With LaneIQ Network, RevenovaTMS users can keep up with the spot market in real time
Bannockburn, Ill. – LaneIQ Network provides real-time rates on FTL, reefer, and flatbed loads moving on lanes across North America. The data source joins a customer’s own spot rate history as well as DAT, FreightWaves SONAR, Truckstop in RevenovaTMS’s original feature, RateIQ.
LaneIQ Network headlines Revenova’s 7.11 product release announced in December 2023. The transportation management system’s newest feature anonymizes RevenovaTMS user load data, aggregates it, then provides competitive rates to customers within RateIQ. Only customers who opt-in to LaneIQ Network will have load data used, anonymized, and aggregated as well as have access to the going rate. The service provides these rates instantaneously.
“Over the past year, customers have asked for help accurately pricing spot market loads and requested a consortium style data option. Most were already contributing their rates to third-party services already to serve this need. LaneIQ Network is our data aggregation platform for RevenovaTMS customers with spot market rates being the first deliverable,” Revenova Co-Founder and CMO Michael Horvath said. “Our approach comes with two primary advantages. One is the timeliness and accuracy of the information. It’s based on real quotes, on real loads, in real time. As quotes move into a customer’s org, they simultaneously move into the network and get anonymized. They are then made available immediately in RateIQ. The second advantage is affordability. We are offering the service on a free trial basis for all customers through June 2024 and only $250/month after the free trial period.”
While providing this as an opt-in feature, Horvath and Dave Romanchuk, Revenova’s Director of Product Management, see the tool’s structure as a jumping off point for the future of the TMS.
“As we’ve been designing the system and seeing where this data could fit in, we’ve generated more and more ideas,” Romanchuk said. “We’re planning to include this data into our new TMS Analytics package. We have an even broader scope of analyzing big data, which is paramount in pricing and the spot network.”
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Romanchuk continued about the importance of data within RevenovaTMS. The logistics industry generates thousands, if not millions, of data points. Many of those data points are daily, weekly, and monthly aggregates of loads delivered around the country.
“All of the data in Revenova have a sphere of influence, if you will,” Romanchuk noted. “We started with just carrier spot rate data. If you think about it, it’s really all of the big data that our customers generate: customer information, lane volumes, carrier score, carding. There are no bounds to how we could use this going forward, the opportunities are limitless.”
LaneIQ Network will be available for free to all customers who opt-in until June 30, 2024. To learn more about LaneIQ Network, watch Romanchuk’s showcase or Request a Demo! To hear more from Horvath and Romanchuk about Revenova’s newest feature, check out their interview below.