Freight market demand modeling and price optimization

A non-transitory computer-readable storage medium, with instructions stored thereon which when executed by at least one processor causes a computer to;

• acquire data including historical load data, data of given price quotes that were not accepted, data representative of at least one of current and expected conditions including data representative of current and forecasted weather conditions, and data representing business goals;
• map the acquired data to market segments;
• generate a statistical model for each market segment based on the data mapped thereto, the statistical model generated based on a number of factors included in the mapped data, number of factors including at least a load price factor and the data representative of current and forecasted weather conditions, the model providing a spot load demand model;
• generate a demand and price forecast, for each market segment, based on the generated model and the data representative of at least one of current and expected conditions;
• and
• for each market segment, determine a pricing element based on the respective market segment model and forecast and the data representing business goals.

A system comprising:

• at least one computing device including at least one processor and at least one memory device;
• a data acquisition module stored in the at least one memory device and executable by the at least one processor to acquire data including historical load data, data of given price quotes that were not accepted, data representative of at least one of current and expected conditions including data representative of current and forecasted weather conditions, and data representing business goals;
• a data preparation module stored in the at least one memory device and executable by the at least one processor to map the acquired data to market segments;
• a data analysis module stored in the at least one memory device and executable by the at least one processor to generate a statistical model for each market segment based on the data mapped thereto, the statistical model generated based on a number of factors included in the mapped data, number of factors including at least a load price factor and the data representative of current and forecasted weather conditions, the model providing a spot load demand model;
• a demand forecasting module stored in the at least one memory device and executable by the at least one processor to generate a demand and price forecast, for each market segment, based on the generated model and the data representative of at least one of current and expected conditions;
• and
• an optimization module stored in the at least one memory device and executable by the at least one processor to determine, for each market segment, a pricing element based on the respective market segment model and forecast and the data representing business goals.