Almost 60% of freight brokers still use paper checks

NEW YORK – October 27, 2022 – Denim, the leading financing platform for the freight and logistics industry, has released its first Freight Broker Pulse Report in partnership with Ascend2. With insights from 168 freight brokers, the report underscores the importance of time efficiency in operations and how the industry is benefiting from digitization.

According to the report, freight brokers spend too much time on brokerage activities, including invoicing, collections, and payments. Over half of respondents (52%) say their business spends 25% or more of their time broking, which equates to 480 hours per year based on the average 40-hour week. Given this significant investment of time, 78% agree their business would be more successful if they spent less time brokering.

“Time is everything in logistics,” said Bharath Krishnamoorthy, CEO and co-founder of Denim. “Carriers need goods delivered on time, and carriers need to be paid on time. Acting as a link in the supply chain, freight brokers need to have a streamlined payment process to avoid errors and delays. Denim’s report shows the need to invest in smarter tools to streamline back-office operations and increase sales.”

The report also highlights the need for digitization in the freight industry. Nearly 60% of respondents still pay shippers and shippers with paper checks, although more than two-thirds (68%) say eliminating paper checks would improve their business operations.

Other insights from Denim’s report include:

84% of freight brokers are optimistic about 2023

74% of enterprise freight brokers ($2 million average monthly revenue) prioritize improving overall efficiency in the coming year.

Rising gas prices were the top challenge (63%) for freight brokers in 2022

Over half (58%) of freight brokers use invoice factoring to finance freight and receivables.

97% of freight brokers agree that building trust with carriers and freight forwarders improves business.

The Freight Broker Pulse Report follows the announcement of the company’s rebranding and $126 million Series B funding round, which will enable Denim to continue growing its team and advance product expansion efforts to meet the growing demands of to cater to freight brokers.

To download the full report, please visit www.Denim.com.

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reporting methodology

Ascend2 evaluates the performance of business strategies and the tactics and technologies that drive them. The Freight Broker Pulse Report survey was conducted in August 2022 using a custom online questionnaire. The report collected responses from 168 freight broker employees in the United States who had brokered at least one cargo in the past 30 days at the time of the survey.

About denim

Denim is a logistics industry finance platform that offers an ecosystem of intelligent finance products, operational tools and time-saving automation. Its proprietary technology enables freight brokers to simplify their financing operations and easily access the working capital they need to thrive in the competitive $2 trillion logistics market. Denim automates invoicing, collections and payments – ultimately reducing day-to-day payment and collection tasks by 75%. As a remote-first company, denim has been named Best Place To Work by Built In and Best Workplace for Innovators by Fast Company.

About Ascend2

Businesses partner with Ascend2 to create high quality original research studies, supplement their marketing content, build thought leadership, create media coverage, generate leads and engage prospects to drive demand. Ascend2 conducts research for Oracle, Brightcove, Act-On, The Pedowitz Group, HubSpot and more. Our clients’ research is regularly featured by MarketingProfs, Insider Intelligence, Forbes, Media Post, Search Engine Land, Marketing Land, Convince & Convert and others.

https://www.denim.com/

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