How a Cloud ERP Platform can eliminate Revenue Leakages of a Freight ForwarderMay 08
The main reasons for revenue leakages are faulty operational & accounting processes & lack of control & measurement of overall activities. These can be eliminated for a Freight Forwarder with the help of the following features of a Cloud ERP Platform -
i) Operational Productivity –
- Centralized Master Data maintenance.
- Drastic reduction in manual data entry.
- No more manual communication amongst stakeholders.
- Reduction in documentation processing time due to integration with other modules, Sales, Carrier integration and Customs (Carrier Booking, e-SI Submission, Custom Filing etc)
- Reduction or zero down documentation errors & mistakes which results in less time spent on discussing clerical and admin issues.
- Electronic Approval process between executive and manager and with customers too.
- Auto email alert and SMS alerts, email message can be sent using predefined templates.
- Configurable Report Schedulers, MIS for customers.
- More time spent on logistics activities, redeployment of employees to add more value to the organization.
ii) Accounting Productivity –
- Automated billing using quote and tariff improves invoicing process time and reduces generation of unnecessary Credit Notes.
- Tight integration of Purchase booking and Payment approval process.
- Exception Reporting and real time visibility of pending shipment for billing, outstanding.
- Real time integrated operational & accounting modules help reducing cost of errors and increased processing time.
- Flexibility to generate Customized reports and adhoc report writing and querying capabilities
iii) Increasing Control & Measurement –
- Vendor Evaluation.
- Identification of best suitable tariff rates
- KPI for Vendors & performance tracking
- Credit Control System to control Credit. Approval process for amending quotation, expense & credit notes.
- Charge locking from quotation to shipment to expense.
- Unrecovered expense listing.
- Cost sheet – back to back listing of Income heads against expenses.
- Stop offering non valid tariff to customers.
- Real time identification of pending jobs for billing.
- Auto reminders for Customer Outstanding and Collections
- Use of Management Information System (MIS) & Business Intelligence to measure Sales Team Performance, Customer Performance, Carrier Performance & Performance of Service Providers.
- 360º View of Business Operation and Financial information
- Better Decision making due to complete audit trail up to transaction level
- Measurement of TAT (Turn Around Time) of your Operations and Accounts and measure over a period of time