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