CLEVELAND, Ohio — FreightFacts, creators of the LTL industry’s first FICO-style Shipper Score reports, is announcing a new program with incentives for shippers to pre-register for the launch of the highly anticipated FreightFacts platform.
“For years, shippers have rated their carriers’ performance, but the LTL industry has lacked a common, data-driven way to assess shippers’ behaviors,” said Lance Healy, co-founder, CEO, FreightFacts. “By transforming carrier operational data into Shipper Score reports, we enable shippers, carriers and 3PLs to reduce unnecessary LTL freight costs through better intelligence and collaboration.”
Measuring Shipper Performance
According to a company press release, FreightFacts has worked extensively with leading LTL carriers on developing robust scoring methodologies and algorithms that accurately measure shipper performance. The company’s Shipper Score reports bring transparency and accountability to the LTL ecosystem, helping eliminate operational blind spots that affect freight rates and accessorial charges.
“At a time when LTL carriers are raising rates and scrutinizing costs, the new platform helps shippers improve efficiency and increase negotiating power by providing visibility into dock operations at their own facilities and those of their suppliers and customers,” FreightFacts said.
What’s in a Shipper Score
Shipper Score reports provide visibility into 24 metrics, including dwell time, appointment compliance, payment timing, accessorial frequency and damage claims. These and other behaviors at shipper, vendor and customer docks directly affect LTL pricing, service levels and overall network efficiency.
The reports are released only with the shipper’s authorization, and no personal, product or pricing data is shared. To participate in the program, shippers do not need system integrations or software implementations, as FreightFacts relies exclusively on operational data authorized by carriers.
At the platform’s launch, shippers who preregister with FreightFacts will receive Shipper Score reports for up to three locations at no cost. The reports translate carriers’ operational data into executive-friendly metrics that shippers can use to:
- Prequalify vendors and customers.
- Monitor facility-level behaviors affecting their Shipper Scores.
- Strengthen negotiating leverage with carriers.
- Benchmark performance against peers and industry averages and more.
Freight Karma
The platform includes Freight Karma, a prescriptive coaching engine that provides specific recommendations, such as reducing dwell time and improving payment speed, to improve a Shipper Score and thereby reduce transportation costs.
“Freight Karma gives shippers intelligence they can act on immediately,” Healy said. “When speaking with a carrier, a shipper who says, ‘We improved our score from 500 to 780 this year,’ has far more negotiating leverage than one who says, ‘Trust us, we’re a better customer now.’”
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
