Freight RFQ

  • May 11, 2020

    Optimising your Freight Negotiations

    Today’s dynamic logistics and supply chain environment requires strategic planning; execution of strategy; measurements to goals; analysis against industry benchmarks; and continuous improvement. However, negotiating quotes for your freight remains a static process. Freight procurement via an RFQ (Request For Quote) is plagued with inefficiencies when done manually. With logistics operations accounting for nearly 95% of your time, a lack of a single platform as well as a pre-existing bias in the marketplace and sub-optimal rates, are combining to damage the revenues of your business.  Limitations of Manually Negotiating Freight As soon as your RFQ is issued, your logistics team has to engage in a plethora of emails and calls to negotiate with your LSP (logistics service provider) to receive an optimal quote. This situation becomes increasingly complex with spot contracts. The logistics team has to manage to get all the vendors onboard, inform them of the RFQ, and start negotiating the quotes while facing constant time constraints.  Your LSPs have very little motivation to drive their prices lower due to the absence of competition. Shipments might get delayed for days until you find a fair quote. This process puts the vendors in the driving seat and leaves your logistics team with little to no control: the result – you pay more.  Due to this increased freight spend, the onus falls on the finance teams to compensate for these losses. There are three major takeaways from this process: The sheer volume of time, effort, and resources wasted on this can be allocated to other projects. The process has been in place, unquestioned, for so long that companies seem to have trivialized the need to change it. The pressure to execute is so high that expecting your team to negotiate and win the best deal at the best price is unfair....
  • 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 of your freight. This is where with the help of the right tools, you can drive significant cost savings. While signing long-term rate contracts is effective in curbing costs to some extent, it’s often not possible for enterprises to employ them. The demand-supply entropy in the real world leads to unprecedented shipments and poor predictability. That essentially brings more spot contracts to the table for the enterprises.  Your spot RFQs limit optimization by design Over time, enterprises develop trust with select vendors. These vendors receive an RFQ and return a rate to the vendor. This transaction typically happens over emails and phone calls. The same media is employed when enterprises want to negotiate on the rates shared by the vendor.  The logistics team reaches out to vendors every time there is a new lowest bid and tries to negotiate the offering. In every instance, the team needs to reach out to all vendors and try to negotiate a better price.  For the logistics team, we have –  A short deadline to close the RFQ with an offer, where a single negotiation is slow, manual, and unconsciously affected with vendor biases. Engage multiple vendors using tedious mediums (phones, calls), repeatedly. The efforts increase in multiples for every new vendor you engage with – essentially making it difficult to engage with a large number of vendors. This typical manual process is plagued with inefficiencies and designed for suboptimal freight rates.  To improve this process, we need to...
  • 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 of automation and digitization.  The bottom line is that companies need to automate and digitize processes in today’s markets or else lose customers, sales and profits. But have you automated and digitized your logistics operations and freight negotiation yet? And have you found a solution that optimizes your freight procurement process and extends your logistics services? More importantly, is it a solution that lets you pay less for your international freight procurement? When thinking about your choice of software, a few of the older systems might come to mind.  Price-wise however, it may be difficult to reconcile your return on investment. Not only that, they may not have all the necessary freight procurement and analytics features you need. Which leads us to our next factoid… FACT 3#: many freight procurement systems just weren’t designed for you.  Imagine though if you could have a complete logistics solution, fast and easy to use, built exclusively for logistics operations, and which won’t cost you the earth… GoComet’s logistics resource management platform took three years to plan, develop, test and super-optimize to become the world’s best. Our RFQ solution delivers a lighting fast freight negotiation process and audit-ready experience that leads the field and always outperforms on cost-savings. No Installation, No coding, No designing or other ‘techie stuff’. See how with GoComet you can send requests for your freight shipments to any number of your vendors in just minutes. FACT 4#: GoComet’s RFQ solution will change the way you...
