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  • With the complex and volatile global trade environment pushing rates higher and making capacity tighter, have put shippers and their freight procurement teams under tremendous pressure. They need to strike a balance between not skimping on quality when it comes to working with the right suppliers and freight forwarders—and squeezing as much value as possible out of their transportation network. There are some ways vouched for by supply chain executives when it comes to sourcing transportation at the lowest rates. One way is to follow a meticulously curated freight procurement strategy that covers all scenarios, good or bad. The other is by adopting digital freight procurement solutions to see the best possible outcomes. We have already seen why it is imperative to have a robust freight procurement strategy in place. Being able to procure budget-friendly transportation services is a significant factor for your bottom line. Another major factor is identifying who offers cost-effective freight rates as well as provides good service.  Adopting the right technology is the next step you can take to enjoy stress-free freight management. With the help of the right freight procurement software, it is possible to drive significant cost savings, build supply chain resilience and do so much more. GoComet’s Freight Negotiation engine helps you with automating your entire RFQ process. This enables you to receive the best rates possible from trusted vendors, engage in a transparent bidding process and obtain the cheapest deals for your business, every time. Let’s look at what GoComet’s RFQ module can do for you… GoComet’s RFQ management module promises the best deals with its Recursive Rate Reduction feature. Multiple vendors compete in the auction by bidding against each other. They start submitting lower-priced bids successively during a scheduled period. This way, you get the vendors themselves, giving you their best...
  • In today’s fast-moving digital age, freight procurement stands to gain a great deal from digital transformation – and, the sooner logistics companies begin their journey, the better. Automating your freight procurement from end-to-end enables an unmatchable performance and drives ROI to a major extent.  The latest digital tools in the procurement field boast of superior results by taking the data-driven decision making to the next level and enabling the procurement teams to always be a step ahead. A recent research report published by the Hackett Group that is slightly worrisome is titled “The CPO Agenda: Keeping Pace with and Enabling Enterprise-Level Digital Transformation,” consisted of a survey in which 180 large companies in the US and overseas participated.  The research stated that just 32% of the procurement organisations have implemented a digital procurement strategy – and only 25% have the requisite skills and resources. This is in sharp contrast to the study’s findings that nearly 85% of all procurement organisations believe that digital transformation will be instrumental in changing the way they deliver services over the next three to five years. Now is the time for the logistics industry to push towards a more digital future where procurement departments can begin to implement technology, software, and processes that help them work smarter, better and faster in the ever-evolving business environment. Key elements of freight procurement that can be digitalised  To drive a competitive edge against your competitors, freight procurement teams must be aware of the latest technological advancements. Here are some key areas that need to undergo digital transformation at the earliest. Embrace a digital procurement strategy Shipping companies need to start actively pursuing digital transformation in their procurement processes. This will enable them to capitalize on cost cuts, data accuracy, valuable analytics and other benefits of new supply chain...
  • Recent years have witnessed an increase in the adoption of digital solutions across several industries. The logistics and supply chain industry has been no exception. Especially in the field of freight procurement, it has been proven beyond doubt that the scope for improvement is vast. For any freight purchasing manager, the primary goal is to ship goods at the lowest rate possible. While the most hassle-free method to drive double-digit cost savings every time you ship is to ensure that you negotiate well with the help of digital procurement technologies, there are a few things that freight procurement managers can do differently to achieve better outcomes. The Deloitte Global CPO Survey 2016 stated that the majority of freight procurement officers agree that cost reduction is their number one priority this year but 62% expressed dissatisfaction with the execution of their respective procurement strategies.  To stay ahead of the latest developments in technology as well as leverage procurement strategies to the fullest extent, supply chain professionals must familiarize themselves with several concepts related to modern-day freight management. Freight procurement is pivotal to driving maximum ROI and when executed correctly, it is capable of doing so much more. Actionable tips for any freight procurement manager There is always something that you can do better as a freight purchasing manager when it comes to freight procurement. For instance, developing better relationships between shippers and 3PLs, evaluating the necessary performance indicators to drive profitability, and taking a proactive approach by designing more effective risk management policies. Here are some pointers that can help enhance your overall freight procurement performance. Build strong relationships with suppliers Freight procurement managers must maintain strong relationships with the suppliers to make sure that both parties are on the same page and have definitive tasks and plans of action laid...
