The Logistics of Logistics Redefining Freight Brokerage with Nick Jensen
Nick Jensen and Joe Lynch discuss redefining freight brokerage. Nick is the Director of National Accounts at Loadsmart, a freight technology company that is removing the barriers between shippers and carriers so freight can move in the most efficient, transparent and automated way.
About Nick JensenNick Jensen is the Director of National Accounts at Loadsmart. He's been in the freight industry for 10 years and has touched everything from carrier sales to customer operations to account management. He works with Loadsmart's National Account Managers to ensure customers receive best-in-class service. On top of that, he collaborates with customers to identify custom-built solutions and apply Loadsmart's off-the-shelf products and services. The industry today has changed dramatically from when he started, and that's what excites him the most. There's a buzz and energy to rip up the old script and figure out smarter ways to service our customers. The human connection will always be there, which is his favorite part, but the utilization of technology to improve processes is what's going to separate the competition. Nick earned a Bachelor of Enterprise Management from University of Tennessee. Nick is originally from Nashville, TN but NYC has been his home for the past 8 years.
About LoadsmartLoadsmart is a freight technology company that is removing the barriers between shippers and carriers so freight can move in the most efficient, transparent and automated way. By bringing shippers, carriers, and warehouses together on a connected platform, Loadsmart is helping to solve deep-rooted inefficiencies in transportation. Loadsmart's Flatbed Messenger leverages artificial intelligence, machine learning and strategic partnerships to bring the first supply-led marketplace. Flatbed Messenger eliminates empty miles by matching Home Depot's dedicated capacity to Loadsmart shippers who need flatbed services. Enterprise brands looking to reduce empty miles from their dedicated/private flatbed capacity can reach out directly to flatbedmessenger@loadsmart.com for more information.
Key Takeaways: Redefining Freight Brokerage- Nick Jensen is the Director of National Accounts at Loadsmart, a digital logistics company, that enables shippers to get quotes, book trucks, and track their freight from pickup to delivery.
- In the podcast interview, Nick and Joe discussed how Loadsmart is redefining freight brokerage.
- Companies like Loadsmart are digital freight brokers and they drive efficiency and effectiveness using their own proprietary technology. Over 40% of Loadsmart's 700 plus employees are technologists.
- Loadsmart is redefining freight brokerage in the following 6 ways:
- Automation that streamlines the process, reduces the cost, errors, and time spent on routine tasks. By automating the process, Loadsmart employees or "Loadies" are able to manage more with less.
- Dynamic pricing that enables shippers to get an instant freight quotes created by a dynamic pricing tool that delivers the right price with guaranteed capacity. No more back and forth emails and phone calls haggling over pricing. Dynamic pricing powered by artificial intelligence provides an instant rate that reflects the most updated market intelligence. Loadsmart also has the ability to quote multiple modes (LTL, Truckload, rail, etc.)
- Rate guard is a new solution developed by Loadsmart that acts as an adaptive price ceiling guardrail. This enables shippers to take advantage of dynamic pricing, but put a price limit on a given lane. Shippers get the flexibility to move with the market while staying within the preset and market-determined budget range. Rate Guard gives shippers an easy to use tool to control their freight costs and avoid the spot market.
- Reliable contracts is Loadsmart's antidote to the wild price swings that are common in the freight market. When a broker is unable to provide capacity for a given lane, the shipper sometimes finds themselves in the spot market, where they may pay dearly for a truck. Loadsmart's reliable contracts solutions provides shippers with a target price and a "ceiling price" which is the not to exceed price. When a shipper working with Loadsmart pays above the target price, Loadsmart gets a reduced margin. With reliable contracts shippers are less likely to be forced in the spot rate market and Loadsmart has an incentive to meet the target price.
- New roles for freight brokers as technology plays a bigger role in the process. When technology does the routine, boring work, Loadies can focus on higher value-added activities like key performance indicators, data analysis, and consultative reviews with clients.
- Loadsmart has acquired or developed a full suite of freight tech solutions that enables them to better serve shippers and carriers: Kamion (truck management system), RFP Guide (RFP management), OpenDock (dock scheduling).
- Loadsmart is a Chicago-based freight tech company founded in 2014. As the 'nerds of logistics', they seek intelligence in data to solve deep rooted inefficiencies in the industry.
- Pairing advanced technologies with deep-seated industry expertise, Loadsmart fuels growth, simplifies operational complexity and bolsters efficiency for carriers and shippers alike.
- Loadsmart gives their customers access to their data connections that link supply and demand in addition to a suite of award-winning solutions to strike the perfect balance of cost and service.
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