FreightWave’s SONAR recently released two new market analysis tools that provide lane-level benchmarking opportunities and insights into the future state of the domestic truckload spot market.
Market Dashboard+ (MD+), which was announced during the Future of Freight Festival earlier this month, is a multi-lane analysis tool designed to support bid management, frequent lane monitoring and corridor trend visualization. SONAR customers can upload any lane in bulk and analyze it in the application or through exported data.
Market Dashboard+ builds on the original Market Dashboard tool operated by the Trusted Rate Assessment Consortium (TRAC) and focuses on spot rate data in a single lane. Bulk pricing information isn’t the only new addition.
Some of the other new features include:
- Bulk analysis of fares by rail (via bulk CSV upload or manual inline entry)
- Contract and spot price comparison with high and low values
- Contextual data based on tenders
By leveraging more/variant data, users can understand bargaining power, overarching pricing strategies and volatile markets. Users can use this as a course benchmarking tool, but also see their direction. The contextual data can also provide deeper insights into road conditions from a capacity standpoint. All data can be exported to a spreadsheet for deeper analysis.
The NTI Prognosis – NTIF is a 28-day forecast of the current NTI based on dry truck loads moving more than 250 miles. The forecast is based on more than just historical rates and includes high-frequency inputs from data points such as tariffs, wholesale fuel price, and contract rates. Rigorous data science and machine learning were used to identify which data had the best predictive qualities and were backtested to find an overall correlation of 85 for the entire 28 days, a 99 from one to seven days.
The main use for a spot rate forecast is to visualize trends in the trucking space, whether you are a:
- Freight forwarder looking to manage a volatile transportation budget
- Freight forwarder trying to forecast shippers’ capacity needs
- Broker who just needs to know how tight or loose the market is going to be in the coming weeks.
The NTIF provides an objective data point to support short-term planning.
FreightWaves also provides historical forecast values of 28 (NTIF28), 14 (NTIF14), and 7 days (NTIF7) to show accuracy.
The NTIF is continually improved, and when predictions differ too far from actual outcomes, variables and weights are adjusted to achieve a usable level of confidence.