Today, Emerge, the leading freight procurement platform, launched Emerge Benchmarking, an enhancement to its RFP solution that empowers data-driven decision-making. Enabled by Machine Learning, Emerge Benchmarking updates and aggregates freight industry data from numerous trusted sources, providing users with vital business intelligence and market insights in real-time so they can quickly evaluate options and make informed decisions.
"In our fast-paced and volatile business environment, transportation professionals must act quickly and accurately in every aspect of the supply chain, beginning with freight sourcing," said Andrew Leto, Founder and CEO. "With Emerge Benchmarking, users gain access to actionable information in one place to inform decisions. This is the latest product enhancement to the Emerge Dynamic RFP, the solution that is reinventing freight procurement."
Customers report significant financial savings through the Emerge RFP solution, both through efficiency gains and greater control of their overall freight spending. The ease and speed of conducting bid events enables customers to react quickly to changing market dynamics.
"We have made the industry's leading RFP solution even better," said Leto. "First, we provided the technology to streamline the process, empowering shippers to conduct bid events at a frequency that meets their business needs. Now, Emerge Benchmarking provides predictive information about how and when to conduct bid events, allowing customers to be even more strategic in freight sourcing."
Leto also notes that Emerge Benchmarking helps shippers hedge against dramatic shifts in rates in the freight market. At any moment in time, Benchmarking users can compare their pricing for a specific lane against the market. Knowing if current pricing is at, above, or below the industry average empowers shippers to adjust rates based on real-time data.
The Emerge Freight Procurement Platform continues to experience rapid growth, with interest from the country's most-preeminent shippers and carriers. New leaders join the organization from the supply chain's most recognized brands, and Emerge plans to significantly scale its internal team in 2022. "We are attracting top freight leaders and talent," said Leto. "From operations to the executive suite, we are bringing together tech- focused leaders and freight's heaviest hitters to create something truly revolutionary for our industry."
Transforming the $800 billion freight industry, Emerge empowers meaningful logistics relationships through its award-winning Freight Procurement Platform. The Emerge platform helps streamline the disjointed and cloudy procurement landscape, bringing shippers and carriers together in one space to create and build mutually beneficial relationships.
With freight procurement and optimization becoming a common boardroom conversation, companies are increasingly looking for creative ways to find new efficiency in their supply chain. The premier choice for carriers and shippers within the procurement ecosystem, the Emerge platform inherently creates a powerful "network effect" — opening new opportunities for all participants as the network grows and becomes more robust. With every carrier and shipper added, the Emerge marketplace becomes even more powerful — creating better, stronger opportunities and win-win scenarios for all.
Built for freight professionals, Emerge is the only platform designed and led by freight experts with decades of direct, hands-on procurement experience. The Emerge executive team and board members include some of transportation's most prominent names, having previous experience leading companies like UPS Freight, GlobalTranz, Coyote Logistics, J.B. Hunt, and FreightWaves. This expertise allows Emerge to offer solutions that enhance contract and spot procurement, enabling shippers and carriers to make more empowered, strategic decisions.
Founded by industry veteran Andrew Leto, Emerge has seen tremendous success since opening its doors in 2017. In addition to securing over $150 million in investor funding, the Emerge platform has enabled shippers to procure over $6 billion in freight by leveraging the Dynamic RFP and Spot platform. In September of 2021, Emerge announced its latest Series B funding round of $130 million, led by investment partners 9Yards Capital, Tiger Global Management, and The Spruce House Partnership, with additional participation from existing backers New Road Capital Partners and Greycroft.
"This funding will allow us to scale our business efficiently — from creating new opportunities for our current employees to filling needs from the outside where necessary," Jack Holmes, Emerge Executive Chairman and former President & CEO of UPS Freight, said. "We have been fortunate to have great partners. Financial partners, shipper partners, and carrier partners. Andrew [Leto's] vision has continued to evolve, and we're confident that our platform will be regarded by our partners as the most influential in transportation."