By Komal Puri | June 29, 2023
Features of FarEye's LTL Software
FarEye is a logistics management platform that offers solutions for various aspects of supply chain management, including LTL carrier and freight tracking.
1. Shipment Input: FarEye's LTL carrier and freight tracking software allows users to input shipment details such as origin, destination, weight, dimensions, and any special requirements. The data input process can be streamlined by either manually entering this information or integrating it with other systems like order management or enterprise resource planning (ERP) systems.
2. Shipment Assignment: Each shipment in LTL shipping software is assigned a distinct identifier, such as a tracking number or reference code, which is utilized to track and trace the shipment at every stage of its journey.
3. Routing Optimization: The LTL Routing software optimizes the routing and scheduling of shipments based on various factors, including pickup and delivery locations, carrier capacity, transit times, and service level agreements. It aims to find the most efficient routes and consolidate shipments to maximize operational efficiency and cost-effectiveness.
4. Carrier Collaboration: FarEye's software facilitates communication and collaboration between LTL carriers, shippers, and consignees. It allows for real-time updates and notifications, ensuring that all stakeholders are aware of the shipment's status, delays, or any exceptions that may occur.
5. Tracking and Visibility: The software enables real-time tracking of shipments through integration with carrier systems, GPS tracking, or mobile applications. Customers and stakeholders can access the tracking information through a web portal or mobile app, using the assigned tracking number or reference code. They can monitor the shipment's progress, view estimated delivery times, and receive notifications at key milestones or events.
6. Exception Management: If any issues or exceptions arise during transit, such as delays, damages, or missed pickups, the software detects and flags these events. It triggers alerts or notifications to the relevant parties, allowing them to proactively address the situation and minimize disruptions.
7. Documentation and Reporting: FarEye's software automates the generation of shipping labels, waybills, and other necessary documentation. Furthermore, it delivers reporting and analytics functionalities, enabling the extraction of valuable insights regarding shipment volumes, carrier performance, transit times, and various other significant metrics. This information can be utilized for performance analysis, decision-making, and continuous improvement of logistics operations.
Features of LTL Shipping Software
LTL (Less Than Truckload) shipping software typically offers a range of features to help manage and optimize the transportation of smaller shipments. Included below are several typical features you can anticipate:
Shipment Management: The software enables you to input and manage shipment details, including origin, destination, weight, dimensions, and special handling requirements. You can conveniently track and oversee multiple shipments concurrently using this system.
Rate Shopping: It often includes rate shopping functionality, which allows you to compare rates from different carriers based on factors like service level, transit time, and cost. By utilizing this system, you can effectively determine the most economical carrier option for each shipment.
Carrier Connectivity: The software integrates with various LTL carriers, enabling seamless communication and data exchange between your system and the carriers' systems. This integration allows for real-time tracking, automated updates, and electronic communication with carriers.
Routing and Optimization: By leveraging its capabilities, it aids in optimizing the routing and consolidation of shipments, thereby maximizing efficiency and minimizing costs. It considers factors such as pickup and delivery locations, carrier capacity, transit times, and service level agreements to determine the best routes and shipment consolidation options.
Documentation and Labeling: The multi carrier LTL software generates shipping labels, waybills, and other required documentation for each shipment. It ensures accurate labeling and documentation to meet regulatory requirements and facilitate smooth operations.
Tracking and Visibility: It provides real-time tracking and visibility into the status and location of shipments. It allows you and your customers to monitor the progress of shipments, receive notifications at key milestones, and estimate delivery times.
Exception Management: The software flags and manages exceptions or issues that may occur during transit, such as delays, damages, or missed pickups. It helps you proactively address these situations and communicate with relevant stakeholders.
Reporting and Analytics: It often includes reporting and analytics capabilities. It offers valuable insights into metrics such as shipment volumes, carrier performance, transit times, and other essential indicators. This information can be utilized for performance analysis, cost optimization, and decision-making.
Customer Portal: Some LTL shipping software offers a customer portal or self-service portal where your customers can access and manage their shipments. They can track shipments, obtain documentation, view invoices, and communicate with your team.
Integration Capabilities: It may have integration capabilities with other systems such as ERP (Enterprise Resource Planning) or WMS (Warehouse Management System) to streamline data exchange and facilitate end-to-end logistics operations.
