Explore more Categories
Artificial Intelligence involves the science and engineering of developing intelligent machines
The manufacturing world is at a cusp of a new revolution that will redefine conventional business models
IoT will have a major impact on businesses and consumers in the future
The world is creating 2.5 exabytes of data daily
Our research seeks to connect-the-dots across multiple trends
Personal Robots are Set to Be a $19 Billion Market
Strategic Analysis of BREXIT and its Implications to Industries, Economies and Societies
iFrost is a digital platform for interactive and dynamic reporting of data.
The TOEs are a great source of information which gives corporates critical information on companies to action for their strategic investments either as an open source platform or to collaborate and to develop successful products
Analysis of freight audit and payment service solutions aiding cost saving opportunities for enterprises with enhanced supply chain visibility
* Required Fields
Pay by invoice
The European logistics industry is considered to be an early adopter of technologies and innovative solutions. With the emergence of the digital environment, traditional services are increasingly being replaced with innovative logistics solutions driven by digital technologies. Accordingly, the region’s focus on freight audit and payment process automation continues to increase. Being a matured economy, shippers in the region tend to move goods in hundreds of trade lanes, origins, and destinations with hundreds of carriers or logistics service partners covering Far East, North America, Oceania, and South America. In today’s transportation and logistics industry, freight rates and pricing mechanisms for different modes of transport are becoming increasingly complex. Carriers failing to meet service requirements with invoice mistakes makes shippers vulnerable to hidden charges, resulting in overpay for poor freight service. Freight audit billing has thus become a critical function for companies with high-volume shipping on a global scale. Whilst certain companies perform internal audit with their own resources, some outsource it to third-party service providers. For companies with a significant number of freight invoices to process, building their own freight audit department with in-house tools demands investment, time, and subject matter and IT expertise. As with many companies, their process expertise stops once the checkpoint goes beyond their shipping door, and efforts to increase expertise in freight audit and invoice steer away from their focus on their core business model. A freight cost management platform enables shippers to collaborate with suitable carriers based on negotiated contracts at best price points for the shipment requirement. Automation of the freight invoice audit and payment process with a freight cost management tool helps shippers in analysing carrier service level agreements for compliance, inspection and validation of shipment documentation, and pre-audit of invoice for ensuring compliance with business intelligence reports to benchmark service providers. This study sheds light on the current European freight cost management market size and analyses its future prospects till 2025, highlighting the key participants and their respective market shares. It throws light on the future prospects for freight cost management in terms of its capability to overcome the existing challenges faced by both shippers and carriers in processing freight invoice, facilitating expedited payment. It also covers the regulatory factors that impact the European freight cost management market and the key parameters for shippers in selecting a freight cost management service provider. This study also identifies the digital technologies disrupting freight cost management and covers the pricing structure with the current set of vendors in the region (assessing their opportunities with small and medium enterprises as well as the advantages of outsourcing freight cost management to third-party service providers over having an in-house department).Author: Krishna Chaithanya Bathala
Global Transportation and Logistics Industry Outlook, 2019
Supply Chain Thematic Viewpoints, Forecast to 2030
Disruptive Innovations in European Logistics Industry, Forecast to 2025
One Belt, One Road—Implications for Connectivity and Regional Trade, Forecast to 2030
Technological Advancements in the High Speed Rail Industry—Growth Prospects and Emerging Opportunities, 2017
UAE Logistics Market—Growth Insights and Forecast to 2023
Transportation and Logistics Market Insights—Sweden
Supply Chain Systems Under Transformation—Key Trends and Growth Insights
Transportation and Logistics Market Insights—Canada
Transportation and Logistics Market Insights—Denmark
smart lighting market
electric vehicle market analysis
residential solar market
medical supplies market
electric car market
wearable electronics market
neurology devices market
fleet management market
Fill in the fields below to receive a sample report
Don't have an account? Create One!
Enter your Email Address here to receive a link to change password.
If you are an existing frost.com user, please register using the same email for seamless access
Already have an account? Login!
Use your Linkedin account to login or register within our store.You're just one click away.