Veraction Launches Transportation Spend Intelligence Solutions to Provide Enhanced Visibility and Control of Transportation Spending
Veraction, the leading provider of Transportation Spend Management and Freight Audit services and technology announced the launch and general availability of its Transportation Spend Intelligence Insights and Variance Analysis solutions as part of its cloud based Total TSM℠ platform. The launch represents a major step forward for customers seeking to gain deeper visibility and control over their transportation spending by leveraging the freight and parcel audit process.
“TSI Insights and Variance Analysis solutions are unique in the industry and represent a game changing approach for managing transportation spend and extending traditional freight audit and payment,” said Chris Connell, CEO of Veraction. “Not only are these solutions able to provide enhanced visibility and visualization of transportation spending across modes, carriers, geographies or businesses to help understand performance but with TSI Variance Analysis, customers can precisely pinpoint where and why their spending is changing so they can take action.”
Vardu Parthasarathi, Product Manager for Transportation Spend Intelligence added, “In today’s environment, knowing “what happened” is important but not enough. Customers need to know why they had positive or negative variance in their spending so they can quickly correct a problem or exploit an opportunity. Up until TSI, customers have had to dedicate significant resources and time on cost reduction analysis and KPI calculation. Our analytics solutions now deliver this in seconds and with mouse clicks instead of spreadsheets.”
Insights provides visualization of transportation spend data and KPIs to help customers understand their spending at a detailed level. Insights is available to all Veraction customers as part of the standard Total TSM and Freight Audit solution.
- Enhanced visualization of transportation spend data, enabling validation of trends, spotting hidden patterns and detecting inconsistencies.
- Powerful filtering capabilities including the ability to filter any data extension or data attribute being captured during the freight audit process or captured in a customer match file.
- Geographical visualization and lane analysis including carrier services breakdown.
- Multiple calendar or fiscal year timeline comparison views by month, quarter or year on either a ship date or accounting period basis.
- KPI visualizations as well as the ability to analyze any dimension or measure required to identify savings opportunities or optimization opportunities for carrier, service, mode or route mix.
- Carrier performance tracking
TSI Variance Analysis
Variance Analysis is a new solution (patent pending) enabling rapid variance analysis of transportations costs at the aggregate or at the KPI level to understand why spending is changing or what patterns are occurring.
- Identification of specific variances in spending at the program, mode or KPI level for any time period increment.
- The Veraction TTSM Variance Index which quickly “scores” variances at the program or mode level. Scoring can be weighted by influencer to focus on areas where more control exists.
- Identification and weighing of key influencers (variables) in spending which drive positive or negative variance and quick drill down capability to understand variance root causes.
- Elimination of the need to download detail level reports to manipulate spend data in spreadsheets in order to understand changes in your spending.
- Identification of anomalies or inconsistencies in rates; providing leverage for optimizing contracts
- Year over year, quarter over quarter, or month over month variance comparatives at the program, mode and KPI level as well as configurable spend categories such as inbound/outbound, delivery channel, and brand.
Ravi Akella, Executive Vice President of Technology added, “Our Transportation Spend Intelligence solutions are purpose built for transportation professionals seeking to gain better control over their spending and enables them to react quickly to the needs of their business as changes occur. These solutions are proprietary and were developed in conjunction with our customers in industries spanning retail, manufacturing, consumer packaged goods and technology. They told us what they needed to more effectively manage their transportation and we’re delivering against those needs”
Veraction will be demonstrating both TSI Insights and TSI Variance Analysis at the upcoming Parcel Forum 17 Conference in Nashville (Booth 531) on September 18-20 and at the CSCMP Edge Conference in Atlanta on September 24-27 (Booth 730).
Both TSI Insights and Variance Analysis are now available for Veraction customers. TSI Insights is part of Veraction’s standard Total TSM and freight audit solution set.
Veraction is the leader in Transportation Spend Management solutions. Veraction combines industry leading cloud based applications with best in class services to help companies realize savings, visibility and control of their transportation spend across all transportation modes. With nearly 300 customers, a global footprint and range of solutions spanning freight and parcel audit, bill payment, financial allocation services, spend analytics, visibility and expert consulting, Veraction enables companies to manage their critical and significant transportation spend more effectively. Veraction is headquartered in Memphis, TN with US offices in Austin, TX and Saint Simons Island, GA as well as global offices in Amsterdam, Manila and Shenzhen. Visit Veraction at http://www.veraction.com.