Why You Need Freight Documentation Software in Your Company
Freight management has become such an essential component of business in today’s competitive environment. Markets and Markets revealed that the freight management system market is expected to grow to $17.45 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 10.1%.
This is primarily because of the rise in manufacturing and warehousing as well as high consumer expectations driven by e-commerce. Moreover, the adoption of the Internet of Things (IoT), growth in communication technologies, and the boom in global trade are also among the factors steering the proliferation of the freight software market.
Additionally, a shipping solutions software also helps your business manage the number of details, processes, and tasks that go into shipping goods effectively. Even though efficiency and timeliness are critical, freight management should take on board other crucial functions like enhancing productivity, saving money, and making economic changes to the supply chain.
While saving money without compromising on quality can be challenging, a freight tracking software can deliver on all these fronts as long as you pick the right tool and know how to best use it. Here is why your business should seriously consider investing in a freight management software to maximize productivity.
- It ensures comprehensive inventory management
There are many benefits to using a freight tracking software. Still, nothing is worth mentioning other than the ability to manage raw materials and finished products as well as processing items and warehousing. Having a precise calculation of your inventory is becoming increasingly more critical as eCommerce freight shipping experiences rapid growth.
A Cerasis report further added that the need for eCommerce freight shipping in 2020 would only grow, especially with the uncertainty surrounding the coronavirus disease 2019 (COVID-19) pandemic. Investing in a freight management system also lets your business simplify complex manufacturing and supply chain processes as well as balance shortages and the risks of inventory gluts.
A freight tracking software also lets businesses ensure valid order, warehouse, and stock control management. By ensuring that your customers are receiving their shipments on time, your business can plan better for the inventory you have on hand thereby, enabling you to come up with accurate forecasts to meet market and customer demands.
Moreover, having a comprehensive inventory of your freight also brings organization and consistency to records kept within your company. For more details about the benefits of inventory management, you can check out this CompareCamp article.
- It provides access to real-time data and analytics
Perhaps the most significant advantage of using a touchless freight management system is the ability to acquire real-time access to performance data based on location, geography, and other specifications. Concurrent information helps ease decision-making processes, rule out data errors, and have real-time visibility to shipment statuses.
Information about critical lead times can assist you in picking leaner stock and choosing the best shipping options that will adjust to the kind of service you will need. What’s more, a freight management system also has progressive diagnostic tools to help your business get rid of the manual processes of sending unwanted communication to increase efficiency.
This is because a freight tracking software lets you compare rates in real-time and make critical decisions based on this information. Plus, it can also integrate seamlessly with dynamic warehouse management systems, allowing you to get more in-depth visibility of your end-to-end supply chain.
Reporting and analytics also enable you to view the effect of your choices within a specific freight management system as well as identify weaknesses such as unproductive labor and inefficient receiving processes in your inbound freight. Thus, ensuring administrative efficiency, improved on-time deliveries, less handling, efficient receiving, and increased customer satisfaction.
- It allows you to save costs and improve cash flow
Another reason why a freight management system makes complete sense in your business is that it can help you save costs in terms of manual work and invoicing. With a freight monitoring software, your business can help trim down on the number of employees who liaise with the shippers, thereby, enabling you to allocate human resources effectively to other organizational matters.
A fully-functional touchless freight tracking software serves as a detailed home base that brings all related carrier options, contracts, costs, and other shipping information in a single and central yet intuitive repository. This gives your business clearer visibility into where your financial resources are spent and gain an understanding of where it can be saved.
Other than that, employing a proper freight management system also helps you manage freight payment, consolidation, and auditing. Through freight bill audits, payment features, and streamlined billing support, you can save more financial resources and keep it flowing in your operations without experiencing too many challenges.
Furthermore, freight management programs let you standardize your payment terms for your shipments. This enables you to budget and manage your cash flow easily since you have a more comprehensive view of all those freight invoices, receivables, and payables.
- It helps you achieve better warehouse management
Your warehouse assumes a critical role in ensuring that your business meets its productivity requirements. A freight management software adds quality control, consistency, and efficiency to the process by empowering you to move goods through your warehouse at maximum speed, enhancing every phase of the freight process.
The more you use freight documentation software, the more you reduce the time spent on managing freights manually as you already have an optimized plan to do that. This way, you can concentrate more on other essential aspects of the business because you have a more significant overall supply chain insight that helps you in dealing with financial issues.
Besides that, an excellent freight documentation system also integrates with your existing business management and enterprise resource planning (ERP) systems. In other words, you will no longer have to replicate policies and procedures within your warehouse, therefore, enabling your team to pick and receive more items in less time with fewer errors.
It also includes functions like a master record, cross-reference lists, and transfer lead time, allowing you to deal with the receipt, storage, and movement of goods effectively. On top of everything else, they can also monitor the progress of products and assets in your warehouse as well as handle communication between shipping stations.
- It improves overall productivity
Productivity growth is critical for businesses as it translates to higher revenues. As productivity increases, your business can turn resources into profits, pay stakeholders, and maintain a sustainable cash flow for future growth and expansion.
A freight documentation system provides you with organized billing approaches, time-saving communication protocols, and value-added options for overseeing yard and dock schedules. It also helps you navigate sophisticated logistics networks through its integration and consolidation plugins thereby, reducing uncertainties, hindrances, and bottlenecks that are unique to the shipping environment.
This way, shipments can be optimized cost-effectively while making the documentation, claims management, and report generation a breeze for your business. Freight management systems will also make it possible for you to centralize national and international operations to help increase productivity and remain ahead of your competitors.
By streamlining all operations, you can establish a system that works for the organization in the right instance while simultaneously preventing delays caused by any errors due to the mishandling of information. Above all, this helps you gain knowledge in managing your supply chain by making better logistical decisions and adhering to cost and time considerations.
Stay Competitive With Freight Tracking Software
As a business, you need to keep your position in the market and stay ahead of your competitors. By using a touchless freight documentation software, your business will not only be able to provide solutions to your customers and prospects but also supply them with what they need to help minimize existing competition.