Many companies are slow to adapt to technology solutions that may help them in supply chain risk management. Some industry supply chain risks include: physically and environmentally damaged freights, lost shipments or late arrivals and failure to comply with regulatory requirements. These everyday risks can be easily mitigated using supply chain technology. Here are three ways technology can help risk mitigation in the logistics industry:
1. Shipment Coordination and Tracking
Essential visibility is provided by technology to accurately relay the shipment status and availability information in real-time. Shipments require a lot of coordination such as paperwork, shipment port scheduling, local carrier partners, and various other details. If a small detail is off, the supply chain risk is increased. Technology can help freight forwarding risk mitigation by verifying information and details to ensure shipments will arrive on time. GoFreight offers a customizable tracking portal with real-time shipment notifications, messages, document center with information specific to cargos.
2. Accurate Rate Calculation
Freight forwarders play an important role as the bridge between carrier and shipper. They source transportation solutions and freight rates, earning profits by arranging packages of delivery through buying transportation services at one rate and selling it at a higher rate. However, it is complicated to calculate freight rates as the global freight rate may be affected by factors such as GRIs, surcharges and other fees. Without setting accurate rates, freight forwarders may lose out on each quote, creating supply chain risks. Freight rate management technology can consolidate freight information, ensuring accurate cost and rate, assisting in risk mitigation.
3. Predictive Analysis
Predictive analysis is a smart risk mitigation strategy, assisting managers in the logistic industry. Algorithms can be used to provide notification of demand surges or slowdowns. This information can then be monitored and utilized through trend analysis to optimize warehouse, distribution and transportation management. Predictive analysis can thus improve freight forwarders and managers’ ability in predicting events and relevant risk mitigation strategies. Moreover, predictive analytics itself will help supply chain risk management by reducing the risk of bad decision making occurring.
Mitigate Risks with GoFreight!
With technology, forwarders can better offer services to customers through shipment coordination, accurate freight rate calculations and predictive analysis. The visibility that comes with technology greatly assists in risk mitigation. GoFreight is an easy-to-use cloud software that consists of a comprehensive set of functions, centralizing all aspects of your freight business. Join the logistic digital revolution and mitigate risks, one click at a time!