A lot has changed in the freight ecosystem over the last few decades – From regulations to carrier technologies. The way we look at international freight procurement – The Request for Quote/Price/Tender (RFQ/P/T), however, has been the same for decades. RFQ is the first step towards freight procurement and the one that decides the cost…
Spiraling freight rates have left businesses around the world scrambling to stay afloat during the coronavirus pandemic, piling yet more pressure on already stretched global supply chains. At the core of this problem: shrinking cargo space. Here’s what has led to a decrease in cargo capacity and how it is impacting freight rates. Airplanes grounded,…
The lack of data in your freight management process is disrupting your supply chain and leaving your logistics team in the dark. Read this blog to find out the benefits of integrating data and freight analytics into your freight process.
Reducing costs is a key goal for most companies. Some expenses, however, are more difficult to see than others: they remain hidden, silently eating away at your profits whilst your competitors gain a critical pricing advantage from this lapse. The cost of manually reconciling freight invoices is a common example where organizations spending too much….
FACT #1: to automate and digitize takes time. There’s no denying it, so you might as well embrace it – and profit from it too! FACT #2: you need automation and digitization everywhere. Whether it’s for: simplifying manual processes; reducing worker fatigue; increasing efficiency; leveraging data or improving metrics, it’s impossible to ignore the value…
Are you sick and tired of paying thousands of dollars to your freight forwarders? Do you want to save money on your international freight procurement? The way you negotiate is key. Negotiation saves your business money. It allows you to work towards a lower price, making sure you pay less for your freight procurement. Unfortunately,…
Are you delivering in full and on time? Is your supply chain department working efficiently? There’s a way to measure your supply chain efficiency and be sure about it. That’s with the DIFOT rate. In this post, we will discuss DIFOT(Delivery in full, on time) why it matters and how you can improve. Let’s start…
Do you outsource your shipment tracking process to third party logistics services? We have observed that numerous organizations outsource their third-party logistics needs to get to the adaptability and scalability that an outside vendor can offer. If their shipping needs increase rather than employing additional staff or extending distribution center space, they hire 3PL merchants…
Let me begin with a simple question… How much time and effort do you spend on tracking and tracing your shipments? To find the answer, let’s break this down. Let’s assume you have 500 shipments a month and you work with 7 to 15 shipping lines. To know the current location of all your 500…
You did it — you finally dispatched your shipment! It’s smooth sailing from here, right? WRONG. On average, one intercontinental shipment includes hundreds of interactions and more than 20 players involved– freight-forwarders, port handlers, marine insurers, inland transportation and so forth. In this context, shippers frequently whinge about the difficulty in getting actual-time visibility of…
We all know this simple fact. No customer satisfaction means no retention. No retention means shrinking customer database & straight drop of profit. By 2020 customer experience will be the main differentiator factor predicted by Walker Consulting. Not the price nor the product itself. It will first and foremost be about the experience – and…
Now straight off the bat, you’ll be thinking that the above looks a little strange. How on earth could the biggest cricketing tournament in the world helps reduce my freight charges? Well, as the teams are about to break for drinks, let’s read on, to find out how. First, let’s set the field. You’re a…
In the pharmaceutical industry, a large percentage of the business is export-oriented. Since the goods are sensitive, i.e. perishable, they require a specific temperature for storing. Due to the nature of the cargo, most of the exports are done via Air cargo only. The freights today are very dynamic and every air shipment is unique…
There are 40 major shipping lines that transport your cargo from a POL to POD. Once the containers are booked, the job is not done. It is very essential to track the status of the cargo as: 1. The cargo is worth thousands if not millions of dollars2. Lack of knowledge of delays in exports can spoil…
According to freight waves, Businesses overspend on shipping by a minimum of 13% every year. In this challenging scenario, manufacturing companies and shippers are struggling to deal with soaring freight costs to secure competitive prices. Without an efficient solution in place, freight bidding can become a painstaking process that can take weeks of back-and-forth vendor…
There are a few things to take into consideration while choosing the best method to ship your goods. Choosing the right service between air freight vs sea freight will help you bring down costs and bring inefficiencies in your shipping process. Cost / Price As a business owner, before shipping goods, you need to check…
The pharmaceutical exports of India are growing steadily and the future looks even brighter. With fewer challenges and more opportunities for the Indian Pharmaceutical giants, the export sector is surely going to add to their business in a significant way. Trade experts feel that Indian companies need to keep up the innovation and aggression to…
