Thank you! We will get back to you soon
Oops! Something went wrong while submitting the form.
Freight rate management software helps businesses keep track of the costs they incur for shipping their goods. It uses advanced features like rate comparison and real-time rate updates to help streamline logistics operations.
This software replaced the old tech setup, where multiple sources were required to provide a quote.
But how is digital freight rate management software better?
Let’s explore what freight rate management software is, the 7 best software platforms you should check out, and more.
Freight rate management software helps supply chain management and logistics companies handle and manage freight costs. The software tracks, compares, and analyzes freight rates from various carriers, helping shippers choose the best carrier for their cargo.
Some other ways freight rate management helps are:
By offering these benefits, digital rate management software creates a smooth and effective system for every freight forwarder.
Now that we understand freight rate management software better, let’s look at some vital features of the software.
Key characteristics that make digital freight management software an ideal choice for your logistics and supply chain operations include:
Software with a steep learning curve will require more time and effort to understand and implement.
So, the ideal freight rate management software should be easy to use and compatible across various operating systems. It should also have an intuitive interface that allows you to navigate the software independently.
Freight rate management software automates workflows by replacing repetitive manual processes like uploading rate sheets and performing rate calculations. It helps improve the overall operational efficiency of a freight forwarder.
Moreover, professionals can manage their contracts in a single space without the need to refer to additional files or spreadsheets.
Rate management software should have analytics and reports that help logistic professionals monitor performance and derive insights for better decision-making.
In doing so, it can contribute towards optimized freight rates, reduced costs, and improved freight management.
Reliable and secure software protects sensitive information related to contracts, quotes, and client transactions.
Not to mention that top-notch security features help prevent data breaches and aid risk mitigation.
Integrating API protocols can offer a smooth exchange of information between software.
Some recommended API integrations include:
These API modules help optimize trade routes and create a comprehensive system to improve freight management.
Freight rate software must have access to a broad network of carriers and live rates to help with quoting. Having access to the network helps a freight forwarder decide which carrier is the most suitable for shipping cargo.
Additionally, it gives businesses a competitive edge over others in the market by providing up-to-date and reliable rates to their clients.
An ideal tool would include a customer service feature to resolve customer quote inquiries quickly.
It should include a customer service portal to clarify questions regarding complex cost structures through chatbots or a ticket system without the need to make a phone call. Doing so will improve overall customer satisfaction and increase their confidence in the software.
Now that you’ve got an idea about the essential features of the software, let’s look at some freight rate management tools.
The best freight rate management software includes:
Shipthis is a digital freight forwarding software that forwarders use to transport goods and manage the entire shipping process from start to finish.
Here are some of its top freight rate management features:
Pricing: Starts at $89 per user/month
Magaya Digital Freight Platform is a logistics operations solution that aids with air freight, ocean freight, transport management, and accounting. It provides its freight forwarding software and warehouse management system to Non-Vessel Operating Common Carrier (NVOCC) businesses and shippers.
Its key features include:
Pricing: Available on inquiry
Descartes is a cloud-based logistics and supply chain management platform by Descartes Systems Group Inc. It provides a transport management system, warehouse management system, supply chain management system (SCM software), and more.
Some of Descartes’ rate management system features include:
Pricing: Available on inquiry
WebCargo provides air shipment solutions to shippers. The platform helps with virtual freight operation, air cargo booking, and freight rate management.
Its key features include:
Pricing: Available on inquiry
Cargobase is a digital Transportation Management Software (TMS) used by numerous shippers and logistics service providers. It offers rate management solutions, online bookings, and freight management solutions to logistics professionals.
Some of its key features are:
Pricing: Available on inquiry
Kuebix is a Transportation Management System that offers supply chain management and logistics services. The platform offers transport management solutions to small and large freight forwarding businesses.
Kuebix’s TMS provides these features:
Pricing: Available on inquiry
Shipista is a freight procurement platform that provides a freight management system for shippers and carriers.
Shipista’s rate management software features include:
Pricing: Available on inquiry
Still wondering whether you should switch from the traditional rate management system?
Let’s explore what you stand to gain.
Here's why digital freight rate software is better than the traditional system:
Digital freight rate management systems reduce the turnaround time with the help of automation and streamlined processes. Carriers and shippers don’t have to wait long to implement an action or resolve an issue.
Conversely, the traditional method heavily relies on competence, phone calls, and emails to finalize quotes and handle spot rates. These manual processes would often take a lot of time, causing substantial delays.
With digital freight management software, complex processes like rate calculations, contract management, and document generation are automated.
This reduces the scope for errors that are common in a traditional rate management system, where manual calculations and multiple data sheets can lead to inaccurate quotes.
Most freight rate management software platforms save sensitive customer data and freight-related information on the cloud with top-notch encryption. The strong security features protect them from most cyber-related problems.
However, in the traditional method, paper documents are usually kept in physical storage spaces, making them vulnerable to damage or theft.
Virtual freight management system requires less effort to get the job done, helping save money on labor during rate and contract management.
On the other hand, manual processing and calculations are slow and need to be re-checked repeatedly. Due to this, more time is spent on processes, making them less cost-effective.
Modern logistics software provides real-time data, updated rates, and tools to track performance metrics. Together, these features increase transparency and speed up the entire rate management process.
These were lacking in the traditional system where information isn’t up-to-date and scattered, making it unreliable, non-transparent, and difficult to share with others.
Freight rate management software allows shippers and carriers to communicate through centralized platforms. The software also uses notifications and messages to keep stakeholders updated at all times.
This was difficult to accomplish in the traditional system, as professionals would have to make calls or send faxes to negotiate rates and finalize a quote. Sometimes, a misplaced document or file could potentially lead to long delays or outdated information.
API integrations help transport management software exchange data from multiple sources in real-time. This helps logistics professionals handle freight management from start to end in a single space.
This isn’t possible with traditional rate management as it often uses manual checks to keep track of information, which is time-consuming, risky, and prone to errors.
Now, we’ll explore how digital logistics software impacts sustainability.
Here are a few ways a digital freight rate management software reduces the strain on the environment:
Freight rate management software digitizes rate management and communication, reducing the need for physical paper documents. It helps skip faxes and the use of paper to share information, drastically reducing wastage.
With the help of the software, freight forwarders can optimize transportation routes for better load planning and reduced transit time.
By avoiding repeated deliveries of goods, freight forwarders can reduce carbon emissions and fuel consumption.
Logistic professionals can use digital freight rate management software to optimize supply chain operations. Integrating TMS and ERP platforms helps prevent needless movements of goods, reducing a shipper’s overall environmental footprint.
Freight rate management software helps a carrier or shipper track and monitor their freight cost. With advanced automation, a user-friendly interface, and API integrations, you can create an elaborate ecosystem to handle your logistics with ease.
Shipthis’ tariff and rate management software helps do just that!
From uploading sheets to letting you pre-configure margins, Shipthis can help your business streamline freight rate management.
Wondering where to start?
Book a free demo of Shipthis to begin your digital transformation.
