In the dynamic world of freight brokerages, the specter of fraud and operational inefficiencies continue to pose significant challenges. Freight brokers often find themselves grappling with issues such as double brokering, identity theft, and cumbersome carrier onboarding processes. These problems not only represent a threat to the financial health of brokerages but also undermine their reputation and customer relationships. As freight volumes increase and supply chains become more complex, the need for effective solutions to these pressing issues is paramount.
Highway was built to revolutionize the freight brokerage landscape as a solution to
prevent fraud, enhance operational efficiency, and streamline the carrier onboarding process. By deploying cutting-edge technologies, Highway empowers freight brokers to secure their operations, bolster their carrier networks, and deliver unparalleled service to their shippers and carriers. As we delve deeper into this topic, we will examine how Highway is transforming the freight brokerage industry, one shipment at a time.
The Challenge in Preventing Fraud & Streamlining Freight Brokerage Operations
Freight brokerages face a unique set of challenges that can significantly impact their operations and reputation.
These challenges include:
- Double Brokering: Carrier-payments platform TriumphPay, a division of Dallas-based TBK Bank SSB, estimates at least $500 million to $700 million of shippers’ and brokers’ freight payments are going to double brokers annually. Double brokering schemes can leave brokers in a difficult situation, dealing with the fallout along with damaged trust in their business.
- Identity Theft: When fraudsters pose as legitimate carriers, this deception can result in significant losses, with transactions hijacked or valuable cargo stolen.
- Inefficient Carrier Onboarding: A slow and cumbersome onboarding process impedes the addition of new carriers to a brokerage's network. It heightens the risk of errors and misjudgments, which could lead to partnerships with unreliable or underperforming carriers.
These challenges bring serious repercussions:
- Financial Loss: Double brokering, identity theft, and errors from inefficient onboarding all contribute to significant financial losses.
- Damaged Reputation: Fraud and operational mishaps can erode client trust, tarnishing a brokerage's reputation.
- Stunted Growth: Operational inefficiencies can prevent brokerages from scaling effectively, limiting growth and reducing the ability to seize new opportunities.
Freight brokerages need an effective, user-friendly solution to these obstacles. That's where Highway, with its innovative technology and robust tools, comes into play. It's set to revolutionize the industry by addressing these challenges head-on.
Introducing Highway: It All Starts with Carrier Identity
Highway is a premier technology provider with a clear mission: to empower shippers, freight brokers, and logistics service providers with the tools to verify carrier identity, reduce fraud, and streamline digital booking processes. This is achieved through:
- Carrier Identity: Highway prioritizes transparency and verification. Its system identifies who's really hauling your freight, helping to reduce fraud and bolster confidence in digital bookings significantly.
- Finding the Right Carrier: Highway optimizes carrier sourcing. It provides in-depth insights into a carrier's lanes and equipment, making it easier than ever to find the ideal partner for every load.
- Speedy and Secure Network Building: Highway accelerates carrier onboarding. Its rightful owner validation and dispatch service detection system expedites the onboarding process, eliminating unnecessary friction. No more lengthy email threads, calls, or faxes – onboard new carriers swiftly and securely.
- Automated Compliance: Highway introduces an innovative framework for risk management. The solution automates compliance, enforcing carrier requirements with real-time updates. This reduces exposure and enhances operational efficiency, providing a robust safeguard against potential issues.
With these features, Highway stands as a comprehensive solution for freight brokerages looking to overcome industry challenges and boost operational efficiency. Its technology provides clarity, security, and ease of use in the rapidly evolving freight industry.
Driving Logistics Forward: Highway’s Impact on Operational Efficiency and Growth
For fast growing logistics companies, Highway brings the support of operational efficiency. Highway's technology facilitates fast carrier onboarding with a more thorough vetting process without taking valuable time from the team. Companies can better secure their network with the data, tools, and insights for better carrier relationship decisions. This allows them to grow and scale their networks with a high level of security. At the same time, reducing risk can save the company from dealing with time- and resource-intensive occurrences of double brokering schemes.
Case Studies: DeGroot Logistics and SEL Supply-Chain Solutions
Let's delve into the experiences of DeGroot Logistics and SEL Supply-Chain Solutions, both of which faced industry challenges and found solutions through partnering with Highway.
DeGroot Logistics started in the transportation market as a vegetable grower-shipper in central Illinois. The organization witnessed firsthand how superior transportation service could be a competitive advantage, not just a logistical necessity. However, they were dissatisfied with the level of service available in the market, leading them to found DeGroot Logistics. The company had a simple mission: to add value to supply chains by setting a higher standard for service.
SEL Supply-Chain Solutions, based in Fort Worth, Texas, is a top 100 logistics company providing over-the-road transportation solutions in the U.S., Canada, and Mexico. The company has rapidly grown over the years, adding over 55,000 carriers. However, despite having a process in place to vet these carriers, they experienced compromise, highlighting their vulnerability to fraud and operational inefficiencies.
Both companies chose to partner with Highway to address these challenges:
- DeGroot Logistics leveraged Highway's technology to achieve best-in-class service while navigating volatile freight markets at competitive rates. Highway's streamlined onboarding processes and enhanced carrier vetting enabled DeGroot Logistics to scale more efficiently, ensuring growth while minimizing potential risks to their supply chain.
- SEL Supply-Chain Solutions used Highway's features to strengthen their freight agents' capabilities and clean up their existing carrier network. With the ability to verify carriers at both the company and dispatch levels, SEL could more thoroughly vet carriers during any onboarding or review process, thus reducing their exposure to double brokering schemes. Highway's single sign-on feature also expedited the onboarding process, enabling SEL's rapid growth to continue unhindered.
By partnering with Highway, both DeGroot Logistics and SEL Supply-Chain Solutions have been able to streamline operations, minimize the risk of fraud, and secure their networks. Highway's innovative solutions have bolstered these companies' capacities to make better decisions regarding their carrier relationships, illustrating the solution's real-world impact in the logistics industry.
Secure Your Freight Brokerage with Highway
As the world of freight brokerage continues to evolve and the demand for streamlined, secure, and efficient operations grows, the need for solutions like Highway becomes increasingly apparent. By combining cutting-edge technology with an in-depth understanding of the industry's unique challenges, Highway offers a compelling solution to the logistical challenges freight brokerages face—combating fraud, streamlining operations, and promoting growth.
Explore Highway's offerings and consider how their solutions could revolutionize your operations. Don't just keep up with the fast-paced world of logistics – get ahead with Highway.