C.H. Robinson launched Market Rate IQTM, a new tool that shows companies how their spot rates compare to a trusted third-party benchmark and breaks down where they could save money. Created by C.H. Robinson’s technology incubator, C.H. Robinson LabsTM, Market Rate IQ is said to be the only tool in the industry that shows shippers which factors in their U.S. spot pricing are market-driven and which they can control.
“Virtually every company is looking for a solution to help them navigate the spot market, so we built one,” says Tim Gagnon, head of Robinson Labs and C.H. Robinson’s VP of analytics and data science. “Now, for the first time, they can see what’s driving their rates and what they can do about it. Then we take that transparency a step further and show them how their rates compare to the average for each of their shipping lanes and locations. It’s like going to the grocery store and instantly being able to see how the price of everything on your list compares to the market. Who doesn’t want to know if they’re paying more than market?”
- During its incubation phase, Market Rate IQ uncovered $75 million in potential customer savings across $1.2 billion in spot freight spend. The Top 5 reasons customers paid more than they might have needed to included lead time, uneven freight, weekend pickup, multiple stops and delivery geography.
- C.H. Robinson teamed up with DAT on Market Rate IQ.
“Shippers don’t have to be at the mercy of these uncertain times,” says Mike Weaver, VP of sales at DAT. “The right technology and data can make a powerful difference. Market Rate IQ represents two industry leaders coming together to help all parties negotiate with confidence, transparency and the most trusted rate benchmarks in the industry.”