Trax Technologies, a Transportation Spend Management (TSM) solution, has been recognized again in the Gartner® report, “Market Guide for Freight Audit and Payment Providers” as a representative vendor. Freight Audit and Payment (FAP) is a fast-growing industry backed by increasing demand for credible data insights for cost optimization.
According to the report, “Lack of freight spend visibility combined with increasing globalization are increasing complexity and making it more difficult to have a holistic view of transportation costs. Finally, shippers are looking to their technology and service providers for resources and information to support sustainability commitments.”
As a global provider, Trax is highlighted as a vendor using complex data to empower shippers’ sustainability impact measurement in addition to traditional FAP functions, including invoice collection, auditing, and transportation invoice payments across multiple modes and regions.
The report, written by Gartner analysts Brock Johns, Brian Whitlock, and Brian Day, notes that:
Though foundational FAP services have not changed much throughout the last 10 years, vendors now provide customers with needed freight spend data and industry counsel for informed decision-making.
Shippers should outsource FAP processes after thoroughly analyzing vendor capabilities due to notable cost savings and the potential for automated optimization processes.
Global shippers need FAP providers with global capabilities to improve functionality and business processes.
“Trax is unique within the FAP space because we save shippers millions of dollars by using our proprietary software, combined with a team of industry professionals serving as counsel to elevate the FAP process,” said Hampton Wall, CEO of Trax. “We’re taking Transportation Spend Management to the next level with our recently launched Carbon Emissions Manager that uses actual shipment data from the $24B in transportation spend invoices our company audits annually to help enterprise businesses track Scope 3 emissions. We’re the only company offering comprehensive carbon and greenhouse gas emissions reporting and trending for all modes, all regions – based on actual shipment data and using calculation methods audited by the MyClimate foundation.”
Trax’s Carbon Emissions Manager provides supply chain leaders with a credible emissions monitoring system in advance of the anticipated new U.S. Securities and Exchange Commission (SEC) climate disclosure rules for reporting on scope 1, 2, and 3 emissions. Company leaders are expected to be required to have an emissions monitoring system in place by January 2024 to have reporting data available for the SEC by 2025.