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As companies big and small worldwide become more strained under the demand for faster and more competitive shipping services, the need for streamlined and personalized auditing services becomes all the more vital. Freight bill auditing and tracking have always been essential but more so now than ever before. Leading freight audit and payment analytics (FAP) provides a host of viable and applicable solutions and market insight, making it easier for shippers to overcome market issues and limited capacity.
Such facts were further expanded on by Inbound Logistics, "to navigate the changes in the freight market, it's no longer enough to know where your freight is, nor to know your costs, although both are key. To optimize your freight network and costs, you have to be able to tie the two together… The more disruptions, the more you need visibility into your data. It's difficult to save, say, 5% of your spend if you don't know your spending." FAP analytics allow logistics managers and shipping teams to coordinate and improve end-to-end visibility to maximize freight transportation services and maintain high-profit margins. Here are some critical steps to make freight audit and analytics more streamlined.
Organizations require timely and accurate insight to maintain a proper balance between costs and profits to continue thriving and growing. FAP analytics help management trace and monitor expenditures in real-time as shipping companies across the board recognize the importance of analytics and insight within recurring invoice and payment processing services. Freight audit and payment analytics have become more of a point of focus over the past 18 months as the need for customization and accuracy in auditing services have shown to be essential to supply chain networks and strategies.
FAP analytics makes it easier to monitor data and analytics related to carrier sourcing and an ever-evolving market. Many standard protocols and procedures for supply chains have evolved radically as the COVID-19 pandemic continues to disrupt the sector. As demand and availability of both products and freight capacity fluctuate wildly, it is more important than ever to keep track of expenses and budgets. As the transportation market remains more variable, and with rates and fees remaining in a state of fluctuation, optimized freight audit and payment analytics can improve parcel auditing.
The rise in e-commerce has intensified the need for shippers to find ways to manage transportation and freight-related expenses better. Freight audit and payment analytics allow faster and more tailored auditing of many necessary costs and income sources. This includes auditing for duplicates, rates, compliance, and service failures, among other essential profit vs. expenses anomalies. Detecting issues and disruptions sooner rather than later with FAP analytics makes it easier for management to respond to network anomalies. Data is king, and embracing the latest trends in technology and data-backed strategies and services offer a competitive advantage.
FAP analytics can offer a great window into a supply chain network's overall health and strength. The pandemic has made it crystal clear that outdated manual payment tracking and auditing processes are no longer viable and cannot support growing e-commerce and digital marketing trends. Disruptions are likely to continue, even as recovery efforts are underway. To maintain a competitive advantage, supply chain managers must more closely monitor KPIs and incorporate custom freight audits and payment analytics. FAP and supply chain KPIs make it easier to observe strengths and weaknesses throughout the freight network.
FAP analytics help shippers monitor expenditures and track the highs and lows of shipping and landed spending budgets with real-time metrics and automated services. As freight transportation providers see the importance of analytics and insight playing out day-to-day, it becomes easier to manage finances with recurring invoices and payment processing services. Freight audit and payment analytics have become a driving force for improved supply chain tracking and freight service management. Speak with an expert at Intelligent Audit to get started today.
Set up a call with one of our experts to discuss how Intelligent Audit can help your business uncover opportunities for cost reduction and supply chain improvements through automated freight audit and recovery, business intelligence and analytics, contract optimization, and more.
