The spot-buying arena is rife with external frictions and uncertainties, including supply chain disruptions, market fragmentation, and price volatility. By investing in benchmarking data, businesses can establish guidelines for their operations, but such data often lacks practicality in the present moment. Although bid collection tools are widely used in the market, they fail to effectively explore the market or gather and utilise real-time data. Consequently, shippers find themselves becoming passive recipients of market rates, susceptible to price fluctuations, and acutely aware that they are not maximising their potential earnings.
07/19/2023 | 12 min
A clear demand for transformation
Industry leaders are starting to recognise the urgent need to transform transportation procurement processes. While achieving such a significant shift is challenging – especially considering the potential disruption to operations and competitiveness during the transition – the solution lies in harnessing the power of cutting-edge technologies. By combining big data from network-based transportation management platforms with artificial intelligence (AI) and machine learning, businesses can unlock the benefits of AI-powered sourcing automation, known as autonomous procurement.
What is Autonomous Procurement?
Autonomous Procurement uses cutting-edge software to reimagine spot buying processes, offering targeted rates to carriers based on differentiation and instantly matching walk-away prices. Arguably, it sounds complex – but rest assured, it's not!
So it promises incredible things for your freight strategy, but what is it?
Unlike rule-based automation, Autonomous Procurement operates within a constrained decision space, employing AI algorithms to make independent decisions based on predefined criteria. By trusting software to make strategic decisions, businesses can achieve unparalleled productivity gains and focus on higher-value activities, meanwhile sustaining clockwork operational efficiency.
One thing’s for sure – it’s not simply automated procurement; it goes far beyond that by leveraging AI and behavioural science to drive optimisation across the entire freight procurement process while empowering human resources.
In our latest eBook, we explore the true essence of Autonomous Procurement and its benefits, debunk common misconceptions, and reveal our top five compelling reasons why your business needs to embrace the automation revolution.
Make an informed investment
The power to tame what was once the wild west of freight procurement is now in your hands.
If you’re tasked with the challenge of optimising freight procurement from beginning to end, lowering transaction costs, and speeding up the process for both shippers and carriers, you’ll love Autonomous Procurement.
Download the eBook for the tools you need to get started, and join the automation revolution.
BY THE NUMBERS
Reduce costs by 8-12% for average spot rates
By applying advanced analytics to the spot market, you can consistently achieve the best spot market prices available. Slash your buying rates by 8-12% while still working with your regular base of trusted carriers. Become a price maker instead of a price taker.
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SOLUTIONS
Unlock your future with smarter decision-making
Stand out in the market. Get recognized in the business. Our data and market intelligence solutions could be your superpower. Get better rates, secure capacity and improve supply chain management when you make choices based on data.
