by Joe Cottone
One of the most critical aspects of any broker-customer relationship is the consultative approach – customers desire to work with knowledgeable brokers. Market knowledge is key when it comes to pricing loads and forecasting your cost, but also explaining market trends to your customers. Within DAT iQ, RateView Analytics help brokers better understand the market, communicate knowledgeably with customers and build stronger relationships.
Forecasting
Whether looking at the 35-day or 13-month forecast, the Ratecast forecasting model in RateVew gives users an easy-to-understand trendline. The dotted line expresses the weighted average throughout the life of the selected forecast, and the cloud surrounding that line explains the potential long term high or long term low rate on a given lane. As the cloud gets larger farther into the forecast, the potential for rate variance grows.
Why do brokers love RateView?
- Users see directional pricing based on seasonality and supply-and-demand before they happen
- As the holiday season is approaches, users can utilize forecasts to take a look at how certain lanes adjust from November to January and price accordingly; perhaps approaching a mini bid for the holiday season with more perspective than the competition.
- RateView creates the industry’s most complete picture of what’s happening right now and over the next year
- 95% accuracy comparing 90-day forecasted rates to historical data over that same time period
The new RateView Analytics
Another highlight within DAT iQ is how the Ratecast model is better integrated into the RateView platform. Currently, the RateView beta is only available to select users, with a wider rollout in the future.
Take a look at the screenshot below from our RateView beta:
The new RateView platform gives you the same experience as legacy RateView, but with less to adjust. Some features include:
- Three, seven, 15, and 30-day rates are viewable once you search any lane. You’ll also see a forecasted 35-day rate.
- Highlighting the impact of each market, Trip Details shows users the Market Conditions Index to better understand the rates they’re seeing.
- Contributors will be able to see their historical rates similar to legacy RateView as further updates are made to DAT iQ RateView.
DAT iQ gives users the ability to efficiently and accurately price freight. Utilizing DAT iQ equips brokers with the knowledge and confidence to speak to the freight market when communicating with customers. Please reach out to your customer success team member if you have any questions or if you would like more information about how DAT can help your brokerage use any of our tools.
About the author:
Joe Cottone is a Customer Solutions Architect as a part of our Enterprise Customer Success team. Joe joined DAT with 10 years experience in the brokerage industry, supporting and running operations from small to large, primarily working with enterprise-level shipper customers.