Benefits of LTL Trucking Software
LTL (Less Than Truckload) software offers several benefits for businesses involved in the transportation and logistics of smaller shipments. Here are some key advantages:
Cost Savings: LTL software helps optimize shipment consolidation and routing, allowing businesses to maximize the use of available truck space. Businesses can realize substantial cost savings in comparison to full truckload shipments by sharing transportation costs with other shippers and minimizing wasted space.
Increased Efficiency: It automates and streamlines various processes involved in managing LTL shipments. Through automation, manual tasks are eliminated, paperwork is reduced, and errors are minimized. This automation enhances operational efficiency, saves time, and empowers staff to dedicate their efforts to higher-value activities.
Improved Shipment Visibility: It provides real-time tracking and visibility into the status and location of shipments. Businesses and their customers can monitor shipments, receive notifications, and have accurate estimated delivery times. By providing this visibility, customer service is improved, inquiries are reduced, and proactive issue resolution becomes possible.
Enhanced Customer Experience: With LTL software, businesses can provide a better customer experience by offering self-service portals or customer portals. Customers can effortlessly track shipments, retrieve documents, review invoices, and engage in communication with the business. This self-service functionality enhances customer satisfaction and alleviates the workload on customer support teams.
Rate Shopping and Carrier Selection: It often includes rate shopping functionality, allowing businesses to compare rates from multiple carriers. By considering factors such as cost, transit time, and service level, businesses can make informed decisions when choosing carriers for each shipment. This allows them to select the most cost-effective and dependable carriers, effectively optimizing their transportation expenditure.
Scalability and Flexibility: It is designed to handle varying shipment volumes and adapt to changing business needs. It allows businesses to scale their operations efficiently, accommodate growth, and adjust their transportation strategies as required.
1. What is LTL Software?
LTL software refers to software applications or systems that are designed to manage and optimize Less-than-Truckload (LTL) shipping operations. LTL shipping is a transportation approach employed for shipping moderately-sized freight loads that don't necessitate a full truckload. LTL carriers consolidate various smaller shipments from different customers into one truckload, enhancing efficiency and lowering expenses.
2. What is LTL vs FTL vs TL?
LTL, FTL, and TL are terms used to describe different methods of shipping and transportation based on the size and volume of freight being shipped. Here's what each term stands for:
LTL (Less-than-Truckload): LTL shipping is used when the freight being shipped does not occupy the entire capacity of a truckload. LTL shipping involves consolidating multiple smaller shipments from different customers into a single truckload. Each shipment is usually palletized or packaged separately, and the carrier consolidates these shipments to maximize the truck's capacity. For smaller loads that don't necessitate a full truck, it proves to be a cost-effective option.
FTL (Full Truckload): FTL shipping entails dedicating the entire truck's capacity to a single shipment. Unlike LTL, where multiple shipments are consolidated, FTL is used when the volume of freight is large enough to occupy the entire truck or when the nature of the shipment requires exclusive use of the truck. FTL shipments are typically used for larger quantities of goods, oversized items, or time-sensitive deliveries.
TL (Truckload): TL shipping, also known as TL freight or simply truckload shipping, is similar to FTL in that it involves using the full capacity of a truck. TL and FTL are frequently used interchangeably. TL shipments are typically used for larger quantities of goods that require exclusive use of the truck and do not need to be consolidated with other shipments.
3. Why is LTL So Expensive?
LTL shipping can be relatively expensive due to factors such as handling and consolidation of multiple shipments, increased stops and transit time, freight class and pricing structures, accessorial charges for additional services, and fuel and operating costs.
These factors contribute to the complexity and overhead involved in LTL operations, leading to higher rates compared to other shipping methods. However, it's important to note that LTL shipping still provides cost savings for smaller shipments compared to booking a full truckload, allowing businesses to share transportation costs and enjoy flexibility in managing their freight needs.
Komal Puri is a seasoned professional in the logistics and supply chain industry. As the Senior Director of Marketing and a subject matter expert at FarEye, she has been instrumental in shaping the industry narrative for the past decade. Her expertise and insights have earned her numerous awards and recognition. Komal’s writings reflect her deep understanding of the industry, offering valuable insights and thought leadership.