7 Ways To Optimize Cash Flow With Shipping Technology SolutionsWritten by Paul Forand
If you're still processing shipments manually, there are better ways to do it! Adopting modern shipping technology solutions will increase accuracy, decrease workloads, and ultimately cut costs throughout your operation.
A total systems overhaul is a daunting process to contemplate, but it's becoming increasingly necessary in the freight world. Both carriers and regulators are moving towards fully electronic systems. If you do so as well, you'll potentially be saving yourself a lot of trouble and a lot of money.
With the right partner by your side to ease the transition, new shipping technology can quickly boost your revenue.
Seven Ways Shipping Technology Solutions Save You Money!
I. Complete Product Databases
A modern shipment system upgrade starts with a central database that holds complete records on every product you might ship, to or from, along with all its vital measurements and the freight regulatory categories it falls into. Inaccurate product data is probably the number one cause of unnecessary freight charges. Having all this information in one place, verified and audited, will improve every aspect of your shipping processes.
II. Accurate Customer Freight Quoting
Few things will frustrate your customers more, or eat into your profits more quickly, than inaccurate freight quotes. Unforeseen costs can erase your profit, or create unexpected costs at the customer's end that they won't want to pay.
Thanks to a centralized product database, this is far less likely to happen. It'll also get more information into your customers' hands, more quickly, so they remain "in the loop."
III. Generating Accurate Freight Accruals
Accurate databases are important for your own financials as well. A well-planned set of shipping technology solutions can tie freight costs directly into your financial systems, with instant reporting. When combined with the freight rating system, this gives you highly accurate numbers for calculating your percentages early on.
IV. Expanded Carrier Options
Another cornerstone of the product database is its relationship to the carriers. With the right partner by your side, your systems can be tied directly to multiple major carriers, allowing staff to immediately run least-cost comparisons and transit time comparisons.
This gives you the same flexibility you enjoy when sending small parcels through traditional carriers, but is extended to include heavy or tightly-regulated goods as well.
V. Optimized Routing
Those same databases can be used to create customized on-the-spot routing solutions for inbound, outbound and drop shipments. Using cross-carrier comparisons similar to those used for airline booking, a modern rating system can create optimal solutions for moving products from A to B, even factoring in different modes of transport that are available.
VI. Opening New Online Sales Channels
A freight technology solutions partner can go beyond simply improving your shipping processes themselves. Once the electronic estimating and referral systems are in place, it becomes simple to tie them into an ecommerce site.
In many cases, this can allow a company to sell direct to the public for the first time, allowing them to cut out the middleman and boost their own revenues.
VII. Allowing Others Onto Your Website
The ecommerce site can be a tool for your distributors in nearly the same way it is for sales. They can be granted access to your shipping systems and effectively "self-serve" a major freight job with nearly the same ease that they'd drop-ship a purchase through Amazon.
Good security systems will keep everyone's transactions safe and secure, while providing a central auditing trail for everyone involved.
For a free evaluation of your potential freight savings, contact ReTrans Freight today.