Advantage is a powerful tool that enhances the pricing strategies of freight brokers by utilizing dynamic, real-time data. It uses machine learning to transform insights from a broker's capacity network, quotes on Parade, historical buying patterns, and real-time market conditions into an accurate and personalized price prediction for your brokerage. Compare that personalized rate with DAT's market index and you have your Capacity Advantage, or buying power. This ensures that brokers can submit bids with confidence, knowing that their rates are competitive and tailored to their unique strengths and carrier relationships.
Advantage's dynamic pricing algorithm allows brokers to react quickly to market fluctuations, giving them a significant edge in the highly competitive freight industry. By focusing on the right lanes for your brokerage and leveraging accurate rate calculations, brokers can improve their win rates and maximize profitability.
Benefits of Advantage
Precise Dynamic Pricing: Leverages broker-specific capacity and real-time market data to calculate competitive rates.
Win More Freight: Provides brokers with the ability to offer more accurate, data-driven rates, increasing bid success rates.
Comprehensive Reporting: Gain insights into hard-to-measure conversion rates and optimize bidding strategies by analyzing lane performance and customer interactions.
Scalability: Advantage is built to handle high volumes of bids and freight, making it suitable for brokers of all sizes.
Streamlined Operations: Reduces the manual workload, letting brokers focus on building stronger relationships with carriers and shippers.
How Dynamic Pricing Functions
Broker-Specific Prediction: A custom rate that reflects your brokerage's unique capacity advantage.
DAT Market Index Integration: Advantage pulls up-to-date data from DAT, giving you an accurate view of current market conditions.
Increased Bid Confidence: Brokers can triangulate predictions with current capacity matches and load history to be able to bid competitively with confidence.
Record Bid: Easy 2-click bid recording and behind-the-scenes bid/load linkage gives management visibility into teams' bidding strategy and win rates. Detailed reporting enables coaching and leaderboard incentives adherance.
Ongoing Optimization: As market conditions change, Advantage dynamically updates pricing suggestions to reflect new opportunities or challenges.
Setting Up Advantage
Access the Advantage Tool: Select Advantage from the application header menu.
Monitor and Adjust: Use the reporting features to track performance, tweak your strategy, and ensure optimal results.
Be Aware of DAT Credit Usage: Each manual search or lane in batch rating will consume 1 DAT credit, and accessing the Price History tab for 13 months of data costs an additional 13 DAT credits.
Here are some videos to guide you!
Generating Prices With Advantage
Using Batch Rating
PS: Also see our Batch Rating documentation.
FAQ
What is Dynamic Pricing in Advantage?
Dynamic Pricing refers to the tool’s ability to calculate competitive rates in real time by combining market data and broker-specific capacity information.
How does Advantage calculate rates?
Advantage uses a combination of your brokerage's historical buying ability, capacity signals and quotes from Parade, and real-time market conditions, compared with DAT's market index to understand your brokerage's personalized rates and buying power versus the market.
Does using Advantage affect my DAT costs?
Yes, using Advantage increases DAT costs, as each manual search or lane in batch rating uses 1 DAT credit. Navigating to the Price History tab accesses an additional 13 months of historical data and consumes 13 additional credits.
Does Advantage adjust pricing as market conditions change?
Yes, Advantage continuously updates its rate suggestions based on the latest market data and your network performance