By Muneerah Bee
Global trade volume is increasing each day with logistics networks getting complex and rising in volume. Analytics solutions provider Quantzig stressed that it is important to cut the time-to-market, which can be attained through a quicker logistics network.
A transport management system can help organisations move freight consistently, competently and cost-effectively, the company said. Leveraging a transport management system also helps firms to increase revenue based on process enforcements, optimisations, and analytics.
A Quantzig spokesperson said: “A transport management system can help companies save on freight costs and perform better in-service levels.” Some of the benefits of implementing a transport management system highlighted by the market researcher include:
- Increased customer service
A transport management system provides reporting and analytics competencies that examine the effects of business decisions on the logistics network. Shipping carriers can be chosen based on numerous criteria ranging from cost, transit time and insurance limits. A transport management system with a detailed reporting capability can show a detailed report in which the carrier was able to get the product to the customer on time consistently. This way they can choose carriers based on their effectiveness without compromising on customer service.
- Increased warehouse efficiency
If a company can completely trust its logistics network, they can clearly function with lower inventory. Also, using a transport management system reduces time on freight management, which can then be used for other warehouse duties. According to Quantzig, a transport management system cuts data entry errors and expands the warehouse competence to further cost savings.
- Cash flow improvements
In a traditional freight management system, a lot of expenses are incurred in terms of invoicing costs, which could be as high as US$11 per freight invoice. Implementing a transport management system can decrease the overall cost to just a fraction of that by using freight auditing, accounting, freight payment and consolidation services. Businesses and retailers can save costs further by engaging an outsourced provider of freight accounting services, the company advised.
With offices in the US, UK, Canada, China, and India, Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics.