DAT Solutions is supplying Knight-Swift Transportation, North America's largest truckload fleet, with a powerful new rate forecasting tool to provide actionable short-term and long-term insights into transportation markets.
The tool provides forecasts based on the DAT RateView database of more than $68 billion in annual freight transactions.
“Knight-Swift is eager to begin testing DAT’s new rate forecasting tool,” says Don Everhart, VP Technology & Analytics for Knight-Swift Logistics. “In our experience, DAT is the most accurate and complete source of spot and contract rate data available. We are looking forward to applying these rate predictions to significantly improve the speed we can serve customers, while mitigating price risk.”
The pilot program will run throughout the first quarter. The DAT rate forecasting tool will then be made available to third-party logistics providers, freight brokers, truck fleets, financial analysts and other industry stakeholders at the beginning of the second quarter.
“DAT’s data science team tested the rate prediction algorithms for months, back-checking its forecasts against actual results and refining the models to improve accuracy, but the partnership with Knight-Swift provides the perfect proving ground,” according to Ken Adamo, DAT Chief of Analytics. “This pilot is an important step as we develop and broaden the commercial scope of our best-in-class forecasting tools. Our forecasting is based on the most historically complete database on the market today. That’s important, because the best indicator of future prices is historical prices, and by teaming with Knight-Swift, we can continue to refine the algorithms to solve real-world problems.”