San Francisco, CA, November 17, 2020 –(PR.com)– Winmore, the leading customer success platform for logistics companies, today unveiled RateAI to transform the transportation pricing process for freight brokers, carriers and third party logistics providers (3PLs). Winmore has partnered with Google to leverage its Cloud AI machine learning service to create RateAI’s cutting edge lane-level pricing and analytics.
Bringing order to the traditional chaos surrounding RFP response and pricing, RateAI streamlines the end-to-end transportation pricing process with lane/pricing standardization, automated qualification, predictive pricing and intelligent analytics. The solution takes multiple sources into account, e.g., historical bids, forecasted demand, load boards and marketplaces, historical shipments and carrier capacity and harmonizes pricing across those systems.
Running on Google Cloud AI Platform, RateAI is secure and provides a collaborative platform allowing brokers, carriers and forwarders to make intelligent decisions about RFPs.
“Often the RFP process is challenging due to the ever changing dynamics of our customers’ needs, carrier partners’ networks, and the overall volatility of the freight market,” said Tom Comstock, Director of Pricing at Kirsch Transportation, an Omaha, Neb.-based freight brokerage, Winmore customer and design partner in the new machine learning-based solution. “Now, with RateAI’s real-time insights, we can efficiently analyze bids and make more informed decisions on these ever-changing aspects.”
The RateAI suite of services runs on the Winmore customer success platform and is embedded in its award-winning RFP and Pricing Workflow; it includes the following:
– Rate Accelerator: Offers a real-time view into current bid value and RFP progress across the team, providing a single source of truth for pricing and rate/lanes changes. Data is consistently formatted across the organization providing round by round analysis of margins and awards.
– Rate Intelligence: Harmonizes company historical rates, TMS shipment costs and carrier lanes; this allows pricing analysts to instantly compare rates and margins, helping them quote the best price the first time. Users also access industry benchmarks on rates and services at the lane level to further validate pricing.
– Rate Advisor: Provides automated pricing advice leveraging customer data, market data and business heuristics to forecast pricing at the lane level that optimizes win rate and profitability.
“It is so important to consider rates that include variables such as fuel charges, accessorials and specialized equipment,” said George Chasteen, Vice President of Commercial at Mesilla Valley Transportation, an El Paso, Texas,-based logistics services provider, Winmore customer and design partner. “Taking all of these items into account, with a full view into historical pricing and industry benchmarks, reveals additional business trends and allows us to better determine lane level pricing strategies.”
“Previously, the RFP process has been manual, complex and time-constrained across the transportation industry, relying on inputs from a dynamic range of data sources,” explained Jeff Hiller, Winmore’s Vice President of Product Management. “We are delighted to now not only improve the efficiency of the pricing process, but apply a level of insight and analytics to the pricing process that has never existed in the transportation industry.”
Winmore’s RateAI will be available in Q1 and runs on the Google Cloud AI Platform, a leader in 2020 Magic Quadrant for Cloud AI Developer Services.
To learn more about Winmore, email [email protected]
Winmore is a cloud-based customer success platform for logistics service providers with embedded data analytics. This industry-leading software is often integrated with leading transportation management software (TMS) and customer relationship management (CRM) software to ensure customer success and seamless integration with the IT infrastructure. The company has received numerous industry accolades, including being named to FreightWaves’ FreightTech 100, an award reserved for the most innovative software companies in the world.
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