Feb 25, 2021
New freight bidding tools are helping carriers of all shapes and sizes operate at scale to find more contract opportunities.
The spot market has been transformed by digitization. Shippers, third-party logistics (3PL) providers and motor carriers are using the latest technology to stay connected and share real-time visibility of available loads, capacity and pricing.
Spot market transactions account for a fraction of total freight volume, however. Freight procurement is and always has been a much larger opportunity for digital transformation. Here’s why: On average, about 80% to 90% of shipments go through a freight procurement process known as a freight bid or request for proposal (RFP).