Trax Changes the Game for Managing Transportation Rates & ContractsPosted by: Trax Technologies
Delivers cloud-based global rate and contract management for shippers and carriers to gain visibility and control of global transportation rates for all modes
SCOTTSDALE, AZ, – April 3, 2019 – Trax, a leader in cloud-based transportation spend management solutions, today announced the launch of its Rate Manager solution, a new product within its transportation spend management platform. The new solution, developed in collaboration with existing shipping customers as well as global carriers, delivers improved capabilities for shippers and carriers alike to actively load, update and manage transportation contracts and their associated rates. The solution significantly improves productivity, decreases risk and increases overall contract compliance. Rate Manager is transforming the way transportation rates are managed by replacing old and manual contract processes with a modern approach.
“Trax will radically change the way shippers and carriers manage and collaborate with each other on transportation contracts and rates across the enterprise.” said Chris Connell, Chief Executive Officer at Trax. “Providing one repository and approval process to actively manage all transportation rates across all modes and on a global basis will be a significant advantage for any shipper as they source and manage the costs and services required of their key carriers.”
With Rate Manager, Trax is enabling customers to capture and curate transportation rates in a standard way and provides real time visibility into all contracted rates by mode, region, carrier or logistics service provider (LSP) and business unit. Customers can now ensure that movements utilize approved rates and can be alerted when a rate or contract is expiring, requires renewal or has been changed. Leveraging over two decades of experience in the freight and parcel audit industry, Trax is providing customers with a purpose-built solution for managing the entire contract and rate lifecycle including a pre-built library of dozens of standardized rate templates used to harmonize complex contract and rate data.
“The ability for carriers to submit real time rate updates and for shippers to approve or query existing contracted rates, or spot rates using Trax’s Rate Manager will significantly improve accuracy for both parties,” said Jason Reardon, Product Manager of Rate Manager at Trax. “We have valued our time collaborating with both large shippers and global carriers on this solution and believe it will have a profound and positive impact.”
Contracted rates are the basis for effective transportation cost management. However, today they are typically managed with a combination of spreadsheets, email or even paper documents. Rate Manager is changing that and taking rate management to the next level with a sophisticated repository providing organizations with one source of truth. Additionally, Rate Manager enables shippers to quickly rate their movements from within the solution or provide rates to other key systems within their enterprise. Shippers will no longer have to guess at what a movement might cost by ensuring accurate and current rates are always being utilized.
Jason Reardon added that “Rate Manager is operationalizing the process of capturing, approving, managing and utilizing transportation rates for our customers. No longer, will shippers or their carriers need to manage their rating or billing from a worksheet which is prone to errors. Instead, shippers and carriers can leverage one solution to manage all approved transportation rates and significantly reduce their efforts while improving their operations.”
Key features of Trax’s Rate Manager SaaS based solution include:
- Cloud based solution for capturing and managing all transportation contracts and rates between shippers, carriers and LSPs
- Library of pre-built Rate Templates to quickly standardize and validate rate format and content for all modes (parcel and all non-parcel modes) and all regions globally.
- Robust alert functionality to notify shippers and carriers of upcoming expirations of rates and/or contracts, renewals and modifications.
- Workflow capabilities to collaborate between shippers, carriers and LSPs for loading, updating and approving transportation rates and contracts with a full and auditable approval history
- Integration with other systems such as TMS, ERP, WMS or third-party freight and parcel audit providers
- Premium support to assist shippers with onboarding of current contracted rates or ongoing management of their rates through Rate Manager including carrier relationship management.