FreightExchange - Tech Startup of the Year
Company: FreightExchange, Sydney, NSW, Australia
Company Description: Our mission is to deliver a simple, automated way for carriers to connect with shippers and manage your freight, all in one place - and by doing so, provide opportunities for waste reduction, cost efficiencies, revenue generation and sustainability to the industry.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Tech Startup of the Year- Software
Nomination Title: FreightExchange
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Founded in Oct 2014 FreightExchange delivers a simple, automated way for carriers to connect with shippers and manage their freight, all in one place - and by doing so, provides opportunities for waste reduction, cost efficiencies, revenue generation and sustainability to the industry.
To transform a traditionally low technology industry we learnt early on that our offline services were just as important as our software. Our products needed to be simple and reliable, and our service needed to be accessible in order to create trust in the industry.
In a few years FreightExchange has signed up over 1,000 carriers and 2,500 shippers, completed 15,000 shipments, achieved 587% x annual growth from 2015 to 2016 and helped businesses save up to 25% on the cost of managing their freight.
In 2016 we released numerous products and product features including the instant booking for "less than truckload” shipments platform, our trucking app, the quoting API for eCommerce businesses, our shipping cost comparison calculator and our enterprise freight management software, FreightDesk.
In line with our aim to be a single point for freight management for our customers, we developed integrations with leading national and international carriers. Our booking funnel has been streamlined so that shippers can arrange a shipment in five clicks. Competitor products take three times as long to complete and up to 30 clicks.
From 2016 we commenced integrations into numerous national, local and specialised freight transport carriers. For shippers, this means we can provide instant quotes from carriers best suited to their needs. The industry norm of having to ring around or check with numerous contracted for prices. We’ve reduced a process that can take hours or even days to five clicks.
In addition to integrating with carriers, we also released our trucking mobile app in 2016. The app allows carriers to advertise all available capacity and to accept and book instantly.
The app integrates into our enterprise grade freight management software FreightDesk. In addition to providing instant pricing, bookings and tracking functionality, we enable automated invoicing for carriers. This greatly reduces the back-office workload for trucking companies, while improving transparency and the service to shippers.
We are experiencing more demand for our public API interfaces for shippers with eCommerce platforms and are now helping businesses to integrate daily. In addition, we are setting up customers our enterprise product, FreightDesk weekly. These installations drive developments on the platform to make it more robust for enterprise customers with complex supply chains. The product now includes detailed invoicing features including departmental/cost centre allocations and direct integrations into SAP and other accounting systems. Unlike industry supply chain software solutions, we take weeks, not years to install and integrate.
Our shipping cost comparison calculator was released in 2016 to provide cost benchmarking. It automatically reports on areas of potential savings for businesses. Built to provide insights into our customers costs, this functionality has also been extended to allow batch processing of actual shipments and showcases how we are continually innovating and adapting our products.
We have commenced creating our automated customer training, to assist them in using the platform more easily. In 2017 we started testing chatbots to answer common shipper and carrier questions. This has streamlined our operations while also building trust in our online system.
Customers are consistently positive about how simple our platform is, and this has resulted in a Net Promoter Score of 9.1. Feedback has been great. Matt, owner of Monster Rides emailed a colleague to say “could not be more impressed with the services and pricing…. very helpful and the online booking portal is easy to use and generate quotes. I suggest you guys start using the service, as it will save you some time, and allow cheaper freight prices for your customers”.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
Freight Exchange has gone from strength to strength since the company was formed in 2014 and in 2016 alone the following accomplishments were achieved;
-Signed up 800 carriers and 1,740 shippers including ASX100 listed companies
-Completed 7,541 shipments
-587% x annual growth rate 2015 to 2016
-Our Net Promoter Score is consistently above 9 out 10
-Commenced a partnership with Shell Service Stations, HiveXchange, SAP, Innovation Pitch Fest 2016 and other
-Created 5 Sydney based jobs to include; Marketing Manager, Operations Manager, Customer Service Associate, Java Developer and Graphic Designer
-Achieved $2m in turnover
-Openly promoted diversity and challenged industry norms through innovative technology
-Launched new truck booking app for intermodal ports
-Continually improving our pricing structure for our customers. We have been able to save up to 25% on the cost of managing their freight.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?