Many companies that work on a global scale have limited visibility to transportation across their entire global transportation network. Tracking global commerce activity across the entire transportation lifecycle, including planning, executing, and settlement is key for businesses to thrive on a global level. While state-of-the-art TMS systems and rating engines play an important role, advanced freight audit and payment functions (including cost allocation) are key to obtaining optimal results.
As the cost of shipping continues to rise, learn the top four challenges and solutions needed to compete more effectively in today’s market.
In order to achieve global freight process management success, businesses need to understand the people, processes and system integrations necessary to compete in today’s global marketplace by:
- Gaining visibility into normalized/refined data across the entire transportation network.
Businesses have two options to gain visibility across their global transportation network. A business can either (1) integrate all of the disparate systems used by the company and its vendors/partners, which usually comes along with a large price tag and a long timeline for completion or (2) invest in a solution that delivers widespread supply chain visibility, such as a trading partner management (TPM) platform.
- Understanding and acting on compliance and regulatory rules country by country.
Each country has its own unique set of rules for importing and exporting. These compliance and regulatory parameters change regularly, depending on the country. As more pressure to bring revenue to their countries continues, new and revised requirements are being put in place. So not only do companies need to follow all of the rules, but they also must have the proper documentation and keep that documentation for a required period of time.
- Being able to communicate both electronically and via paper-based documents.
Businesses looking to communicate within multiple countries and with multiple vendors need to be able to quickly communicate and adapt. Software that allows the quick transfer of both electronic and paper-based documents enables these business goals. The best software can refine and normalize data from disparate systems to gain efficiency within global supply chain audit and payment.
With the help of industry experts, companies can master these steps and improve their global freight process management and compliance efficiencies. Also, both importing and exporting will become simpler and more profitable.