  • Are you sick and tired of paying 1000’s 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, it’s not as easy as it sounds. The uncomfortable reality is that: Negotiation takes lots of time and effort to achieve the lowest possible quotations You have to call back and forth to multiple vendors, multiple times Negotiation is often limited, or even ignored, due to the time constraints within your team  Which is why you need more than just software….  You need someone who’s been doing this for a while, and who knows how to make the software work for you.  Introducing GoComet’s RFQ management software. GoComet’s freight procurement RFQ platform has saved millions of dollars and thousands of hours for its users.  We’ve reinvented contract freight negotiation through automation in a single, all-in-one, easy-to-use platform. Our intuitive and robust features result in quicker turnaround times, improved collaboration processes, automated tracking and contextual insights for smarter negotiations. Here Are The Really Clever Bits That GoComet Does to Save Money  GoComet is integrated with an easy-to-use, reverse auction methodology that reduces procurement costs by up to 18% to add to your logistics department’s bottom line. Our module gives a live ranking to vendor bids which indicates their current position in the bidding process. The system creates an environment whereby your vendors are competing with each other to offer the best services at minimal cost for each (export, import) shipment. So you don’t have to. No more spending time and energy on calls or emails to negotiate… just sit back, relax and watch as those prices...
  • Did you know? 8 is the luckiest number in Chinese culture because of 八 sounds like 發 (fa), which means “wealth”, “fortune”, and “prosper” in Chinese. Even in Japan 8 is considered a lucky number because it is nearly homophonous to the word “Prosperity” (繁栄 han’ei), It is also homophonous to Hachikō. Now you might be thinking- “why am I sharing this information?” Well, I have some exciting news to share! GoComet just surpassed the $8 billion worth of cargo moved. This is the beginning of a long journey and we hope will make GoComet even more useful for all of our users. Since 8 is a lucky number in both Japanese and Chinese culture, so even more reason to celebrate. A big thank you to all our customers 🙂 We have surpassed some more major milestones that include – Surpassed $201 Million worth of freight booked Saved total $18 Million of our customers Manual work of 40,389 Hrs saved We got some hands-on experiences with extremely successful events Future Plans We are working on new product Robotic Process Automation(RPA) for automatic invoice matching and processing. We will roll out a redesign of our new user interface (UI). We are working on new UI intending to make the software easy, light and faster. Soon we will invite you to be part of the testing process for the new UI. This is a great way to have an impact on our final touches. We are working on revolutionizing the international logistics space by reducing manual workloads, eliminating miscommunication and leveraging data. A Big Thanks To All Our Clients To all of our customers, 8 billion thankyous for being part of our crew and helping GoComet create the #1 enterprise software to reduce costs and manage freight faster, smarter and easier. Since...
  • 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 company that has a large percentage of the export-oriented business. Whether you send goods by sea or air, it’s crucially important to your bottom line that you negotiate the very best rate for each and every shipment. Traditionally, the only way to do this was to issue an RFQ to your preferred vendors, roll-up your sleeves, and then start negotiating. Today though, there’s another way. Ok, let’s pause here and head back to the ICC World Cup. Now, imagine your freight forwarders are the teams in the tournament. These guys are the very best in the business; they’re pros, at the top of their game. For years, they’ve been practicing and refining their craft to produce their best performance for this very moment. Although they play the same game, each team is clearly distinct from the other. They each possess unique qualities and strengths, from India’s majestic King Kohli to the powerhouse of Warner or the all-round ability of Stokes, and have different approaches and techniques. But when it matters most, who’s going to deliver? Predicting the winning team before the start of the tournament is an extremely difficult task. Sure, you could take a bet and choose one, but your decision would be based more on gut-feel or who your favorite team is rather than anything more scientific. But why bother? Instead – and to 100% guarantee that you find out who is the best – all you need do is a wait to see who...
  • We always strive for the convenience of our users. We received a lot of positive feedback to have a GoComet mobile app to increase the accessibility and ease of use. So here we are with the all-new mobile app. The App enables you to upload quotes and stay updated with the status of your rank. Features of GoComet Mobile App Check new enquires Update quote from anywhere Get notified with the current rank No need for a computer to upload your quote. GoComet is now at your fingertips! We are soon adding more features to the app. What are you still waiting for? Go to Playstore on your phone and download it NOW!
  • October 10, 2018

