This Spend Matters PRO Vendor Analysis gives an overview of Trax, a Transportation Spend Management (TSM) solution.
As Elon Musk said about operating Tesla: “the supply chain stuff is really tricky.” Part of the challenges inherent to typical supply chains includes properly managing complex rates like surcharges, spend visibility and payment accuracy. Rejected invoices and payment errors are an increasing problem; it is estimated that “one in every four invoices gets rejected and has to be remediated.” Considering the current state of global supply chains, it is not just a matter of accurate accounting and timely reporting. Errors in payment of transportation expenses can have dramatic consequences for all involved parties.
Such challenges are the ones that Trax helps organizations (shippers, third-party logistics [3PL] and carriers) address with its TSM solution. Customers can:
- Manage transportation spend by continuously enriching and analyzing freight data to reduce costs, rectify billing errors and identify cost avoidance opportunities
- Acquire spend visibility into transportation spend across all modes and geographies
- Optimize network performance by improving carrier contracts and relationships while also optimizing logistics performance with insights built from comprehensive cost and shipment data
- Simplify B2B payment processes via innovative payments and trade finance solutions
Here’s why Trax matters:
- To the market — Trax provides a leading and focused solution enhanced by advisory services for companies with complex supply chains.
- To customers — Trax’s customers can save time and money by understanding their freight spend, identifying opportunities and errors in rates and ensuring compliance with negotiated conditions while also fostering collaboration with their logistics partners.
- To potential buyers — Contracts and rate structures for freight are complex by nature and represent a massive amount of data to manage. Trax’s solution and service offering focuses on rate/contract management and payment compliance to streamline and foolproof processes, avoid errors and identify savings opportunities.
This Spend Matters PRO Vendor Analysis gives an overview of the vendor’s capabilities, its competitors, provides tech selection tips and closes with key analyst takeaways.
