New Delhi, Dec 2 (IANS): LogisticsNow has come up with a freight benchmark - LoRRI Benchmark - which is currently focused on contracted freight benchmarking.

Raj Saxena, Founder & CEO, LogisticsNow said that it will be the first such national benchmark for contracted freight.

"The benchmark has over 20,000 routes, all major truck types and over Rs 8,000 crore of freight spend in-built into the platform. The entire precision of data science and data analytics will benefit the industry and transporters and be available for the first time, with a few clicks online," he said.

On the manufacturer's side, according to Saxena, the benchmark would help them get the most relevant or the best costs for them, helping them save costs. It also drives efficiency. On the transport side, it is helping them realise the freight that is reasonable in a certain corridor and should they be working or not in a particular corridor.

"It will be an efficiency mechanism for the entire nation where demand and supply are meeting a reasonable freight range," he said.

He noted that manufacturers of products would be the primary focus in Phase 1 because they need clarity and transparency. The transporters and logistics service providers are also a key segment.

Phase-1 is for road freight and subsequently, there phase-2 and phase-3 would focus on rail freight and waterways, according to Saxena.