Logistical Labs, a cloud-based software provider, has launched LoadDex, a freight pricing and modal selection tool for shippers, third-party logistics providers and brokers. The company says LoadDex harnesses the power of big data and social collaboration to help users achieve faster, more accurate freight pricing.
LoadDex aggregates pricing information for a given route so that users can make data-driven decisions about pricing and mode selection. As an example, Cal Freight uses LoadDex to analyze four years of data – thousands of data points – in less than two seconds to find an efficient and cost-effective option. Developed in partnership with a Chicago-based economist, LoadDex utilizes an algorithm that collects relevant historical, social, and external pricing data through interactive tools so that rates can be quickly compared and accurately tracked.
“LoadDex helps us address the challenge of consistently providing real-time freight quotes to customers and allows us to track this information in a single platform, integrated with our transportation management system,” said Steven Lawson, president of Overland Park, Kan.-based Rail Logistics – Cold Train. “We now can analyze our data in a new way, comparing each leg of a shipping route and allowing us to predict and control costs.”
The company says one distinguishing component is LoadDex’s ability to provide intermodal options for freight pricing. The intermodal feature offers multiple rail options for shipping goods which allows users to choose the most optimal carrier. It also says LoadDex is one of the first technology platforms that helps users capitalize on the expanding and cost-effective North American railroad system by connecting them directly with rail provider’s rates.
“Logistical Labs is helping to advance technology within the transportation industry,” said Dwight Weber, general manager of highway and truckload services and APL Logistics. “Through our partnership with Logistical Labs, our containers gain more visibility to more shippers, resulting in increased asset utilization.”
Additionally, LoadDex aggregates cross-departmental data and provides a social feature that allows team members to collaborate. The platform has a chat function that lets users to exchange information in a “gamified” format. The social interaction stems from a single platform so companies can understand and communicate rates while capturing information exchanged by team members to inform future pricing.
“By bridging big data and social collaboration, our customers can look at their data differently,” said Chris Ricciardi, Logistical Labs’ chief product officer. “The platform helps customers improve operations by better managing pricing and procurement complexities.”
The tool is available on a monthly user-based pricing model and can be accessed via desktop or mobile devices.