Benchmarking allows you to compare the prices you pay for ocean freight to the prices paid by the market. By knowing where you stand within the market, you can begin to make decisions about improving your procurement process.
The Xeneta platform has a number of tools for benchmarking your prices against the market.
Before you can begin benchmarking, you will need to upload your prices to Xeneta. Once your prices are in the platform, you can use Xeneta Intelligence to its maximum potential.
Examine the My Price Benchmarks panel to understand how your uploaded prices compare to the market. Remember that the dashboard is affected by market metrics.
Use the location search from the dashboard to find relevant trade lanes or corridors. From the search results, you will be able to view the Benchmarks graph.
The Benchmarks graph helps you visually compare your prices against the market. Read our Benchmarking guide for an in-depth look at using the Benchmarks graph.
The My Prices page collects all your uploaded prices in a single table. By default it groups your prices at the corridor level and shows a graph that depicts the percentage of your prices above and below the market benchmark.
It provides a number of filters to help you sort and search through the rates, including the Prices Above the Market and Prices Below the Market filters, which help in narrowing down exactly which rates are outside of your selected market benchmark.
At the port level view, the My Prices page compares your individual prices directly with the market benchmark. Each port-to-port price can be clicked to show additional details such as contract validity and aggregation levels.