The past two years has seen the rate market fluctuate and it has not been until recently where we’ve seen a shift as rates have declined on major trade lanes.
Given the market volatility, how should you build a rates strategy to make your supply chain more resilient and agile against market volatility?
To answer these questions, you first need to sort out your supply chain data. Here are some insights on how you can build a diversified rates strategy that works for you:
Start by getting accurate, real-time data
Having live rate information can help teams to make effective decisions for their supply chain. It can also allow teams to share data with stakeholders so that business-level decisions can be made effectively.
Once you have the data, funnel out what you need
When you have your data, you need to scrutinise it by asking the right questions, for example:
- What are your business KPIs?
- What goals do you have for your supply chain?
- What information do you need to share with stakeholders?
Thinking about these questions will not only help you to find the data points that actually matter, but it can also help to build an effective relationship with your digital freight forwarder.
Turn your data into an effective rates strategy
Now you have the right data, you can use this to start thinking about your rate strategy.
Every business has different needs, and it’s important to have a bespoke rate strategy suited to you. To identify what will work best for you, you need a digital freight forwarder that acts as an extension of your team, providing expertise and a diverse network.
At Zencargo, we combine our platform with a team of procurement experts that offer businesses consultations to bring a competitive edge to their supply chain.
For a more personalised rate strategy, book a 30-minute 1:1 consultation with Zencargo’s CCO and Co-founder, Richard Fattal, to discover what options are available and how you can approach the market.