CHICAGO, April 21, 2021 /PRNewswire/ -- Loadsmart, a leading digital freight technology company, today announced the launch of a new mode optimization capability to offer multiple instantly bookable rates for a single full truckload (FTL) shipment. Backed by data and analytics, the update provides the necessary information for shippers to select the most cost effective and environmentally sustainable modes for FTL shipments. These valuable insights can help shippers reduce their carbon footprint, save time on rate discovery and avoid FTL tender rejections.
"While most shippers are aware there is a more efficient and environmentally responsible way to move freight, they have not had the analytics to easily source alternative modes, until now," said Felipe Capella, president and co-founder at Loadsmart. "We're creating a destination where shippers, enabled by real-time data insights, are matched with multiple modes to truly optimize their objectives, whether it be cost, efficiency or sustainability."
The new offering is a major step in reimagining the dynamics between shipper and broker to improve logistics execution. Traditionally, a shipper comes to a marketplace with a shipment that is already earmarked to a mode. As a result, a FTL shipment is simply matched with a FTL carrier, without weighing options. Loadsmart's new feature goes beyond the confines of mode and load type to identify which shipments are best suited for rail and which rail routes are flexible enough to allow shipments to reach the final destination.
Loadmart's best-in-class algorithms recognized 30% of all FTL shipments qualified as suitable for rail. Rather than having to seek multiple quotes for FTL and rail options, Loadsmart saves time by providing the data and intelligence necessary to instantly compare options and make the best decision with no additional rate discovery. This has the potential to reduce both costs and carbon emissions as one intermodal train (on average 140 rail cars) is capable of hauling approximately 280 truckloads of freight. This is an untapped resource for the freight industry which currently averages 173 truckloads per intermodal rail. Additionally, rail travels an average of 473 miles on one gallon of fuel while freight travels 115 miles per gallon per ton.
"It's no secret that what is best for one shipper may not work for another," continued Capella. "Accordingly, we designed this new capability with an option to apply business rules aligned with a shipper's unique requirements to allow our AI-powered platform to automatically select the best mode for that customer, further streamlining the process."
Loadsmart specialists are available to help customers determine and select the appropriate mode, depending on the value placed on environmental impact and cost. Loadsmart shippers typically see cost reductions between 20 and 50 percent using mode optimization.
"With mode optimization, shippers will receive an Environmental CO2 Savings Report allowing them to measure and achieve their sustainability goals," said Capella. "Booking through Loadsmart allows shippers to move loads based on the lowest environmental impact, either by moving them over rail or sharing a less-than or partial truckload to reduce empty miles, and continuously improve outcomes."
Shippers can book dry van, reefer, flatbed FTL, LTL and drayage shipments on www.loadsmart.com, or via the company's integration platform, which companies can work directly with Loadsmart's account management team to implement. To learn more, visit https://loadsmart.com/mode-optimization.
About Loadsmart Transforming the future of freight, Loadsmart leverages artificial intelligence, machine learning and strategic partnerships to automate how freight is priced, booked and shipped. Pairing advanced technologies with deep-seated industry expertise, Loadsmart fuels growth, simplifies operational complexity and bolsters efficiency for carriers and shippers alike. For more information, please visit: https://loadsmart.com.