When supply chain visibility solutions provider project44 announced its series E investment of $202 million in June, company leadership said it needed to use the financing to accelerate its product offerings to help shippers and logistics providers gain visibility into their available capacity and maintain end consumers’ delivery standards.
Since then, capacity has remained highly constrained, with outbound tender rejection data showing 20% of load offerings are being rejected by carriers, which do not have the available trucks to move current demand.
Sticking to its promises, project44 announced Thursday it is now offering a new tool for its shipper and 3PL customers, Over-the-Road Rating, to provide better carrier visibility to these supply chain actors as they work to find available capacity in a historically tight market.
“As a neutral technology platform and the leader in real-time logistics data, project44 can aggregate highly accurate truckload and spot rate data to increase transparency and automation in the quoting process,” said Jett McCandless, founder and CEO of project44.
“Over-the-Road Rating is actually an extension of one our first offerings from 2016, LTL Rating, which many customers use and love today. I am proud of our commitment to innovation as we continue to extend our capabilities to help shippers and 3PLs keep freight moving for their customers,” said McCandless.
Related: The project44 story with Jett McCandless
According to the company, many of its shippers and 3PL customers were still using a combination of email, spreadsheets and phone calls to manage their bidding process, leaving many available carriers out of the loop or forgotten.
Using this new tool will enable project44’s customers to utilize the company’s communication channels to automate their rating and tendering processes with their own carrier network.
Carriers will be able to communicate back to their preferred shippers and 3PLs without having to worry about rating data being shared with all of project44’s customers, letting them control who has access to their available capacity.
According to the company, Over-the-Road Rating is available for customers now as a web interface under its Visibility Operations center. Project44 plans to make an API-based platform available for the tool by the end of Q4.
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