TAC Index to launch new air cargo data quality report
26 / 10 / 2022
Source: TAC Index
Price reporting agency TAC Index is set to launch a new product that will help companies improve the quality and timeliness of their data.
The new TAC Insights – Data Health Report will be offered free of charge to freight forwarders that provide pricing data for the index as part of a give-to-get arrangement.
The product will also be available on a subscription basis to forwarders that may not be able to submit data or have chosen not to submit data to TAC Index, but are interested in benchmarking the quality of their data sets.
The latter can access the reports for $25,000 for a one-year subscription which includes 12 monthly individual data health reports.
TAC Index managing director Peyton Burnett explained that the report will include a heat map for each of a forwarder’s stations or airport origins, providing a colour-coded guide to data performance.
The report has been two years in the making and will be overseen by TAC Index’s quantitative analysis team based in London.
Burnett said the team includes two PhDs from Imperial College university with first-class honours degrees and years of experience in both the financial sector and academia.
“A lot of the forwarders, especially the big forwarders when they gain market share through acquisition, they are acquiring the smaller forwarders that are all run off different transportation management systems,” said Burnett.
“That means a lot of their data can get degraded in certain geographical locations as a result.
“While they might have a gut feeling that there might be an issue with the data at a certain station, it can be difficult to pinpoint what is going wrong.
“If you are able to identify the problematic data, you are able to go to your country station manager and outline how to improve the process and drill down to see what is going wrong.”
He adds: “We are essentially providing an in-house quantitative analysis team that can look at their data and improves both the quality and timeliness or at least shows them where there are problems.”
Burnett added that the overall Index also benefits from having access to more actionable data as the quality of information coming from suppliers is greatly improved.