    New updates on GoComet Dashboard

    We have made some major improvements to the GoComet dashboard. Now you can have an overview of your freight cost analysis along with the number of containers shipped at a glance on the dashboard. There are two more new additions to the dashboard, Top Logistics Service Providers (LSP) and the Top Export/Import countries based on the total freight cost. These new updates on GoComet platform helps you get a quick analysis of the complete process. Logistics Service Provider (LSP) Get a quick view of your top LSP for every month! Also, you can see the details like total freight cost with the air cargo and container volume details of the LSP. Export/Import Volume & Freight Cost by Country Get a quick view of all the countries you exported to or imported from in a month! Check the details like percent freight cost and total freight cost for the country at one go. Freight Cost Analysis Analyze your freight cost against the number of containers/shipments at a glance! Check your freight cost trends for easier budgeting and forecasting. These new updates on the GoComet dashboard will help your team get an overview of your freight spend and volume. We would love to get your feedback on the new dashboard. Not a member? No Problem! Schedule a free demo now. Also check out Sailing Schedule and Freight Index modules.
  • Have you ever wondered to look at the month on month or year on year trend of the freight that you have been paying for your export and import shipments? Would it not be helpful in order to predict the future freight movement or in making sales decisions by factoring in the likely logistics costs? This definitely seems interesting! So, go ahead, dig up those excels/invoices and start collating the data. After all, that data will help you in decision making and directly increment your company’s profits. But alas! The pile of excels is too deep and too much work. What if I told you that you can do something to avoid all this work in the future? What if you can receive all quotes on a platform from your forwarders and get the freight trend reports automatically? GoComet stores freight data of all your shipments for years and years together. It allows you to view and analyze the data according to various parameters such as route, selected forwarder, region etc and download the reports whenever you want & make better decisions with freight trend analysis. There is also a provision of an interactive dashboard that can be used to change various parameters to see graphs of rate trends, pie charts for shipment distribution etc. Companies procuring freight through GoComet give access to the platform to their marketing teams helping them in making guided sales decisions. The platform also helps you in rating your forwarders based on their freight performance or service levels over various shipments. On the whole, using GoComet for freight procurement helps you recording data in one place which can be accessed from any place and any time in the form of automatic reports. This helps you in analyzing different metrics like forwarder performance or your company’s...
  • Do you feel that adopting technology is difficult for you? Do you struggle to keep up with the new advancements in technology? Are you hesitating to try out new products because of your fear of not being able to learn? Agreed that GoComet is the latest tech platform to procure international freight. Obviously, it is able to reduce your work and save lots of time for you. But is it difficult to learn and adopt? Let’s take a look at some statistics. Out of 2845 user accounts created to date, 2477 accounts are still active with at least 1 activity every 2 days. The transition time from the first login to active usage is around 4 hours. It would now be pretty clear that the adoption of the GoComet platform is very easy as it is a very user-friendly platform. Of course, everybody had apprehension in the beginning but once they tried the product, the numbers mentioned above speak for themselves. GoComet functions on 3 simple screens. Screen 1: An inquiry creation form where the basic details of the type of container, origin port, destination port etc are mentioned. Screen 2: Vendor Master to share inquiry with vendors with the click of a button and receive quotes that are automatically arranged in a comparative format from the lowest rate to highest rate with all the required parameters such as carrier name, transit time etc. Screen 3: Repository of all inquiries where you can view historical rates, active, completed, discarded inquiries. The container tracking and tracing is also simplified. Just update the container numbers and get live email updates of delays, arrival etc. No need to go on multiple websites to track, get everything on one screen. Conclusion What’s great about these changes is that you can now easily organize your freight, automate your logistics process and keep track of...
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