Disruptions have been ongoing for many shippers, and with a new round of global COVID outbreaks and resulting lockdowns happening all over again, it is more of the same. Freight audit data has long been a critical pillar for shippers dealing with domestic and international parcel shipping. With major ports such as Shanghai locking down, ocean congestion is only likely to worsen, leading to higher freight charges and more issues with supply shortages.
Reuters reported a survey in early March 2022 revealing, "COVID-19 has hurt up to 93% of local small and medium-sized companies, with many suffering production disruptions because of shutdowns, interruptions in supply chains, and delays in order executions." Furthermore, industry experts predict that the Shanghai lockdown will severely hurt transportation services worldwide and increase the need for more robust and in-depth freight audits and reviews. It also requires an answer to the question- what do you mean by freight charges?
The best way to manage these uncertain times that seem too familiar is with actionable analytics and a firm understanding of freight charges' meanings. Additionally, shippers and transportation service providers must understand critical supply chain trends and be highly attuned to their impact on daily operations.
A solid freight audit and expense review can offer valuable and personalized freight insight that helps shippers manage and track their expenses. Good transparency and high freight visibility within the supply chain network are more important than ever. Understanding freight charges comes naturally with a firm grasp of standard terms that often come up during shipping.
Of course, this is not a complete list, and exact charge terms may vary widely between carriers. Ultimately, it's important to know what is what to ensure your team and auditing solution make apples-to-apples comparisons without getting lost in the data.
One of the most critical aspects of freight costs management is maintaining a single source of truth and solid insights into budgeting and predictive planning. Understanding how this offers insight into freight costs and financial concerns is critical for continued growth and success within the uncertain marketplace today. Auditing services offer freight insights in the following ways:
Managing freight charges and fees is much easier with a custom freight audit check and better insight provided by industry experts. Freight network optimization remains accessible with the right service provider.
The more visibility shipping companies and logistics managers have into freight charges, and the more focused their freight audit services, the more benefits they will likely receive. Some of the most common include the following:
With improved insights and high visibility into freight market trends and costs, shippers and carriers alike can establish and maintain mutually-beneficial relationships for the short and long term, especially in light of new COVID variants and related supply chain impacts.
Staying on top of freight charges can be difficult even in the best markets. Knowing what services and methods are suitable for each shipment with freight audit services and actionable analytics. Industry experts can make it easier for shippers to manage this critical financial aspect of their business by giving them precise data. Applying data-backed strategies make comparing apples to apples fast and easy. Now more than ever, with a new wave of global shutdowns and disruptions threatening the already delicate recovery process, you need an industry leader by your side. Contact Intelligent Audit today to get started.
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.
Applied analytics in transportation help shippers realize supply chain efficacy and maximize productivity. Learn why today.