Defining Global Trade Management Global Trade Management (GTM) solutions have been offering advanced solutions that serve as indispensable tools, streamlining and automating various aspects of the trade process, including customs compliance, logistics optimization, and trade financing. Enabled by the power of technology, GTM solutions empower businesses of all sizes to navigate the complexities of international…
Global trade relies heavily on a smooth-running supply chain. Every step needs to happen on time for things to work. Unfortunately, recent geopolitical events are causing problems for this complex system, leading to delays, higher costs, and unhappy customers. Let’s look into how these events are impacting the movement of goods around the world, the…
In today’s supply chain and logistics landscape, the prevalence of silos within operations presents a significant challenge. These isolated departments like the Logistics, Sales, Purchase, Factory, Billing, and Finance, etc often operate autonomously, leading to communication gaps, inefficiencies, and missed opportunities. Manual processes exacerbate these issues, impacting overall performance and competitiveness. The imperative to break…
Ever wondered how that coffee mug you ordered online ended up in your kitchen? Modern economies of the 21st century run on trade of goods and services. As the internet and technology have skimmed the distances between us, the intricate process of how exactly an item travels from factories to store shelves into your hands…
Supply chain mapping is a powerful tool that many businesses overlook. Yet, it’s essential for keeping operations smooth, costs down, and customer satisfaction high. By clearly visualizing the movement of goods and information from suppliers to customers, supply chain mapping brings much-needed transparency. Here’s everything you need to know about mapping your supply chain; its…
Increasing productivity and lowering costs is now possible for companies of all sizes with the help of consolidated goods shipment. But what is consolidated goods shipment, and how can your supply chain profit from it? Combining several smaller shipments from various shippers into a single, larger package is known as consolidated freight shipping. Shipments are…
Reverse logistics is becoming a crucial area of focus in today’s business environment, where the “customer is king” and delivering a great customer experience is crucial. In an increasingly competitive market, businesses which are unable to effectively manage returns run the danger of losing clients. However, what is reverse logistics precisely, and how does it…
The cost of your inventory has a significant influence on your budgeting and overall profitability. Businesses constantly work to sell excess goods, but a surprising amount inevitably goes to waste. According to a report by materials supplier Avery Dennison, a staggering 8% of surplus stock globally translates to roughly $163 billion worth of inventory being…
In the fast-paced world of modern business, efficient and accurate invoice processing is a critical component of maintaining seamless operations and a healthy cash flow. However, the traditional manual approach to invoice processing is fraught with challenges and inefficiencies that can hinder productivity, profitability, and growth. As companies strive to stay ahead in an increasingly…
Accounts payable (AP) is a pivotal aspect of organizational audits, given its significant impact on financial health. With supplier expenses trailing closely behind payroll as one of the highest business costs, it’s imperative to optimize AP processes. The efficiency of AP operations directly impacts profitability and cash flow management. Through regular audits, businesses aim to…
Are you struggling to keep track of your project expenses? Are cost allocations and financial reporting becoming a headache for your organization? Look no further than GoInvoice, your solution to streamlined cost management. Cost centers play a pivotal role in simplifying project financial management within companies. Essentially, a cost center represents a distinct department or…
As a Customer Success Manager at GoComet, I’ve had the privilege of working with over 50+ clients in digitizing their Freight Negotiation process through the GoProcure module. This journey included collaboration with diverse industries, such as top pharmaceutical companies, chemical manufacturers, and automobile giants, each with its unique global footprint. What I have learned over…
Introduction Bob impulsively ordered a tiny plant online, opting for overnight delivery. The next morning, he received a massive box. Inside? A single leaf, with a note: “Your plant needed some extra room to stretch its roots! Happy gardening!” While the anecdote is a bit exaggerated, teleporting the goods to your doorstep is the next…
Introduction: Why did the demurrage fees go to therapy? They couldn’t handle the cargo’s refusal to leave without a “storage” of emotions! While this joke is very jargon-specific, anyone well-versed in the proceedings of logistics, can relate to it and probably reminisce the penalty payments as demurrage. To categorically define, demurrage refers to the charges…
Cost-cutting has been a priority of the world lately. Beyond terms such as “economic approach” or “striving of resource optimization”, the gist predominantly remains the same i.e. better costs. Finding cost-effective ways to handle shipping is crucial for companies of all sizes. That’s where economy shipping comes in. It’s become increasingly important because it’s affordable…
Inventory control is a fundamental process in businesses that supports effective operations, simplified logistics, and ultimately, customer satisfaction. People who work in the manufacturing, retail, or wholesale sectors are aware of how important inventory control is to their daily operations. It guarantees that they have the appropriate items in the appropriate amounts at the appropriate…
The logistics sector is booming, with the global logistics market reaching $5.4 trillion in 2023, fuelled by instant gratification and global trade. And these cargo aircrafts play a crucial role in facilitating the swift movement of products across borders. These huge machines are vital to the global supply chain because they guarantee the prompt delivery…
The smooth flow of commodities is an essential part for companies across various industries in the competitive market today. Knowing the basics of shipments is essential whether you run a large company overseeing a complex supply chain or are a small business owner shipping goods to clients. Join us as we chart a course through…
Invoice reconciliation is a fundamental pillar in the financial management realm for businesses, irrespective of their size or sector. However, traditional manual reconciliation methods frequently present challenges, being labor-intensive, prone to errors, and impeding operational agility. With GoComet, a solution designed to revolutionize the reconciliation process by automating and streamlining tasks. GoInvoice simplifies operations, minimizes…
The air cargo industry has experienced a notable surge of over 11% in demand for air freight volume since the outset of 2024. While this uptick may be partially attributed to the disruption in the Red Sea region, it is not the sole contributing factor. Hence, it becomes increasingly important to gain a comprehensive understanding…