  • If you are a logistics or supply chain manager, the terms freight tender, RFQ proposal and transport procurement would probably be synonymous with tedious and time-consuming processes. Nevertheless, freight tendering is a crucial part of the procurement process. Owing to the unforeseen pandemic and its aftermath, supply and demand have witnessed severe fluctuations. Securing reasonable freight rates has become even more difficult than before.  Transport and freight procurement costs affect your bottom line directly and heavily. It is always advisable to keep a close eye on these costs and optimize them, wherever possible. To reduce your freight tender costs it is important to do away with manual operations and use the right technologies, for the best outcomes.  The entire freight transportation industry has always been prone to disruptions, now more than ever, and is quickly trying to come up with solutions to get freight to move in one way or another. Staying on top of your game, running and managing freight tenders completely online and building a network that can weather through any adversity is possible with digital procurement.  With rapid technological advancements, building supply chain resilience has become an easily attainable goal. Instead of relying on manual efforts for obtaining and running freight forwarding tenders, rate negotiations and paperwork for documentation, it is time to start adopting digital solutions for rate procurement where all the information is consolidated on a unified dashboard. What is a freight tender? A freight tender describes the process in which shippers choose logistics service providers to handle all their transportation requirements after duly assessing them. Since most companies do not have their own mode of transport, they need to make use of logistics service providers to transport their goods from destination to another. In the freight and transport tendering process, a pool of several...
  • You may well ask, why the sudden urge to turn towards an integrated supply chain? Companies have slowly started to realize the very noticeable hand of an integrated supply chain in fostering lean principles and long-term, sustainable growth.  The coronavirus pandemic and the current post-COVID landscape is another major driving force in logistics companies investing in integrated supply chains. Supply chain professionals are faced with troubling questions like, “How can supply-chain leaders also prepare for the medium and long terms”—and “how to build the resilience that will see them through the other side?” Since the modern supply stream consists of disparate production networks, complex partnerships, markets and customer pools spread out across the globe, the ability to efficiently coordinate and collaborate with people, processes, and products critical to effective supply chain management is key in such a closely-knit industry. A fully integrated supply chain is the all-in-one solution for companies who aspire to have a competitive edge over other market players. What does an integrated supply chain mean? Having an integrated supply chain sounds impressive, but how does it differ from other kinds of supply chains, say, for instance, a non-integrated supply chain? We all are aware that a supply chain is an interwoven collection of suppliers that are required to create one specific product for a company. Bringing each of these links, i.e., suppliers, together and ensuring that they stay connected with each other’s workflows is how an integrated supply chain works. The end goal is to improve productivity, make the supply chain more responsive and resilient and reduce costs. On the other hand, as the name suggests, a non-integrated supply chain is disconnected and functions in silos.  In a supply chain lacking integration, different stakeholders within an organization have little to no insight into one another’s plans and...
  • The simplest way to drive double-digit cost savings every time you ship is to ensure that you negotiate well to get the best deals each time. Being in total control of how much you pay for your shipments and making use of the right tools to negotiate better is crucial to improving your bottom line. The easiest way to ensure that you’re procuring the best possible rates for your shipments is to automate negotiations, benchmark prices and make data-driven decisions. All this and more is possible with the latest technological advancements.  GoComet’s cloud-based Freight Quotation Management module fully automates your negotiation process and helps you drive significant cost savings with its reverse auction methodology and unique compounded negotiation system. It enables you to reduce freight procurement costs by up to 18%.  But that being said, there are a few things to keep in mind when aiming to negotiate better freight rates. Consolidating your RFQ to send out to all the interested vendors is not something that you can whip up out of the blue. Be it an RFQ, direct negotiation or even an indirect negotiation, there is a lot of knowledge that you can be aware of when trying to properly negotiate. For instance knowing specifics of certain freight costs, how the rates vary in and out of peak season, if there are loading or unloading pallets involved in the load, and much more. If you are not very confident about these areas you can consider the option of bringing in a broker to negotiate for you. Don’t be afraid to reject a base rate and be willing to do some contract negotiation before you agree to the final bid. Here are some dos and don’ts that you can keep in mind tocan negotiate better rates and secure the best...
  • Any supply chain professional who has worked in the industry for long enough, and handled the procurement of freight rates, would have wondered at some point whether there is a better way to negotiate rates than the traditional practice.  Putting together a suitable RFQ, manually reaching out to different logistics service providers and obtaining quotations from them, comparing all the bids received, and then selecting the vendor with the lowest quote, is a time-consuming process, to say the least. Not to mention the number of delays experienced due to slow email communication, discrepancies due to human errors at the last possible minute, etc. Today, there indeed is a better way to secure freight rates. With the help of the right freight procurement software, it is possible to drive significant cost savings and enjoy the ease of freight management. Automating your RFQ processes enables you to receive the best quotes from trusted vendors, engage in transparent bidding processes and obtain the cheapest deals for your business, every time. Any automated freight procurement solution provides a unified dashboard to carry out all your negotiation processes. Vendors will have other vendors to bid against/negotiate with, thereby, eliminating human bias that may affect your final negotiation. Timely alerts go out to the vendors to notify them of their current rank in the bidding process as well as nudge them to improve their bids if required. For supply chain companies that are looking to majorly improve their bottom line, here is a list of freight procurement software that can completely automate your freight quotation management. Six leading freight procurement solutions: GoComet Freight Negotiation Engine Secure the best deals through GoComet’s freight quotation management module that provides an automated and compounded negotiation system, ensuring that your vendors compete with each other, to give you the best...
