Benchmarking is the process of comparing your own organization, operations, or processes against other organizations in your industry or in the broader marketplace.
The objective of benchmarking is to understand the processes driving performance across the supply chain. Companies then improve their performance by tailoring and incorporating these best practices into their own operations—not by imitating, but by innovating.
The TCA Profitability Program, or TPP, is an exclusive performance benchmarking initiative. It consists of eight groups of over 100 motor carriers across North America, as well as online users. The program has been around since 2002, but it has been enhanced by inGauge, a cloud-based benchmarking tool being developed over the last four years.
FreightWaves Benchmarking Services are integrated within SONAR to provide a streamlined view of benchmarking data.
The tool allows member carriers to see how their own operational and financial metrics stack up against others. The program’s aim is to help member carriers improve performance and profitability. The inGauge platform features over 230 different KPIs, and members can slice and dice the data into specific peer groups to compare themselves to in real time.
All members can do this anonymously in the online platform. Members who choose to participate in Best Practice Groups also have the ability to see how they stack up on a non-anonymous basis.
“We have a very unique data set. That data set, in conjunction with the program, we call the Main Street of trucking,” Chris Henry said. “Carriers in that program benefit greatly from sharing best practices and ideas with their fellow members.”
“InGauge has been an absolute game changer for JLE! Having quickly become a sacrosanct element of our monthly close and financial review process, InGauge provides our team with the necessary tooling to perform relative benchmarking in a convenient, web-based environment. The Profitability Team run by Chris Henry have been tremendous collaborators since we adopted the InGauge platform, rightfully educating us to adopt alternative, margin-driven strategies to improve our operational and financial durability in all market environments. Any team that shares a commitment to visibility, discovery, and performance will benefit from what the InGauge platform offers.”
– Evan Pohaski, CEO & Founder, JLE Logistics