Solution
To develop a forecasting algorithm capable of predicting truckload rates, particularly spot rates critical to the bottom line, the Datamatics team employed advanced time series analysis techniques. Using models such as ARIMA (Autoregressive Integrated Moving Average), ARIMAX (ARIMA with exogenous variables), NAR (Nonlinear AutoRegressive), and NARX (Nonlinear AutoRegressive with exogenous inputs), they were able to produce accurate forecasts of spot prices.
This forecasting model was specifically designed to predict truckload spot rates over the next 7 days for each transportation mode and to enable the development of accurate pricing strategies and the enhancement of all budgets.
