Logistics Studio’s new automation target: pricing
BENTONVILLE, ARK, DEC. 21, 2022 – Logistics studio, an innovator in logistics technologies, announced today it has automated shipment pricing to bolster freight markets in a challenging downturn. The software creator said its new Dynamic Pricing Engine would shape rate-making decisions for carriers and brokers. It added that the latest automation tool could help those engaged in freight hauling shore up profitability.
“Shipment volumes have come down and with the fears of recession in 2023 looming, most logistics companies are cutting down on budgets,” said Krishna Vattipalli, CEO of Imaginnovate, the company that operates the Logistics Studio. “The industry as a whole needs more solutions that can automate operational processes so that organizations can maintain a healthy profit margin.”
The Logistics Studio said its automated pricing engine could provide real-time rate information for individual freight lanes. It would draw from existing rate sources, while factoring variables such as geography, equipment supply and market trends. The Logistics Studio said its software would set rate boundaries for customer pricing negotiations.
Bentonville, Ark-based Imaginnovate introduced its Logistics Studio last May. The virtual technology laboratory provides digital strategy, technology roadmaps, and digital solutions for supply chain clients.
The Dynamic Pricing Engine is the Logistics Studio’s latest creation. The software rolls out as carriers face a slowdown in freight markets. Cargo volumes have declined in the past year due largely to softening consumer spending.
Freight haulers feeling the pinch should automate time-consuming manual processes to pare costs, the Logistics Studio said. The software maker said its Dynamic Pricing Engine would streamline rate making by eliminating outmoded manual price modeling.
Carrier sales teams currently use multiple systems to derive rates, according to the Logistics Studio. It called the practice time consuming, duplicative and open to contradictory data interpretation that muddies pricing decisions.
“We developed the Dynamic Pricing Engine to bring commonality into the rating process,” said Mr. Vattipalli. “The goal is one source of truth for everyone in an organization.”
The Logistics Studio said dynamic pricing would benefit carriers and brokers in three ways:
- Time savings by eliminating manual rate calculations;
- Improved rate negotiation outcomes; and
- Greater productivity as automation enables sales teams to manage more freight lanes.
The Dynamic Pricing Engine is stand-alone software, the Logistics Studio explained, but could be integrated with Transportation Management Systems.
Imaginnovate is a 9-year-old digital solution company supporting the freight transportation and logistics industry. It provides innovation for transportation and logistic companies ranging from start-ups to the nation's largest carriers. Its solutions touch the entire supply chain and include route optimization, load management, routing and scheduling, capacity management, fleet optimization, and rate prediction. Imaginnovate has a 150-person development team working to automate freight transportation and logistics. Learn more about Imaginnovate at www.imaginnovate.com.
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