Almost 60% of freight brokers nonetheless use paper checks
NEW YORK – Oct. 27, 2022 – Denim, the main monetary enablement platform for the freight and logistics business, has launched its inaugural Freight Dealer Pulse Report in partnership with Ascend2. With insights from 168 freight brokers, the report highlights the significance of time effectivity in operations and the way the business advantages from digitalization.
Based on the report, freight brokers spend an excessive amount of time on dealer operations, together with invoicing, collections, and funds. Over half of respondents (52%) report that their group spends 25% or extra of their time engaged on dealer operations, which totals 480 hours a 12 months primarily based on the common 40-hour work week. Contemplating this vital time funding — 78% agree that their enterprise can be extra profitable in the event that they spent much less time on dealer operations.
“Time is the whole lot in logistics,” mentioned Bharath Krishnamoorthy, CEO and co-founder of Denim. “Shippers want items delivered on time, and carriers should be paid on time. As a result of they act as connectors within the provide chain, freight brokers will need to have a streamlined funds course of to keep away from errors and delays. Denim’s report showcases the necessity to put money into smarter instruments to optimize again workplace operations and drive income.”
The report additionally highlights the necessity for digitalization within the freight business. Almost 60% of these surveyed nonetheless pay carriers and shippers with paper checks, regardless of over two-thirds (68%) saying eliminating paper checks would enhance their enterprise operations.
Further findings from Denim’s report embody:
84% of freight brokers are optimistic for 2023
74% of enterprise freight brokers (common $2 million in month-to-month income) are prioritizing enhancing general effectivity within the 12 months forward.
Rising gasoline costs was the highest problem (63%) of freight brokers in 2022
Over half (58%) of freight brokers use bill factoring to finance freight and receivables.
97% of freight brokers agree that constructing belief with carriers and shippers improves enterprise.
The Freight Dealer Pulse Report follows the announcement of the corporate’s rebrand and $126 million Collection B funding spherical, which is able to allow Denim to proceed scaling its workforce and fueling product enlargement efforts to satisfy the rising wants of freight brokers.
To obtain the total report, please go to www.Denim.com.
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Report Methodology
Ascend2 benchmarks the efficiency of enterprise methods and the ways and know-how that drives them. With a customized on-line questionnaire, the “Freight Dealer Pulse Report” survey was fielded through the month of August, 2022. The report collected responses from 168 workers of freight brokerages positioned in america which have brokered no less than one load within the earlier 30 days on the time of the survey.
About Denim
Denim is a monetary enablement platform for the logistics business that gives an ecosystem of clever monetary merchandise, operations instruments, and time-saving automation. Its proprietary know-how permits freight brokers to simplify their financing operations and simply entry the working capital they should develop within the aggressive, $2 trillion logistics market. Denim automates invoicing, collections, and funds — finally decreasing every day funds and collections duties by 75%. A remote-first firm, Denim has been named a Greatest Place To Work by Constructed In and Greatest Office for Innovators by Quick Firm.
About Ascend2
Organizations accomplice with Ascend2 to supply high-quality authentic analysis research, complement their advertising content material, construct thought management, create media protection, generate leads, and have interaction prospects to drive demand. Ascend2 performs analysis for Oracle, Brightcove, Act-On, The Pedowitz Group, HubSpot, and extra. Our shoppers’ analysis is usually featured by MarketingProfs, Insider Intelligence, Forbes, Media Put up, Search Engine Land, Advertising and marketing Land, Persuade & Convert, and extra.
