a shipper needs to move freight quickly, a spot rate load board can be a lifesaver. Spot rates are often higher than contract rates, but they can be the only way to get freight moved in a hurry.
- Improved transportation visibility: By tracking spot rates, shippers can get a better understanding of the current market conditions and how they might impact their transportation costs. This information can be used to make better pricing decisions and optimize the transportation network.
- Better pricing decisions: By comparing spot rates to contract rates, shippers can make more informed decisions about how to price their freight. This can help them to maximize their profits and stay competitive in the market.
- Optimized transportation network: By using spot rate load boards, shippers can identify new lanes and carriers that can help them to improve the efficiency of their transportation network. This can lead to lower transportation costs and improved delivery times.
Spot rate load board visibility is essential to have in a TMS to shippers. It provides shippers with real-time access to market rates, a wider range of carrier options, and the ability to book emergency shipments. In addition, spot rate load board visibility can help shippers to improve their transportation visibility, make better pricing decisions, and optimize their transportation network.
Here are some additional tips for shippers who want to get the most out of spot rate load boards:
- Use a TMS that integrates with spot rate load boards: This will allow you to easily compare rates from different carriers and book shipments quickly and easily.
- Track spot rates regularly: This will help you to stay up-to-date on the current market conditions and make sure that you are getting the best possible price for your freight.
- Be prepared to negotiate: Spot rates are often negotiable, so don’t be afraid to haggle with carriers to get the best possible price.
- Use spot rate load boards as a supplement to your contract carriers: Spot rate load boards can be a great way to supplement your existing contract carriers. This can help you to fill in gaps in your transportation network and get freight moved when you need it most.
By following these tips, you can use spot rate load boards to your advantage and save money on your shipping costs. Want to see how the spot rate load board functionality can impact your bottom line? Let’s
schedule a demo today.
