Freight Payable Digitalization App

Problem Statement

Large corporates engage with Logistics Service Providers (LSPs) for handling their shipments across multi-modes – Air, Sea, Rail and Road. To get One shipment booked, it goes through ~20 people with more than 20 different interactions. Highly manual and lack of standardization/optimization and visibility.

Some of the key factors affecting are:

Poor collaboration between the stakeholders
Manual, paper-based and time-consuming process. Heavy use of paper documentation, susceptibility to fraud and risk of lost documentation
Non-standardization in transport operations, risk of lost documents and slow transmission of messages
No visibility on various status among the stakeholders
Quote, offer and acceptance process is manual with physical document submissions.
Limited ability to perform analysis by various stakeholders
Many actors in the Supply Chain involved in complex interaction and large number of different data/documents exchanged.

Solution

dltledgers platform help with a de-centralized platform for export booking process with document repository for all export shipments, multi-modal with visibility of shipments from the booking stage. Digitally connecting stakeholders via the platform to enhance collaboration and visibility using new generation technologies. A real-game changer with Traceability, and reduction in costly delays. The process becomes paperless with the platform They are expected to have a profound impact on how businesses transact and participate in global transactions with integrated offerings.

Helps to standardize and streamline the booking process.
Increase process efficiency via optimizing the process and breaking the silos to create a seamless execution flow for the shipments.
One decentralised system for better communication and control on the shipment
Better reconciliation of the freight bills in multimodal transports engaged
Paper offer and acceptance are replaced by blockchain-based digital agreements.
Transaction flows are set up so that each counterparty can view and transact their documents digitally.
Any update or change to shipment freight bills or notifications needs to be validated by all the counterparties, which allows the transaction to be executed digitally.
A multitude of benefits for all parties across the transaction flow. Quicker processing allows transactions to be completed earlier, ensuring the transporter, shipping line, airline, railway agents get their payments earlier and corporate smoothen the supply chain process involving various stakeholders avoiding disruptions, reconciliation issues and dispute resolution delays.

The Business Need

Corporate working with Logistics Service Providers (3PL/4PL) are looking at collaborative paltform for booking, pre-alert notifications and document repository as single source in a unified paltform to run their current freight management and freight audit pay process which is typically a paper-intensive manual process involving multiple parties for operational visibility.

Challenges

Business Scenario

Organizations are facing disruptions in their cash flows on account of delays in receipt of funds

Current business climate demands streamlining of cash flows as a critical business requirement.

Corporates are moving digital with higher automation, greater visibility with their 3PL/4PL providers

The lack of visibility in freight management process leads to inefficiencies and thereby causing supply chain disruptions in timely deliveries

The freight payable reconciliation process is a complex process covering multiple organization with heavy documentations

Key 3PL/4PL operators have their clients demanding a time-efficient process and wants to remove manual tasks and delays that significantly impact the business revenue and profitability.

dltledgers Can Help You

Our state-of-the-art blockchain-based platform provides a smoothened and streamlined freight management and freight audit pay process, Booking Offer and Acceptance process, involving 3PLs/4PLs. This App enforces reduced cycle times and enhanced user efficiency eliminating time-consuming manual tasks.

The app also enhances greater real-time collaboration across stakeholders in a multi-party environment with tamper-proof record of transaction documents and data with auditability and improved operational visibility, shipment linkages between PO/SO/Freight documents (Air way Bills, Billof Lading, Rail Receipts, Road Transport Receipts etc) leading to auto-reconciliation in real-time.

Solution

Solution Brief

Smoothen and streamlines FMS/FAP process involving Corporate and their Logistics service providers with shorter cycle time improving customer relations.
Enhance collaboration with multiple parties in multiple geographies with improved user-efficiency and end-user experience.
Enforcement of effective shipment tracking of booking offer, acceptance, reconciliation of shipment documents, disbursements, Payments & settlement.
Greater visibility and transparency across the digital network of customers helps to drive reduction in transaction times resulting in cost efficiency.
Enable optimised shipment process for all stakeholders in line with business rules established in the network such as shipment linkages involving various data/documents shared across the ecosystem
Streamlined transaction flows involving multiple corporate, 3PLs/4PLs Institutions in multiple geographies in a digital network with focussed operational insights.
Accurate data and digital document repository with auditability across functional departments and ecosystem participants.
Real-time reports and secure tracking t with verified documentations and certifications as tamper-proof digital records for future use and compliance.

Benefits

A web-based application using blockchain technology in a collaborative ecosystem. The collaborative booking platform helps with booking to settlement of freight with the service providers.
The logistics team within the organization gets pre-alert notification & a clear visibility into the shared single source document repository preventing version control issues
The Shipment Linkage between SO >> PO >> Transport documents helps with resolving reconciliation issues
Enhanced Operational Visibility improves process and cost efficiency.
The streamlined process has cut Freight Audit pay cycle by about 15 days.
The efficiency of the solution has provided corporates to streamline their business better with improved cashflows.

“We are thrilled to streamline our Freight Management and Freight Audit Pay Process using blockchain technology for road transports. We are looking forward to expand our network to include other modes of transport as a continuous improvement journey.”

– Supply Chain Manager, Large MNC in electronics components