MISSISSAUGA, Ont. – A new benchmarking tool was introduced at this year’s annual Surface Transportation Summit that took place at the Mississauga Convention Centre on Oct. 14.
The new tool was launched by InGauge – which is owned and trademarked by the Truckload Carriers Association. The new tool provides any and all carriers with the ability to benchmark their performance on six key metrics versus the performance of 10 publicly-traded truckload motor carriers.
To introduce the new product, Chris Henry, co-founder and president of StakUp and Ray Haight, co-founder and partner of StakUp took the podium to explain the benefits of inGauge’s new tool and how carriers can benefit from using it.
“How it works is…you put your data in on a monthly basis and we will show you how you stack up against certain metrics,” said Haight of the tool. “That’s what you expect, but in addition, we have something that go along with that, we have a scorecard. The scorecard will not only tell you where you match up, but where your revenue opportunity is from where you are on that benchmark, to what the best in class might be.”
Henry explained that the idea for the tool came when he noticed a gap in the market.
“We quickly determined, especially in the truckload market, less than 0.3% of the market is doing any sort of formal external benchmarking,” he said. “So on one hand, that’s sad, but it presented a pretty exciting idea for us.”
Henry said at the moment, inGauge has the only dedicated online benchmarking tool that exists in the trucking market, because of its focus on truckload.
The tool took a total of 17 months to develop and currently has 82 companies who use the tool on a monthly basis. The largest carrier they service has 5,333 power units, while the smallest has 17.
“We think we’ve got something that is all encompassing and we’re excited to share it with you,” Haight said.
Both Henry and Haight’s hope is to have five carriers in each state jump on board with the tool in the next 18 months so clients can compare themselves to companies regionally, not just across the continent.