How Efficient Is Your Freight Expenditure?

audit-1When your focusing on your logistics and transportation spend, the very first thing that you need is freight and transportation data. Without hard data, you can’t take action. What doesn’t get measured cannot be fixed. When enterprises try to act in the absence of data, they are usually guessing and won’t get the results they need. Data is the new precious metal and it is becoming more essential than ever before. Technological leaps like blockchain, artificial intelligence and machine learning run on data. They’re already beginning to transform supply chain operations across many sectors. Retailers, manufacturers and suppliers who want to keep costs under control and analyze all of their spending should pay particular attention to freight spend, shipping rates and who you’re spending with. This is where the costs can really spiral out of control if you’re not paying close attention. Careful and Regular Data Collection is CriticalData management is not a “set it and forget it” activity. A culture of continuous learning will be the key. Your enterprise must continually evaluate the integrity of your data collection and management programs not only against your internal requirements but also external developments. Are there gaps or inconsistencies in your data? Will it be available in the formats necessary to support adoption of relevant technology? For example, inventory optimization relies on a body of robust, accurate data. Without it, the results will be skewed and potentially damaging to your supply chain. Is your enterprise able to ensure your data is accurate and up to date? Garbage in will get you garbage out. Rather than investing in technology tools directly, a trusted Enterprise Logistics Provider, like Land Link Traffic Systems, with deep technological expertise can support data management and analysis capabilities as a value-add in the partnership. As a solutions provider, the Enterprise Logistics Provider can stay up to date on the latest developments and evolution, reducing the need for ongoing investments in IT infrastructure. Start With a Freight Bill Audit Most successful companies know the value associated with utilizing the services of a fully integrated freight bill audit and payment service. More than 80% of professionally managed companies, with operations in the US currently use and leverage the power of audit and pay solutions. The Land Link solution takes the benefits of standard freight bill audit and payment to an entirely different level. Avoid carrier over charges and payments Avoid chasing over payments and a painstaking post audit process Eliminate short payments and hence past dues and balance dues Improve credibility and credit ratings with carriers Command better rates as a result Audit and validate 100% of all freight invoices Dramatically reduce the cost associated with the processing of freight bills in house Gain access to a meaningful monthly and year end freight accrual Leverage the related data through effective database management and the production of meaningful Key Performance Indicators. If you are a company with higher shipping volumes, or a number of different pricing tariff agreements and negotiated rates in place, our program is essential for your company. If you believe that your company could benefit from using collected and well managed data to drive performance measurements and hence the making of sound business decisions, then you’ll want to strongly consider our solution. In simple terms, would you elect not to implement a strong internal control to help protect your company’s assets? Take advantage of our no-cost, no-obligation freight bill review today. Know the efficiency of your freight spend instead of guessing. Then, let us help your organization develop a data management system to monitor and manage an efficient freight expenditure system. Contact us @ Stay Safe Everyone. To stay up to date on these and other Logistics topics subscribe to our blog @ AuthorMichael GaughanTechnology OfficerLand Link Traffic Systems