At a Glance
Company Name:
Flock Freight
Location:
Encinitas, CA
Website:
https://www.flockfreight.com/
Founded in 2015, Flock Freight’s mission is to optimize the world’s freight transportation resources. They are transforming the freight industry by delivering Shared Truckload at scale, which unlocks value for shippers, carriers, and our planet.
To learn more about the company, offerings, and careers, visit flockfreight.com.
The Challenge
Before integrating with TriumphPay, Flock Freight experienced many of the challenges faced by freight brokers. They were still printing and mailing paper checks, using an inefficient or ineffective QuickPay program, and needed a centralized, secure location to manage their invoice processing workflow.
Flock Freight, however, is unique.
The company’s Shared Truckload service, FlockDirect®, finds the best options to pool freight among billions of possible combinations, optimizing routes while finding and filling trucks’ empty spaces.
Shipments stay safe in a single truck, driven by a single driver, all the way to their destination allowing shippers to only pay for the space they need and enabling carriers to earn more from every linear foot of capacity — all while slashing carbon emissions by up to 40% compared to traditional shipping methods. Launching this industry-first technology came with unique challenges to their accounts payable workflows and required specialized management that accounts for carriers hauling multiple loads on a single truck.
Flock Freight needed to enhance its ability to handle multiple invoices simultaneously to scale its technology and solutions efficiently.
The Solution
By implementing TriumphPay, Flock Freight re-tooled their audit workflows, emphasizing three core features.
Flock Freight built their invoice auditing workflows around TriumphPay.
Scalability & Agility
First, Flock Freight centralized their invoice workflows and implemented new processes for managing paperwork submissions. Using new reporting insights from TriumphPay, Flock Freight could effectively match resource allocation to trends, making them more agile and efficient.
TriumphPay Carrier Support
TriumphPay optimized previously manual functions by providing various payment preferences, whether ACH or check, and providing a call center for status inquiries, offering a comprehensive tech solution for carriers managing multiple loads.
Reporting
Flock Freight now leverages reporting to identify specific invoices and track trends around disbursements and QuickPay adoption. Reporting insights enable Flock Freight to load QuickPay carriers more efficiently, increasing adoption, facilitating smoother transactions, and generating more revenue.
The Outcome
By optimizing processes with TriumphPay Audit, Flock Freight improved their Days Payable Outstanding (DPO), allowing them to hold onto cash longer and manage financial resources more effectively. Weekly check runs are no longer necessary, streamlining their daily operations and passing the processing burden to TriumphPay.
Moreover, the visibility and accuracy of their reporting have been greatly improved. Flock Freight now has better insights into crucial metrics such as the number of carriers served, the volume of QuickPay discounts utilized, and the extent of factored carriers. Their ability to track Days Sales Outstanding (DSO) and DPO has become effortless, enabling them to make informed financial decisions promptly.
Overall, these improvements led to enhanced productivity and significant time savings. Processes are now more efficient, with a notable reduction in manual work and lower costs associated with bill processing.
The time required to process bills has been slashed by 30%, and they’ve reduced invoice touchpoints by an impressive 50%.
Additionally, their DSO has decreased by 2-4 days, and their General Payable Outstanding (GPO) has increased by 4-5 days.
