The complexity of the transportation and shipping market continues to complicate even the most basic of transport services. The continued growth of the TMS market means new software will be available, resulting in more data streams and increased access to data and supply chain management insights. International freight audit software can make it easier to manage freight costs, profits, and budgeting concerns.
According to Grand View Research, “The global transportation management systems market size was valued at USD 8.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.3% from 2021 to 2028. Advances in the latest technologies, such as advanced driver assistance systems (ADAS), growth of the retail and e-commerce industries, and the strengthening of bilateral trade relations between various nations are some of the key factors that are expected to drive the growth of the market over the forecast period.” Freight audit and payment software make it easier to manage international freight relationships and partnerships, and shippers must understand how they can benefit from payment auditing software.
1. New Systems Aren’t Necessarily Designed to Share Data
By design, international freight audit software improves data sharing and analytics in ways that current TMS systems cannot provide. A dedicated freight auditing platform and setup can improve end-to-end functionality and make it easier for shippers to maintain high productivity levels. It is easier for team members, managers, and third parties to share data and get reliable insights in real-time with up-to-date freight audit data and analytics.
2. Tracking Metrics and KPIs May Vary Widely by Location
With the innovations provided by fully onboarded and implemented freight audit and payment software, it is easier for shipping companies to track metrics and KPIs throughout the entire supply chain network. While these data points can provide great insights and information, it is not as valuable without proper understanding from a freight audit advisor. Innovative tracking and auditing service for international freight systems can help shippers identify anomalies and correct problems before they result in late or missed deliveries.
3. Global E-Commerce Growth Will Add More Data to the Data-Fire
International freight audit software can improve shipping services on a global scale as more and more customers and companies take advantage of the convenience of e-commerce shipping and spending. Many companies have struggled to college enough data and find data points that support accuracy in auditing in light of current market trends. A dedicated freight auditing company can help make the process faster and more streamlined, and with increased demand in e-commerce, rates will inevitably arise. As such, shippers need to know how their costs compare across all modes, using actionable analytics and insight to know which carriers to use, what service levels work best, and when to apply zone skipping or hub injection to get more from their transportation networks.
4. Inability to Understand Global Spend Results in Problems in Managing Domestic Shipping Costs
An innovative freight audit and payment software system can alleviate transportation service providers’ spending problems. Global spending rates are often affected by domestic shipping rates and fees. Calculating different currencies, shipping rates, customs fees, freight bills, and other expenses can be challenging without an innovative solution. Shippers can better manage and budget freight spending with a payment auditing system.
5. Better Insight Into the Full Supply Chain Helps to Identify Anomalies Earlier
Essential benefit shippers and logistics managers can enjoy when implementing international freight audit software systems is improved insight into the supply chain network. There is not enough transparency and visibility in many techniques currently used by shippers and freight service providers. This can lead to increased risks and higher rates of disruptions and service anomalies. Freight payment auditing services make it easy to overcome common auditing myths.
6. Greater Opportunities to Coordinate and Collaborate With Team Members and 3PLs
Freight audit and payment software allow team members, managers, 3PLs, vendors, and customers to better coordinate and collaborate for effective shipping services. With access to real-time data and logistical insights, shippers can easily track freight rates, fees, invoices, and payments with freight network optimization. Many systems used today lack this collaborative and connected setup, but gathering all data and understanding what’s happening are essential to attaining those attributes.
Enable Worry-Free Shipping Management With International Freight Audit Software
Shipping management relies on many systems and processes that work seamlessly together. Shippers can maintain domestic and international freight payments and freight expenses by implementing freight audit and payment software systems and management platforms. Unlock more savings and data-driven insight by connecting with Intelligent Audit now to learn more about international freight audit software services.