Pat Dillon, the chief financial officer of Flock Freight, is all too aware of the inefficiencies afflicting the freight industry: cargo arriving in semi-empty trucks is increasing expenses for companies that depend on vehicles to function and draining owner-operators’ bank accounts.
The infamously complicated financial movements at the core of the issue. Historically, the trucking sector has been “extremely fragmented,” with the majority of competitors holding only a small portion of the market. The financial element of the process has to be as automated as feasible because there are so many parties involved.
Speed Is Vital
For the benefit of parties engaged in transactions, Flock Freight seeks to “improve the speed and integrity” of its accounts receivable. Dillon said that the business also aims to make “the transaction experience as seamless and as pleasurable as we can for both sides of the client base” in addition to those goals.
According to him, client satisfaction “on both sides of those markets is extremely crucial” since Flock Freight is strategically situated “in the heart of a two-sided marketplace.”
On the shipper’s end, this entails streamlining the process as much as you can. Because it is inefficient, a major store that has to move any freight doesn’t “want to have to get on the phone, or talk to someone.”
Additionally, it refers to “doing real-time digital tracking and collaborating with the asset-based carrier on the other side so people can follow their shipments in transit.” In addition to knowing where the cargo is, it is beneficial to be transparent about any unexpected payments that could be necessary after an incident like a delay.
This is made possible by being upfront about the costs incurred so that everyone is clear on whether the route was successfully finished. It is crucial to be open about the circumstances underlying any delays since who bears responsibility for them depends on who is at blame.
It is not sufficient to just “send a bill 30 days later that says, ‘By the way, there’s this additional charge,'” according to Dillon.
The fact that Flock Freight’s product is unique presents a significant barrier. Most freight carriers only have a less-than-full truckload department and a full truckload department since they aren’t accustomed to handling pooled cargoes.
You must meet clients where they are, according to Dillon. They don’t actually offer a drop-down option where you can choose a shared truckload in their transportation management system.
