Words like “revolutionize” and “optimize” tend to get a lot of airtime across the logistics space. This strong focus on innovating and making things better is not unwarranted. The industry has been propelled forward at lightning speed in recent years, thanks in large part to an intensifying focus on technology.
In order to make a real difference, however, this motivation to better the industry must be coupled with a deep knowledge of the freight market — including how it works, where it has been and where it is going.
Fortunately, hopeful changemakers can look to several resources to broaden their understanding of both the freight market and the industry as a whole.
High-frequency data
It is a widely accepted truth that data plays an important role in revealing the state of the freight market. Until only a few years ago, using data to make informed decisions in the transportation space had meant extrapolating historical insights to predict probable future conditions. While this method can be useful, it fails to provide reliable results in an industry as volatile and rapidly evolving as logistics.
Now, however, transportation industry leaders have access to high-frequency data, allowing them to make decisions based on what is happening right now — not what happened last year. This unprecedented level of visibility into real-time market conditions makes it possible for shippers, brokers and carriers to accurately predict conditions days, weeks and even months in advance.
The high-frequency data housed in FreightWaves SONAR, for example, predicted the current freight recession months in advance. This prediction was made possible due to insights from Container Atlas, which tracks global container bookings at the port of origin. By capturing data so far upstream, the application is able to provide at least a 60-day leading indicator of U.S. port activity.
SONAR provides users with the information they need — including but not limited to Container Atlas — to understand what is happening in the market at both the highest and most granular levels. These insights make it possible for decision-makers to deepen their understanding of today’s freight market while simultaneously planning for what comes next.
SONAR Knowledge Center
SONAR users have access to a wealth of knowledge, but while the tools and indexes within the platform provide shippers, brokers and carriers alike with incomparable forward-looking insights, learning how to best utilize all of them may feel overwhelming at first.
Enter the SONAR Knowledge Center, which exists to help SONAR users navigate the tools’ capabilities — on their own time, at their own pace. The resource includes video tutorials, release notes on recent updates and information pages on all of SONAR’s applications, which can prove invaluable to both new users and those hoping to dive deeper into specific verticals. The Knowledge Center even features unique use cases based on the user’s position in the industry, with options for brokers, shippers, carriers and financial/consulting professionals.
Industry leaders can apply what they learn in the Knowledge Center into their regular SONAR usage. This additional layer of education helps them move even deeper into their understanding of the freight market.
FreightWaves Academy
At the highest level, understanding the freight markets requires understanding the transportation industry as a whole. In addition to providing high-frequency data insights through SONAR, FreightWaves offers industry players access to a wide variety of general industry education through FreightWaves Academy.
FreightWaves Academy offers a comprehensive overview of the basics of the transportation industry for new entrants and those looking for a refresher. The curriculum includes high-level courses on trucking, 3PLs, LTL, fuel buying, rail intermodal and more.
This cost-effective tool is an ideal solution for individuals entering the industry and companies looking to provide educational material for their new hires. The industry moves quickly, and new employees need to be ready to move with it. This is especially true for those hired into high-level decision-making roles from other industries.
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