European Freight Cost Management Market, Forecast to 2025

European Freight Cost Management Market, Forecast to 2025

Analysis of freight audit and payment service solutions aiding cost saving opportunities for enterprises with enhanced supply chain visibility

RELEASE DATE
31-Jul-2019
REGION
Europe
Research Code: MEC5-01-00-00-00
SKU: TP00189-EU-MR_23372

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Description

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

Table of Contents

Key Insights—European Freight Cost Management Market

European FCM Market Snapshot

FCM Market Evolution

Cost Reduction Levers

Blockchain-powered Smart Contracts for FCM

Research Scope

Research Aims and Objectives

Key Questions this Study will Answer

Research Background

Research Methodology

Market Definitions

Transportation Management System—Process Life Cycle

Freight Cost Management—Process Life Cycle

Key Market Challenges—Shippers vs. Carriers

Regulations and Mandates

Key Parameters for FCM Vendor Selection

Digital Technologies Disrupting Freight Cost Management

Blockchain for Freight Cost Management

Factors Impacting Freight Cost Management

Future Freight Cost Management Service Focus

Pricing Structure—Freight Cost Management Service

Business Models

Market Size and Forecast

Market Share Analysis

In-house vs. Outsourced

Growth Opportunity—Collaboration and Value Addition

Strategic Imperatives for FCM Providers

The Last Word—3 Big Predictions

Legal Disclaimer

Abbreviations and Acronyms Used

List of Exhibits

List of Exhibits (continued)

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
The European logistics industry is considered to be an early adopter of technologies and innovations. With the emergence of the digital environment, traditional service offerings are increasingly being replaced with innovative logistics solutions driven by digital technologies. The regions focus on automation of freight audit and payment process continues to increase. Being a matured economy, shippers in the region tend to move goods in hundreds of trade lanes, origins, destinations and 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 mechanism for different modes of transport are becoming increasingly complex. Carriers failing to meet service requirements with invoice mistakes make shippers vulnerable to hidden charges resulting in overpay for poor freight service. Freight audit bill becomes a critical function for companies with high-volume shipping operating in global scale. Certain companies do an internal audit with their own resources and some outsource it to third-party service providers. For companies with significant freight invoice to process, building their own freight audit department with an in-house tool demands investment, time, subject matter and IT expertise. As with many companies their process expertise stops once their check point goes beyond their shipping door, and efforts to increase expertise in freight audit and invoice steers away from focusing their core business model. A freight cost management platform facilitates shippers to join hands with the right carrier with negotiated contract at best price for their shipment requirement. Automation of freight invoice audit and payment process with a freight cost management tool will facilitate shippers right from analysing carrier service level agreements for compliance, inspection of shipment documentation and their validation, pre-audit of invoice for compliance with business intelligence reports to benchmark the service providers. This study analyses the current status of European freight cost management market in size and its future prospects till 2025 with key players and their respective share. The study includes future prospects for freight cost management in overcoming challenges with both shippers and carriers to process freight invoice and to facilitate expedited payment. It also covers the regulatory factors that impact the European freight cost management market and key parameters for shippers to look upon in selecting a freight cost management service provider. This research also identifies digital technologies disrupting freight cost management function and covers the pricing structure with the current set of vendors in the region and their opportunities with small and medium enterprise shippers, and advantage with outsourcing freight cost management to third party service providers against having an in-house department.
More Information
No Index No
Podcast No
Industries Transportation and Logistics
WIP Number MEC5-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9807-A6,9B01-A6,9A70-A6,9694,9968-A6,9AF6-A6