‘LoRRI Benchmark’ – India’s first benchmark for contracted freight for the road transport industry will enable democratisation of the logistics industry with a focus on full truck load (FTL) freight for medium and long haul lanes.
The aim is to provide the range of freight costs at which one can connect 600+ districts, and almost every taluka or city across India, identifying truck-types and transporters at competitive costs It also enables manufacturers and transporters to interact and close the transaction online, serving not only the large manufacturers but also the food and agri sector.
‘LoRRI Benchmark’ is a part of ‘LoRRI’, theneutral logistics intelligence platform from LogisticsNow which connects the nation, with 20,000 routes, 80+ truck-types, and 650+ transporters, spanning 10,000+ crores of freight spend.
What is the reason and purpose behind the launch of LoRRI Benchmark?
India is a country of 6 lakh+ villages and 130 crore+ people, mostly connected by road and rail. Even 73 years after independence, a large chunk of the country is not connected sustainably with reliable logistics. Transportation in its current state is like the Wild West, unorganised, and lacking transparency in terms of freight rates and service. Freight rates, the cost at which goods are transported from one point to another are dynamic and depend on various factors like supply-demand of trucks, seasonal fluctuation, fuel price hikes, and more. This made it very difficult for leading companies who prefer to work on a contracted freight rate basis. Understanding this gap, LogisticsNow analysed the lack of a trusted platform for contracted freight benchmarking and logistics procurement and launched ‘LoRRI Benchmark’ – India’s first freight benchmark for contracted freight.
This platform has been built collaboratively with over two dozen of India’s leading manufacturers and transporters, in response to industry’s need for transparency in contracted freight.
Can you elaborate on the importance and need for a benchmarking platform? Kindly enlist the USPs of LoRRI Benchmark
LoRRI Benchmark seeks to build that foundation of trust and enable the industry to effectively collaborate and achieve a common understanding of the current freight and value creation opportunities. Along with LoRRI Benchmark, LoRRI also provides manufacturers with SynergyNow, India’s pioneering platform to leverage backhauls & scale across companies, LoRRI-Procure, India’s first integrated freight procurement and contracting solution and LoRRI-Profiles, master RFIs for India’s leading logistics service providers, crowd-sourced from over 650 Transporters, all in one place. LoRRI.in
LoRRI Benchmark helps save upto 10% in freight costs, get the best service through a curated group of 650+ logistics/transport companies in addition to saving >50% time, through an integrated flow where users see the benchmark, send inquiry instantly and view quotes.
What are the locations/destinations that LoRRI Benchmark would be catering to?
LoRRI Benchmark covers 20,000+ lanes spanning 600 districts of India focussed on full truck loads(FTL) with route distances of >150kms.
How would LoRRI Benchmark have a positive impact on the logistics transporters?
For transporters, LoRRI democratises transporter discovery, enabling transporters small and big to get discovered by leading manufactures for multi-crore business, based on their merit: their LoRRI-Profile, ratings and lanes/network.
The key benefits of the LoRRI Benchmark for manufacturers & government include readily accessible information for contracted freight rates in road transport along with national reach, as the single neutral platform which provides freight rates and best fit Logistics service providers (LSPS)/transporters pan-India.
LogisticsNow is the Logistics Intelligence Platform, with a mission to leverage logistics intelligence to drive the next Level of efficiency and value for enterprises and governments.
LogisticsNow is also building the National Logistics Grid for India and major markets world-wide.LogisticsNow serves leading companies like Saint Gobain, Baskin Robbins etc. through a collaborative network of logistics and supply chain companies.
Funded by Shell India under their E4 program, LogisticsNow is driven by a professional team comprising alumni of companies such as TCS, Cognizant,IBM, AmEx, Tech-Mahindra, and JSW Steel.