Yeti Logistics needed a factoring solution that was easy to use and provided flexibility to continue scaling their business. With Denim's freight payment system, Yeti has integrated their technology stack to improve operational efficiency significantly:
- Yeti Logistics switched from Triumph Pay to Denim in under three days.
- Denim & EKA's integration reduced time spent on redundant data entry by 75%
- Through Denim's flexible factoring, Yeti Logistics saves nearly $20,000 annually on factoring fees.
- Denim's intuitive dashboard only took 25 minutes to master
- Yeti is excited to hire its first accounting employee because of the safeguards put on EKA's and Denim's dashboards to protect sensitive data.
The Story of Yeti Logistics
Alison and James Dockery-Jackson, seasoned experts in the freight and logistics industry, founded Yeti Logistics after countless encouragement from friends and family. With over 25 years of experience at well-known freight brokerages like CH Robinson, CRST, and Bay & Bay, James had witnessed the best and worst of the industry. He had seen businesses falter due to cash flow errors and the implementation of overly complex technology that remained unused. Driven by this knowledge, James and Alison were determined to establish a freight brokerage that prioritized execution, efficiency, and value over chasing marginal business. This commitment has led to quick growth, achieving over $6 million in revenue within three years with just three employees.
"Technology is not a strategy. Technology is a force multiplier." - James Dockery-Jackson, Vice President of Strategic Partnerships at Yeti Logistics
In a sluggish economy, Yeti Logistics, like most freight brokerages, has had to operate with tighter margins. Scaling his brokerage under these conditions meant cutting unnecessary costs and allocating more time to revenue-generating activities. They needed to review their workflows and adopt intuitive technology to streamline the team's productivity and efficiency.
However, Yeti Logistics' existing solution only compounded their problems. Their previous factor did not integrate with their TMS. As a result, they faced a plethora of redundant data entries, painstakingly managed through a maze of spreadsheets. Since their systems couldn't communicate, a more efficient workflow was not possible.
James described the laborious process: "We would have to download the carrier documents from our TMS, transcribe them into an Excel spreadsheet, upload it to Triumph's dashboard, and then complete the process with exception management. I would start the process around 7 am. Depending on load volume, it would take me until 10:30 am or even 11:30 am to complete."
To make things more challenging, Yeti Logistics had a contractual requirement to factor all their jobs. This meant that even if customers paid within 30 days, Yeti Logistics had to factor the jobs and pay the factoring fee.
Determined to overcome these inefficiencies, Yeti set out to find a factoring partner and freight payment system that would meet their specific requirements:
- Seamless integration with their TMS
- An easy-to-use, intuitive platform to expedite staff learning
- Cost savings through flexible factoring
Choosing an Efficient Solution with Denim
Yeti's top priority was finding a solution their team could quickly adopt. We had noticed how difficult it can be for companies to manage complicated technology, so we prioritized user-friendliness and simplicity for our brokerage.
Yeti discovered Denim through EKA, their TMS provider. They were working on a powerful integration between the two platforms.
For Yeti, their TMS is the core within the freight technology stack. We have concentrated on identifying tools that can seamlessly integrate with EKA to enhance our team's efficiency. By doing so, they could avoid constantly switching between various environments and streamline their workflow. We firmly believe that "the more we can do without leaving a single environment, the faster we can move."
The real-time API-driven integration of Denim and EKA brought this vision to life by establishing an automated workflow. Yeti can initiate job payments directly from their EKA dashboard, automatically sending load information to Denim. This process ensured accuracy and eliminated redundant data entry, making it necessary to access Denim only for exception management.
Switching to Denim in Under 3 Days
Denim proposed a buyout of Yeti Logistics from its existing contract with Triumph Pay. The swift transition merely required James and Alison's attention for contract review and signing.
Behind the scenes, Denim liaised with his former factor to obtain Yeti's aging report, release the lien, and wire the funds necessary to finalize the transfer process. Furthermore, Denim generously offered to cover Yeti's early cancellation fee, saving the brokerage thousands of dollars.
Amazingly, the freight factoring company transition was completed smoothly in less than three days without disrupting the business. The Denim team established Yeti's new dashboard and connected it to their TMS dashboard. Yeti only required 25-30 minutes of training before they felt confident navigating the platform.
The Benefits of Partnering with Denim
James and Alison greatly appreciate the flexibility Denim provides Yeti Logistics in terms of freight broker factoring. Yeti currently factors 80-85% of their loads. For the remaining portion, Yeti self-finances through Denim Wallet.
Denim Wallet allows Yeti to employ the same automation and workflows as factoring but with their capital to pay carriers. By doing so, they achieved an estimated $20,000 in annual savings. This cost reduction is crucial in a down market. James remarked, "Based on our factoring expenses from last year, using Denim will lead to an 18% reduction in costs."
Based on our factoring expenses from last year, using Denim will lead to an 18% reduction in costs." - James Dockery-Jackson
Moreover, they save a significant amount of time with Denim. In one instance, they completed 19 loads in just an hour, approximately 3 minutes per job—a remarkable 75% reduction in time spent on back-office operations. API enhancements planned by Denim and EKA over the next 3 months will increase automation to 90% plus.
James and Alison eagerly anticipate further scaling of their brokerage and streamlining of operations. Thanks to the roles and permissions available in EKA and Denim, James feels confident for the first time in hiring someone to manage accounting activities without exposing sensitive data.
Switch Your Freight Brokerage to a More Flexible Factoring Company
We welcome the Yeti Logistics team to the Denim’s freight payments network! Don't hesitate to schedule a demo if you want to discover how Denim can help you scale your brokerage. We'd be delighted to demonstrate how our platform can assist your cash flow and back-office operations.