AboutStarting Semester: Spring 2024
Client ProfileConvoy is transforming the $800 billion trucking industry. Convoy offers the world's largest companies the best option for moving their freight through its network of thousands of technology-connected trucking companies. Shippers get instant quotes, real-time GPS tracking on all shipments, and actionable business analytics to improve their supply chain. Trucking companies get access to free tools and resources that allow them to find loads they want, drive fuller trucks, and get paid quickly.
Project DescriptionOne of Convoy's revenue streams is an area called Incidentals. Incidentals are generated when something unexpected takes place during the execution of a shipment and can include things like waiting time for carriers due to delays at facilities where they're compensated for their time. Convoy compensates carriers when these events take place and can often request reimbursement from the shippers we work with. A portion of these Incidentals are only recorded in our financial reporting and not in our wider datasets. As a result, we lack visibility into these payouts to carriers and miss potential opportunities to collect from our shippers.
This project will address this by identifying and consolidating the necessary data to track these payments as well as establishing a process to collect on any eligible charges. With a combination of data analysis, financial modeling, and operational process design, this project will provide a wide range of experience to the group that chooses to work with Convoy. Convoy will provide access to the full range of data that we have available and provide direct leadership and support. By implementing this process, Convoy can increase its revenue recovery and enhance its financial control.