We’re deep within the logistics data and analytics revolution. Old conventions, hunches, “the way we’ve always done things,” and best guesses are being replaced by data-backed decisions, strategies built on hard facts, and insights derived from sound analysis. Anyone working with deep data and analysis knows sample size is a huge determinant in the quality of your data.
That’s why we’re excited to announce that DAT’s freight database has surpassed over $1 trillion in transaction data – far and away the largest in the industry. But that data isn’t all about breadth and depth, it’s real and precise. These transactions come from brokers, carriers, and shippers just like you. It’s not an approximation or summation of the market – it is the market.
We should add, though, we aren’t in the business of collecting data, because anyone can do that: We’re in the business of gaining insight and understanding that data. Data is easy to come by. Conclusions aren’t.
Our data science team gathers, organizes, and collates our data, but their primary job is transforming raw data into something with meaning. Something that helps our industry find new ways to profit, grow, and thrive.
Other databases without this level of precision and depth have to fill in the gaps with disparate data sources or proxy data, it’s just one step removed from the real thing.
For carriers: Transparency and opportunity
The supply chain is an interconnected set of actors, each of them with different goals. For carriers, they’re interested in being paid fairly for honest work. No more money left on the table.
DAT’s milestone $1 trillion in transaction data – an unheard of volume of data – equalizes the industry. With that many transactions cataloged, organized, and synthesized, every carrier has the opportunity to know, definitively, whether or not they’re being paid fairly, negotiate for higher rates, and honor their work. Carriers using DAT have every tool they need to bolster their pay.
It doesn’t end there. That data also shows carriers where more money can be made and where opportunities in the market are. What markets need capacity, headhaul and backhaul lanes, and tools like Tri-Haul point out where they can add a stop to a route to rake in more.
Carriers can understand the market, grow their business, get paid more, negotiate on strong footing, and make smart decisions that help them weather whatever the market throws at them. That’s the power of $1 trillion in transaction data.
For brokers: Pricing superpowers
You know what they say: knowledge is power. In our industry, that’s not the entire picture, the veracity and accuracy of that knowledge matter. With a sample size without compare, DAT iQ gives every broker an opportunity to beat the competition.
But it’s not just data for the sake of data. It’s the years of focus, organization, industry knowledge, and context we’ve given that data that lets you draw actionable insights. Anybody can collect data, we’re in the business of giving you the tools you need to make conclusions.
Huge swaths of data, when paired with that context, point you toward strategies that help you keep more of the money you make, verify tactics, and understand where you stand compared to your competitors and peers. Margins grow, and you create enough space to pay your carrier partners fair market rates that keep your business running longer. That amount of data and insights makes the gap between strategy and execution nearly invisible.
For shippers: Predictability and flexibility
It’s never been more competitive for shippers. The industry is transforming into a hyper-strategic juggernaut of clever strategy and cost-savings. Shippers that don’t hop on the data and analytics train risk being left behind while their peers climb to new heights.
They do it with sound data, data that is both deep and wide. Deep in volume, like $1 trillion in transaction data within DAT iQ, but also wide, meaning it has context, organization, and is usable in a way that transforms businesses.
The shippers leading this new data and analytics revolution use these tools to validate their processes and strategies, identify methods and opportunities to save money, and put their own performance in context, both with comparable shippers and the market at large. It creates resilient, more predictable shipping operations that aren’t tossed around by dramatic market changes. With that extra dose of stability, shippers can plan ahead and reduce risk.
That $1 trillion in transaction data doesn’t just look outward, it also reveals more about a shipper’s internal workings. With that amount of data, shippers can set up robust KPI sets that keep their goals reasonable, attainable, and precisely tracked.
In sum, this milestone signifies a fairer, smarter supply chain. It’s an equalizer, pushing transparency and accuracy into every link in the chain. Win, win, win. To see the power of transformative, wide, and deep data, go to dat.com/iQ
