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 possible rates.
With its automated platform, you can create enquiries within minutes and share them with an unlimited number of vendors simultaneously. This saves you a lot of time and effort that goes into the traditional way of manually creating and sharing an RFQ.
Once the RFQ is shared with the vendors, all you have to do is sit back and relax. On submitting their quotes, vendors will see their ranks in the auction on a single dashboard. Every time a quotation with the reduced price is submitted, the system will send out auto-notifications to all the vendors and display their updated rank.
Another useful feature of GoComet’s freight procurement solution is being able to digitally record every single interaction in the entire bidding and selection process. This helps ensure that business is awarded purely on merit and with no bias. In case the lowest quoting vendor is not selected, the system makes it mandatory to leave a remark justifying the choice.
Predictive analytics can optimise your business to a great extent. Consolidating data manually, and drawing insights from it can be time-consuming, prone to error and labour intensive. GoComet solves this problem by capturing and recording several key performance indicators such as carrier performance, the performance of your vendors across shipping lines over a period of time for various geographies and more. This helps you make data-driven decisions irrespective of the circumstances.
Simplify your logistics process with GoComet
In combination with its smart freight negotiation engine, GoComet also offers more features such as a container tracking module and an automated invoice reconciliation module. You can Successfully eliminate manual tracking and follow-ups and get live updates on your shipments with our Container Tracking platform. You can also save up to 76% of the time taken to reconcile your invoices. Besides, you can experience foolproof invoice processing with GoComet’s automated invoice reconciliation module.
With GoComet, you can simplify your end-to-end logistics process and reduce your freight spend, all at the same time. Reach out to us today to know more.