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Intelligent Prescriptive Pricing: A Game Changer for Logistics Service Providers

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 Intelligent Prescriptive Pricing: A Game Changer for Logistics Service Providers - IoT ONE Case Study
Technology Category
  • Infrastructure as a Service (IaaS) - Cloud Databases
  • Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
  • Transportation
Applicable Functions
  • Logistics & Transportation
Use Cases
  • Last Mile Delivery
  • Transportation Simulation
The Challenge
A US-based fintech company that offers a cloud-based customer success platform for logistics service providers was facing significant challenges in their pricing and RFP process. The company was struggling to analyze the variables that impact pricing and required an intelligent system that could predict the optimal price that aligns with their business objectives. The existing RFP and pricing workflow was inefficient, leading to delays in determining lane-level pricing and bid analysis for shipping contracts. Additionally, the process of analyzing large amounts of internal and external data from various sources was time-consuming, leading to a low bid win rate.
The Customer

US-based fintech company

About The Customer
The customer is a US-based fintech company that offers a cloud-based customer success platform for logistics service providers. Their proprietary solution helps logistics service providers streamline the RFP process, minimize scope creep (unnecessary delay), and build customer relationships at scale. The company operates in the logistics industry and was facing challenges in analyzing variables that impact pricing. They required an intelligent system that could predict the optimal price that aligns with their business objectives.
The Solution
The company implemented an intelligent prescriptive pricing solution that streamlined the RFP response and freight pricing process for third-party logistics providers. The solution served as a collaborative platform for decision-makers to analyze bids and make informed decisions based on analytical insights. It offered intuitive dashboards for freight brokers and pricing analysts to view historic and future trends. The solution provided a real-time view of current bid value and RFP progress, offering a unified source for pricing and dynamic factors. Data was consistently formatted across the organization, providing a comprehensive analysis of margins and awards. The solution also automated pricing recommendation leveraging market data, customer data, and business heuristics to estimate pricing that optimizes RFP win rate and overall profitability.
Operational Impact
  • The implementation of the intelligent prescriptive pricing solution brought about significant operational improvements for the company. The solution streamlined the RFP response and freight pricing process, making it more efficient and less time-consuming. It also provided a unified source for pricing and dynamic factors, ensuring that data was consistently formatted across the organization. This allowed for a comprehensive analysis of margins and awards, enabling decision-makers to make more informed decisions. The solution also automated the pricing recommendation process, leveraging market data, customer data, and business heuristics to estimate pricing that optimizes the RFP win rate and overall profitability.
Quantitative Benefit
  • 43% increase in overall bid win rate
  • 95% faster quoting by enabling standardized pricing across bids
  • Highly accurate pricing forecasts with real-time insights

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