Overview
Every Rates prediction is accompanied by a Confidence Level as a prediction of the rate's accuracy. The Confidence Level is determined by the amount and quality of data available for the lane.
The Confidence Level keeps the prediction process transparent. If the machine learning model doesn't have enough data to narrow down the spread of likely rates, you need to know that, so you can be more cautious in your quoting.
Confidence Level Sources
The Confidence Level is primarily determined by two things:
Data density
Confidence Levels tend to be higher on lanes with more relevant historical data.
Data Volatility
Confidence Levels tend to be higher on lanes where relevant data is less volatile.
Confidence Suggestions
Low Confidence (62% and below): We suggest doing one or more of these things:
Get multiple bids from carriers before accepting a price.
Consider starting negotiations with the Start Rate.
Review the Market Rate and compare its Confidence Level with that of the Verified Buy Rate. If the Market Rate has a higher Confidence, use it instead of the Verified Buy Rate.
Give yourself additional lead time in booking the load.
Review the data shown by the Similar Lanes feature.
Add some additional margin to make sure you’re covered.
Medium Confidence (63% - 75%): We suggest getting multiple bids from carriers before accepting a price or adding some additional margin to be sure you're covered.
High Confidence (76% - 87%) & Very High Confidence (88% - 100%): A high or very high Confidence Level suggests that you can book now at the given rate.
Market Confidence
The Market Rate also comes with a Confidence level. When Confidence on the Verified Buy Rate is low, a Market Rate with a high Confidence serves as a reliable backup rate.
