If you are active in the world of international trade, there is no avoiding the incoterms. The freight industry is governed by a voluntary yet authoritative set of rules known as the Incoterms. Anybody working in this industry will have come across this term at some point, but there is some ambiguity surrounding these rules. …
Freight audit and payment may not be the first things that come to your mind when you analyse your expenses. However, they play a major part in running up unnecessary costs for your business. More and more companies are heeding the implications of a very important question, “Why should you reconcile your freight invoices?” Until…
Driving cost savings in today’s fast-moving supply chain industry has become quite a challenge in light of unforeseen events, fluctuating rates, and ever-changing supply-demand dynamics. For you to better manage costs, determine the best possible trade lanes for each shipment and drive savings, freight rate benchmarking has become a necessity. Irrespective of whether you are…
Digital transformation in the field of Accounts Payable has been tough to carry out, given that invoice operations are inherently complex and place a lot of dependency on human effort. As with any other technology, this is just another hill to climb in the right direction. Reducing the burden on manual labour, minimising errors, identifying…
Amid countless technologies that continue to present promising opportunities to the supply chain industry, blockchain has emerged as a critical innovation, with the potential to revolutionise digital supply chain management. With supply chains growing more complicated by the day, using blockchain technology can help organisations record relevant information more efficiently, making way for improved transparency,…
As the ongoing pandemic continues to raise concerns about the agility of global supply chains, organisations across industries are looking for ways to identify and leverage new opportunities and weather the storm. In a webinar hosted by GoComet last week, vice-president procurement of Glenmark Pharmaceuticals Rajasekhara Reddy emphasised how technology and a strong team are…
Logistics plays a fundamental role in the efficiency of every company. While a strategic logistics plan takes care of the selling and buying of goods, a key component that could throw a potential spanner in the works is an unhealthy relationship with the various stakeholders of your supply chain network. Relationships matter. With variables at…
Unexpected disruptions in supply chains around the world have led the industry to be more cautious, especially in the post lockdown phase that we are currently entering. Newer technologies and better approaches to existing solutions are required to gain a competitive edge in the market. One of the major ingredients of competent decision-making is a…
With the market being as volatile as it is, unforeseen disruptions at every stage in the supply chain have become a common occurrence, emphasising the need to build resilient and agile networks that facilitate quick response and minimise risks. Due to the ongoing pandemic, heavy restrictions on transport and labour have thrown a huge spanner…
As global trade and supply chains continue to be disrupted by the COVID-19 pandemic, organisations across industries are looking for ways to build resilience and agility into their systems. A good starting point for improving efficiency and optimising supply chain operations is by the adoption of digital automation technology. Today, the power of advanced technology…
Often, the terms green and sustainable seem like synonyms of each other, but are most definitely not. While going green looks at only the environmental aspect of it, being sustainable is equivalent to taking into account the social, economical and environmental impact of that particular product or organisation. In this day and age, the traditional…
Shipping goods internationally, especially on a large scale, can be quite a task. While dealing with international shipments, logistics teams are faced with three fundamental questions: Which freight forwarder is the best fit for their business? Who among all the interested freight forwarders, is the most reliable? And most importantly, how can they get the…
The global pandemic has highlighted the value that Logistics Resource Management (LRM) platforms provide to export-import-oriented companies. For organizations considering LRMs for the first time or an upgrade of their current solutions, should they invest in building a customized, in-house platform or buy a ready-to-go, off-the-shelf software? Here are some of the factors to consider,…
When it comes to organisations that ship goods internationally, dealing with freight forwarders is not a one-time transaction but a part of the business itself. As a shipper, it’s crucial that you choose the right forwarder as they bridge the gap between you and your customer, making the import and export process seamless. But…
An agile and resilient supply chain is truly an asset for organisations around the world as it boosts business opportunities and growth in countless ways. However, simplifying end-to-end logistics and building a robust supply chain doesn’t happen overnight. It requires strategic planning, the right choice of technology and a thorough understanding of the existing system. …
As COVID-19 continues to disrupt global supply chains, knowing exactly where your shipments are has become more crucial than ever before. The traditional way of tracking shipments is tedious, time-consuming and ineffective, to say the least. Industry studies show that tracking about 500 shipments every month on the sites of about 7-15 shipping lines alone…
For organisations that ship goods internationally, shipping cost accounts for a significant expense and its dynamic nature makes it close to impossible to spot opportunities for driving cost savings. Especially for businesses that are inventory intensive, logistics cost plays a crucial role in determining profitability. However, there are several practices you can deploy to beat…
Ongoing global disruption has pushed the supply chain industry into a phase of unparalleled transformation. Everything from the present pandemic, rapidly changing supply-demand dynamics, and technological advancements have accelerated radical change. Supply chain resilience has become increasingly valued as organizations look to prepare themselves to face the unexpected. Today, we are looking at building supply…
With tightening capacity and ever-soaring rates in the face of COVID-19, managing logistics and shipping goods has become a turbulent experience. Investing in the right TMS can streamline your operations and boost business. However, with so many options to choose from, how do you identify the TMS best-suited for your organisation and your budget? What…
The larger, more complex and interdependent an industry grows, greater the scope for errors to occur. Certainly, the rapidly growing and highly intricate supply chain industry is no exception. When it comes to supply chains, be it a small error (like slight delays in tracking your shipments) or a missed opportunity (getting better freight quotes…
