Echo Global Logistics
Encyclopedia
Echo Global Logistics, Inc. (Nasdaq: ECHO) is a provider of technology-enabled transportation and supply chain management
services, delivered on a proprietary technology platform, serving the transportation and logistics
needs of its clients. Echo’s web-based technology platform compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients’ shipping and freight management needs. The Company has become a leading contender among 3PLs and has been listed in Inbound Logistics' Top 100 3PL Providers. In 2011, Echo has procured transportation and provided logistics services for more than 22,700 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail.
division for InnerWorkings, a prominent web-based printing company in Chicago. In 2005, InnerWorkings founder Eric Lefkofsky
decided to expand the logistics division into an independent company. Lefkofsky, most recently known for creating the social-coupon Website Groupon
, is an expert on using the power of technology and the Internet to update a particular industry. With this in mind, Lefkofsky and fellow co-founder Brad Keywell set out to create Echo Global Logistics, a transportation and logistics outsourcing business utilizing the latest technologies.
In 2006, Douglas R. Waggoner became the CEO of Echo and brought with his experience in the transportation industry. Under the leadership of Waggoner, Echo combined technology and transportation in order to provide innovative solutions for shippers. Waggoner has been recognized for his contributions to the transportation and business world. In 2009, Ernst & Young
selected Waggoner as the Entrepreneur of the Year.
Within the first few years of operation, Echo experienced exponential growth. In 2007, Echo acquired SelecTrans, Mountain Logistics and Best Way Solutions. They also opened three regional branches in Los Angeles
, Portland
, and Park City
, Utah
. In 2009, Echo made two additional acquisitions with Freight Management and RayTrans Distribution. On October 2, 2009 Echo went public on NASDAQ.
In April 2010, Echo opened a new office in Dallas, Texas
. In March 2010, the Company opened another office in Atlanta, Georgia
.
Main logistics services include:
Working with ETM, Echo employs technology portals which ensure high levels of efficiency. These portals include:
EchoTrakTM: customized web-based transportation management displaying details of shipments and automatic alerts to email
RatelQTM: Rating tool for LTL
LanelQTM: Rate and price quoting engine for truckload shipments
Optimizer Tracking: Performance ratings of carriers and shipment data
Optimizer Imaging: Stores all digital images of shipping documents
. To ensure the quality control, Echo employs a Carrier Certification Program. The program ranks carriers by relevance and appropriateness for all shipments. The carrier list is continuously updated and maintained according to performance, rate negotiation and other quality standards. All carriers working with Echo are licensed, insured, and adhere to proper safety rules.
, Ozburn-Hessey Logistics
, Total Quality Logistics
, Transplace, Schneider National
, FedEx
, JB Hunt, ABF, YRC
, Conway
and UPS
.
Supply chain management
Supply chain management is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers...
services, delivered on a proprietary technology platform, serving the transportation and logistics
Logistics
Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...
needs of its clients. Echo’s web-based technology platform compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients’ shipping and freight management needs. The Company has become a leading contender among 3PLs and has been listed in Inbound Logistics' Top 100 3PL Providers. In 2011, Echo has procured transportation and provided logistics services for more than 22,700 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail.
History
Echo Global Logistics, Inc. was originally established as a logisticsLogistics
Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...
division for InnerWorkings, a prominent web-based printing company in Chicago. In 2005, InnerWorkings founder Eric Lefkofsky
Eric Lefkofsky
Eric Paul Lefkofsky is a U.S.-born serial entrepreneur. He is currently president of Blue Media, LLC, a Chicago-based private equity and consulting firm. In March 2011, Forbes named him one of 2011's new billionaires.-Early life:...
decided to expand the logistics division into an independent company. Lefkofsky, most recently known for creating the social-coupon Website Groupon
Groupon
Groupon is a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Groupon was launched in November 2008, the first market for Groupon was Chicago, followed soon thereafter by Boston, New York City, and Toronto...
, is an expert on using the power of technology and the Internet to update a particular industry. With this in mind, Lefkofsky and fellow co-founder Brad Keywell set out to create Echo Global Logistics, a transportation and logistics outsourcing business utilizing the latest technologies.
In 2006, Douglas R. Waggoner became the CEO of Echo and brought with his experience in the transportation industry. Under the leadership of Waggoner, Echo combined technology and transportation in order to provide innovative solutions for shippers. Waggoner has been recognized for his contributions to the transportation and business world. In 2009, Ernst & Young
Ernst & Young
Ernst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
selected Waggoner as the Entrepreneur of the Year.
Within the first few years of operation, Echo experienced exponential growth. In 2007, Echo acquired SelecTrans, Mountain Logistics and Best Way Solutions. They also opened three regional branches in Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, Portland
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
, and Park City
Park City, Utah
Park City is a town in Summit and Wasatch counties in the U.S. state of Utah. It is considered to be part of the Wasatch Back. The city is southeast of downtown Salt Lake City and from Salt Lake City's east edge of Sugar House along Interstate 80. The population was 7,558 at the 2010 census...
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
. In 2009, Echo made two additional acquisitions with Freight Management and RayTrans Distribution. On October 2, 2009 Echo went public on NASDAQ.
In April 2010, Echo opened a new office in Dallas, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
. In March 2010, the Company opened another office in Atlanta, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
.
Services
Echo provides transportation services for shipping including:- Truckload (TL)
- Small Parcel
- Inter-Modal
- Domestic Air
- International
- Expedited
Main logistics services include:
- Rate Negotiation
- Carrier Management
- Routing Compliance
- Shipment Execution and Tracking
- Freight Bill Audit
- Payment and Performance Management
Technology
Echo's technological approach to logistics enhances the traditional transportation outsourcing models. Echo developed Evolved Transportation Management (ETM) technology; a web-based proprietary software application that allows the company to analyze the transportation requirements of each client and create customized solutions. ETM provides supply chain visibility, competitive pricing and shipment execution throughout all modes of transportation. The technology allows clients to manage transportation and logistics fees and navigate their way through the complexities in the transportation and supply chain functions.Working with ETM, Echo employs technology portals which ensure high levels of efficiency. These portals include:
EchoTrakTM: customized web-based transportation management displaying details of shipments and automatic alerts to email
RatelQTM: Rating tool for LTL
LanelQTM: Rate and price quoting engine for truckload shipments
Optimizer Tracking: Performance ratings of carriers and shipment data
Optimizer Imaging: Stores all digital images of shipping documents
Carriers
Echo works with top carriers specializing in truckload, less-than-truckload, expedited, international and small parcel carriersPackage delivery
Package delivery or parcel delivery is the shipping of packages or high value mail as single shipments. While the service is provided by most postal systems, private package delivery services have also existed in competition with and in place of public postal services.-Package delivery in the...
. To ensure the quality control, Echo employs a Carrier Certification Program. The program ranks carriers by relevance and appropriateness for all shipments. The carrier list is continuously updated and maintained according to performance, rate negotiation and other quality standards. All carriers working with Echo are licensed, insured, and adhere to proper safety rules.
Commitment to the environment
In February 2010, Echo joined the U.S. Environmental Protection Agency's (EPA) SmartWay Transport Partnership, an initiative with the goal of environmentally cleaner, more fuel efficient transportation options. The Company achieved a score 1.25, which is the highest possible rating, representing "outstanding environmental performance”.Competitors
Top competitors of Echo include Network Global Logistics CH. Robinson Worldwide, Freightquote.comFreightquote.com
Freightquote.com is an online transportation management service. Based in Lenexa, Kansas the company employs approximately 950 people and services customers throughout North America....
, Ozburn-Hessey Logistics
Ozburn-Hessey Logistics
Ozburn-Hessey Logistics began business in 1951 in Nashville, Tennessee. It is one of the largest third-party logistics companies in the USA.- Subsidiaries :OHL's family of companies includes:*Activair*Barthco*BarthcoDart*Material Handling Resources...
, Total Quality Logistics
Total Quality Logistics
Total Quality Logistics is a third-party logistics provider. It provides domestic freight transportation and logistics services.-History:Total Quality Logistics was founded in 1997 by Ken Oaks and Ryan Legg in the city of Cincinnati, Ohio....
, Transplace, Schneider National
Schneider National
Schneider National, Inc. is the largest privately owned truckload carrier in North America. Headquartered in Green Bay, Wisconsin, the company maintains 23 regional operating centers in the United States. The company was founded in 1938 by A.J. Schneider....
, FedEx
FedEx
FedEx Corporation , originally known as FDX Corporation, is a logistics services company, based in the United States with headquarters in Memphis, Tennessee...
, JB Hunt, ABF, YRC
YRC Worldwide
YRC Worldwide Inc. is the holding company for a portfolio of brands including YRC, YRC Reimer, New Penn, USF Holland and USF Reddaway. YRC Worldwide has a comprehensive network in North America with local, regional, national and international capabilities...
, Conway
Conway
-Surname:* Alan Conway, impersonator of Stanley Kubrick* Albert Conway , Chief Judge of the New York Court of Appeals * Anne Conway, Viscountess Conway , English philosopher* Arthur Conway , any of several men...
and UPS
United Parcel Service
United Parcel Service, Inc. , typically referred to by the acronym UPS, is a package delivery company. Headquartered in Sandy Springs, Georgia, United States, UPS delivers more than 15 million packages a day to 6.1 million customers in more than 220 countries and territories around the...
.
External links
- Echo Global Logistics on YouTube
- myFreight powered by Echo
- Inbound Logistics Top 100 3PL Providers 2010