FreightX - Introducing the Concept of Information Symmetry and Private Marketplaces
In this current internet enabled world where comparative information is just a mouse click away, customers are typically used to knowing as much about the product as the sales person selling it. Consumers are used to seeing this in the consumer world where product reviews, pricing and delivery information is instantly available. However for the current freight industry in India, there is a degree of opaqueness on freight rates, current marketplace demand and quality of the vendor. This problem is even more exacerbated for mid and small corporates. The FreightX platform aims to fulfill this gap by providing “Information Symmetry” to the customers on prevailing freight rates on any given day along with a transparent rating system for the service providers on the platform. For midsized corporates, we will come in and establish a private marketplace utilizing their existing plus FreightX vetted vendors. This provides a system with daily eBidding, work allocation and subsequently ePod with online delivery verification. The company’s provision of bill settlements eliminates the need for LR copies or extensive paper work while also offering consolidated billing to the customer. “The whole system of information symmetry and price discovery is dear to us”, mentions Nikhil Sunil, Co-founder and Director. Embracing the freight industry as a sport, FreightX looks ahead to give their customers an equal level playing field from a pricing and information perspective.
Consider a scenario where a customer is dispatching 20 to 30 trucks a day. They have to deal with various vendors, work allocation for the same and subsequent billing and GST compliance related issues. In the FreightX world, we will come in, interface with their ERP and automatically bid out the routes for the next day. Work is allocated by the FreightX algorithm and the goods are picked up and delivered, all the while ensuring tracking and traceability for their customers. The FreightX customer, get one invoice at the end of the month. Their payables department deals with one vendor and not 10. They are able to give their customers a uniform delivery platform across their entire base.
For customers who own their trucks, FreightX provides a CUG option where they can use the platform to allocate work to their own trucks and get tracking and metrics. CUG option can also be used for industries preferring to work with fixed transporters already familiar with all their vendor locations and loading practices. FreightX avails features wherein the preferred vendors and transporters are set for them. Thus, when products are ready to be dispatched, only the transporter familiar with this job is allocated the task. So, in this manner, the company is automating while also retaining the human element of the vendor base. “We are allocating work to people who are already familiar with the product, handling and customized customer requirements from a delivery perspective”, concludes Karthikesan Venkatesan, Co-founder and Director, FreightX.
FreightX looks ahead to give their customers an equal level playing field from a pricing and information perspective
