To succeed in the highly competitive logistics industry, enterprise to mid-market carriers and asset-based 3PLs must effectively manage truckload bids and ensure network optimization at scale. However, pricing analysts face several challenges when evaluating new bids while ensuring operational efficiency.
To address these challenges, Optimal Dynamics offers a comprehensive solution with Plan, featuring two key modules: Bid Manager and Network View. Bid Manager streamlines the bid management process, while the Network View module generates a digital twin of the network for testing the effects of changes using simulations and key performance indicators (KPIs).
From importing customer bid files in Bid Manager to the scenario simulations and KPI measurements of Network View, this article looks at the key features and benefits of the Plan product within the Optimal Dynamics platform. We’re exploring how both modules work together to address stakeholders' challenges, including pricing analysts making trucking bid decisions. By providing actionable insights and strategies for optimal network performance, users can reduce business risks and make better-informed decisions.
Traditionally, managing and analyzing truckload bids thoroughly is not an easy task for pricing analysts and network managers, with several complex factors to consider. They must find the best way for bids to fit together without overloading the network’s resources while striving for efficiency and optimization, even when dealing with changes in demand and while trying to grow.
Pricing analysts face the following challenges managing bids at scale:
Network managers face he following challenges to achieving network optimization:
Effective freight bid management requires a multifaceted approach that incorporates technology, advanced analysis, and continuous monitoring. Here are five strategies that we recommend for improving bid responses.
One of the most important strategies for network-optimized bid management at scale is leveraging technology and automation. Optimal Dynamics' Bid Manager and Network View modules can help pricing analysts and network managers assess bids more quickly and accurately, enabling them to make better-informed decisions. Automation streamlines data analysis and scenario simulations, freeing up time for professionals to focus on high-level strategic decisions while minimizing the risk of human bias and error and guaranteeing a more consistent approach to bid assessment.
Pricing analysts and network managers can better understand the impact of accepting new bids on their network and operations by utilizing historical data, market trends, and company-specific metrics to ensure the most efficient allocation of resources. Plan by Optimal Dynamics enables users to incorporate data from various sources to create a comprehensive view of their network that supports more thorough analysis and insights for informed decisions.
To maintain network optimization while managing bids at scale, it’s necessary for the system to include automatic monitoring of network performance so users can adjust strategies based on real-time data. Tracking KPIs and evaluating the impact of changes on performance is the necessary feedback loop for continuous improvement. Pricing analysts and network managers can proactively adjust to ensure the network remains optimized and adapts to evolving market conditions.
Utilizing scenario planning and "what-if" analyses allows users to test different changes and assess their potential impact on the network before implementation. Giving them a more thorough understanding of more options helps them identify the most optimal strategies for managing bids while maintaining network performance, minimizing risks, and ensuring the best possible outcomes.
Taking care of drivers and maintaining strong relationships is an important part of optimal bid management. Driver retention creates the opportunity for improved service quality and greater flexibility in adapting to changes in demand or other external factors. Technology and data-driven decision-making enable analysts to better understand and factor in driver preferences to foster stronger relationships.
Freight bid management and network optimization is a dynamic problem. With the freight market in a constant state of change, the Plan solution continues to take in data and make adjustments to be effective. Changes in market conditions, shipper requirements, and fluctuations in demand can significantly impact the bottom line if there is no system in place to adapt to these changes. Carriers and asset-based 3PLs must prioritize flexibility in both technology solutions and strategic planning to increase their networks’ agility and resiliency in the face of challenges.
With a solution for managing trucking bids at scale that keeps the focus on network optimization, companies can unlock numerous advantages for long-term success.
Plan by Optimal Dynamics and its Network View and Bid Manager modules empower enterprise carriers and asset-based 3PLs with better decisions for overcoming the challenges of a changing market.
The Plan product offers:
A user-friendly interface for creating and managing simulations: Plan makes it easy for users to create new simulations, allowing them to test various scenarios and explore the potential impact of accepting new bids on their network.
With Network View, you can leverage a digital twin of your network to experiment with changes to your business in a predictable environment. Analyze the potential impact before making any real-world changes, evaluate important metrics, adjust lane volumes, introduce new drivers to locations, modify shipment volumes with key shippers, and assess customer bids. Bid Manager enables you to import your customer bid files, rate lanes, determine which lanes create the strongest advantages, and simultaneously evaluate bids to multiple customers to see the effects of different combinations.
With Optimal Dynamics' advanced technology, enterprise to mid-market carriers and asset-based 3PLs get an intelligent solution for gaining clarity into their options and overcoming the challenges of volatility and the unknowns in the freight industry, so they can thrive in a competitive landscape.