The freight audit and payment industry is a fragmented space divided along a few key dimensions, ones that are explored in the Journal of Commerce's inaugural Freight Benchmark Benchmark Study: Driving Strategic Value Through Outsourcing.
This study, based on a survey of shippers in summer 2020, allows freight buyers to measure themselves against their peers through a number of key metrics:
- The degree to which shippers outsource some or all of their auditing and payment functions
- The cost to process an invoice for shippers that outsource or handle payment and audit internally
- The extent to which the market is aware of the differences between bank-backed and non-bank-backed vendors
- How shippers use invoice and payment data for analytics purposes
The study gives shippers actionable insight into how to structure this core part of the freight transportation industry.