6 Benefits of a Rate Quote System in Your TMS

Transportation Management Systems (TMS) provide an impressive list of innovative features that benefit freight carriers and trucking companies in the U.S. and Canada. They can improve the efficiency of many aspects of your fleet operations — from route optimization to automating administrative tasks. Transportation Management Systems that implement rate quote systems have the potential to instantly find, compare, and choose the best shipping rates from multiple carriers within the same platform. This innovative solution has a variety of benefits that we hope to highlight in our list of 6 Benefits of a Rate Quote System in Your TMS.

How Does a Rate Quote System Benefit Trucking Companies? 

A rate quote system integrated within your Transportation Management System (TMS) platform acts as a central hub for all your freight pricing. It automates the complex process of requesting, comparing, and managing freight rates from multiple carriers, within a single, easy-to-use interface. This innovative and powerful feature allows trucking companies to quickly access real-time rates, analyze pricing, and make more-informed decisions — which ultimately streamlines the entire rate quoting process from start to finish.

1. Reduced Costs and Increased Savings

A robust rate quote system that automates rate comparisons allows you to consistently identify the most competitive prices on the market. Companies using these systems have reported savings of 3%-12% on freight costs, because they can easily compare multiple carrier options. For example, a shipper moving multiple loads each week can quickly find carriers that offer lower rates for specific lanes or services, leading to annual savings.

2. Increased Efficiency

Manual rate shopping can be time consuming and can involve numerous phone calls, emails, and spreadsheet comparisons. A TMS-integrated rate quote system significantly increases efficiency by providing instant access to contracted and spot rates. Studies have shown that automation can reduce the time spent on comparing quotes by up to 70%, allowing your team to focus on more strategic tasks rather than chasing down the best prices.

3. Faster Rate Comparisons and Shopping

The ability to compare multiple carrier rates side-by-side in real-time is a foundation benefit of a rate quote system. This rapid comparison feature means you can respond to customer inquiries much faster. This quick turnaround not only improves customer satisfaction but also gives you a competitive edge in finding and securing new business, as clients will appreciate quick and accurate pricing.

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4. Improved Freight Carrier Selection

With a more complete and comprehensive view of carrier performance data along with their rates, a TMS rate quote system contributes to more informed carrier selection. You can evaluate carriers on more than price, including their historical on-time delivery rates, service quality, and lane availability. This data-driven approach leads to stronger partnerships with more reliable carriers, minimizing disruptions and improving service quality.

5. Improved Document Accuracy

Manual data entry in quotes and booking documents can be a common source of errors. An integrated rate quote system automatically populates documents with relevant information directly from the negotiated rates. This helps reduce the risk of human error, ensuring that bills of lading, freight bills, and other essential paperwork are more accurate, leading to fewer customer disputes and smoother operations.

6. Increased Productivity

By taking over the repetitive and administrative tasks associated with rate quoting, a rate quote system frees up your team to be more productive in other areas of your business. This means your sales team can focus more on customer relationships, and your operations team can dedicate more time to optimizing routes and load management. In the end, this leads to a more agile and productive workforce capable of handling a greater volume of business.
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READ MORE: Why Freight Carriers Are Switching to Cloud-Based TMS

‍Integrating a powerful rate quote system into your TMS is a strategic investment that provides an impressive list of benefits to your freight operations. From reducing costs and increasing efficiency to improving accuracy and boosting productivity, the benefits are clear.

Contact TransPlus today for a demo of the TransPlus TMS and find out how our platform can help you find the best rates for your shipments!