When we last checked in on Freightos a year ago, they were serving up real-time freight quotes for global shipping and were just launching the marketplace where buyers could search by “lane”, see public freight quotes from shippers serving those “lanes”, compare them, and book quotes. (And a buyer can define a lane by zip code or city, and the software will automatically identify all relevant [air]ports.) Since then, the Freightos marketplace has been growing, and a few noticeable improvements have been made:
More, and bigger, carriers.
Now that big global companies have publicly announced their adoption of the platform — including Sysco, Marks & Spencer, and Panasonic US — bigger forwarders and carriers are signing up and there are a plethora of good, competitive, economical options for all major lanes between Asia and North America — which includes complete multi-modal options from just about any zip code to any zip code in the regions of interest (and almost all major ports and major distribution centers are covered).
More refined cost tracking and rate comparison.
Upon launch, Freightos provided buying organizations the ability to upload all of their contracts and associated rates. The UI has been improved and it’s easy to compare the contract rate against the current market rate of a carrier as well as the market rates of other carriers side-by-side and to see the relative delivery times that correspond to the rates. (The models break down the cost and delivery time component of each leg of the journey. Truck to port, ocean or air cargo from port to port, truck to distribution center, etc.)
The detail provided on quote breakdown is incredible compared to most platforms that simply collect an all-in-one delivery free for each segment and the government tariff rate(s). If relevant, the platform will break out delivery fee (per unit), fuel surcharges, messenger charges, e-document charges (at origin and destination), lift gate charges, manifest system charges, customs charges, each export and import tariff, SOLAS administration fees, docking fees, temporary storage fees, freight station fees, pier pass fees, cleaning fes, chasis fees, handling fees, and local charges.
Immediate Online Payment with Booking
Since Freightos can now collect payment immediately upon booking through the marketplace, this provides two major advantages over the initial version of the platform where a buyer requested a quote, a supplier replied, and then a booking was made at a later time. The buyer gets the booking they need when they need it, no fear of the lowest cost or preferred carrier maxing their quota (and the option disappearing because someone else selects and pays first). Secondly, since all marketplace payments flow through the platform, Freightos is able to offer the service free for buyers and at a low cost to service providers, who pay a small transaction fee (which should cost them much less than it does to hire multiple sales people to respond to offline RFQs all day with the same quotes cut-and-pasted into multiple Excel sheets of various formats).
More Powerful and More Responsive Drill Down Filters
Not only can you select/deselect ports, modes, forwarders/carriers, intermediate routings, and intermediate ports/distribution centers, you can also include or exclude additional requirements such as lift gate, cross-docking, etc. in your search and comparison. The platform is effectively doing hundreds of searches across (potentially) thousands of carriers with dozens of options in real-time.
Streamlined Document Management
The platform can store, index, and cross reference all contracts and documents (such as insurance certificates, compliance certificates, etc.) related to all carriers used by an organization and they can be easily retrieved when a quote is accessed or easily managed through a carrier management interface.
A Full Featured API
You can include the power of their marketplace in your sourcing application. You don’t have to use their web-interface, you can embed the search functionality in any platform you are currently using to get worldwide shipping estimates and available carriers in real-time.
Freightos is getting very close to becoming the powerful freight management solution that will not only be Supply Management’s best friend but the default platform for all logistics tenders and spot buys performed by the organization. Stay tuned. We’re sure we will be hearing more from Freightos in 2017.