  • It is high time that logistics companies do away with manual tracking and adopt automated container tracking systems. Before the emergence of digital container tracking solutions, keeping track of all your global shipments was a time consuming, laborious process. It fell upon the logistics managers to manually visit the website, key in the booking number for each container and check the status.  Another major cause for shifting away from manual tracking systems is how the outbreak of the coronavirus and the aftermath, only brought home the fact that those companies that had more visibility into their shipments and knew exactly where their goods were, were better equipped to combat the consequences of the pandemic. To avoid major disruptions in the supply chain, logistics managers are soon realising that visibility holds the key to this problem.  And how can you achieve end-to-end visibility for all your shipments? There is only one answer to this question – invest in automated container tracking solutions. Any efficient and real-time container tracking solution provides advanced monitoring capabilities that too on a single dashboard. It allows you to get live updates and alerts on the movement of your freight, which serves to effectively eliminate the need for manual tracking. Moreover, you have easy accessibility to all the required information, due to a centralized dashboard. GoComet’s live shipment tracking system GoComet’s state-of-the-art container tracking solution allows you to track all your global shipments in real-time on a single dashboard. The module auto-captures every movement of your shipment, analyses the performance of your and sends automated updates directly to your inbox every time your shipment achieves a journey milestone.  It also offers actionable insights and helps you improve customer experience by allowing you to share the tracking data with your customers, making way for unprecedented transparency. Some reasons...
  • For any supply chain and logistics professional, invoice reconciliation is a major task; if it’s a good day, everything runs smoothly, but if not, several mistakes can and often do happen while processing invoices inviting several inefficiencies. Market studies show that 25-30% of all freight invoices are wrong, with many discrepancies ultimately going unchecked. When you factor in that most companies attempt manual invoice matching, industry studies show that the cost of manually reconciling invoices is around $5 to $12 per invoice.  A one-stop solution for such challenges is automating your invoice processing. Automated invoice matching makes some attractive promises like reducing the burden on your teams, minimising errors, identifying fraudulent claims and avoiding duplicate/missed invoice payments. Freight invoice errors play a major role in driving up unnecessary costs for your business. Also, in about 20% of the cases, these discrepancies are inevitably missed, causing overpayment, duplicate payments and lost productivity. This is where GoComet steps in with its easy to use and install Automated Invoice Reconciliation module. GoComet’s platform makes it possible to auto-approve invoices, identify/reject duplicate invoices and improve the auditing process, all at the click of a button. It provides a unified dashboard where the vendors can upload their invoices, and from there on, the entire process is automated, saving a lot of time and decreasing the dependency on human effort. How does manual invoice matching affect your business adversely? As invoice processing is a complex procedure, most companies have been slow to adopt digital solutions in this area. A traditional Accounts Payable(AP) team is in charge of invoice matching and payments, and needless to say, it is a painful and time-consuming process.  It is a completely expected scenario where invoices are sent to departments outside of Accounts Payable. Keeping a manual track of each invoice, and...
  • Real-time container tracking is a necessity that demands the attention of supply chain professionals. A few years ago, keeping track of all your global shipments was a time consuming, laborious process.  Logistics managers had to manually visit the website, key in the booking number for each container and check the status. But now, with the newest advancements in technology, it has become extremely simple to track the precise locations of all your containers as and when updated, thereby obtaining much-needed visibility into the supply chain operations. The emergence of state-of-the-art container tracking systems give you timely updates on the different stages in the movement of your shipment and enable you to proactively deal with any rerouting or delays. With more and more companies rapidly shifting to automated container tracking solutions, there has been an explosion of such software in the market. To separate the wheat from the chaff, identify the best-suited software that gives you the best ROI for your company, asking the right questions is crucial.  We have done our due diligence and compiled a list of the best container tracking software available in the market today that might be a possible fit for your company.  Here are some noteworthy real-time container tracking solutions… Any efficient container tracking system should provide detailed information like the name of the port where your containers may be stored, live location of your containers, status and exact delivery times. Here are some of the container tracking systems that have helped several shipping companies in streamlining their freight transportation processes. GoComet Container Tracking Software GoComet’s container tracking solution allows you to track all your international shipments in real-time on a unified dashboard. The module auto-captures every movement of your shipment, assesses your carrier performance and sends automated updates directly to your inbox every time...
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