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Freight, supply chain, and logistics are among the most data-intensive sectors in the global economy. Each day, freight forwarders and brokers generate and process vast amounts of data to keep shipments flowing smoothly. Unfortunately, most of these documents are still processed manually or using static systems, leading to inevitable human errors that impact operations and margins.
Manual data processing leads to frequent documentation errors across various documents such as Request for Quotations (RFQs), sales contracts, shipping documentation, and customs paperwork. These errors can cause significant disruptions:
"Busy shippers email RFQs with errors nobody picks up on, which are then forwarded as inaccurate price requests from time-strapped freight forwarders to unsuspecting carriers, leading to disputes and lost opportunities."
These mistakes can pop up anywhere in the supply chain, putting the bottom lines of freight forwarders at risk.
To succeed in 2024, freight forwarders must minimize data errors, discrepancies, and omissions. Here are the most common documentation errors and their causes:
RFQs are essential for new partnerships, but errors such as incorrect details about origin, destination, transport mode, weight, volume, or value of goods lead to inaccurate pricing and disputes with carriers.
The BOL is critical for shipments. Errors in consignee information, categorization, or invoices can cause delays, additional costs, damage to goods, and payment disputes.
Incorrect Harmonized System (HS) codes, inaccurate weight on packing lists or inaccurate commercial invoices lead to customs delays, improper duty assessments, and potential fines, impacting productivity and trade privileges.
Human errors are inevitable in repetitive data entry processes. Studies show that manual data input can have error rates between 18% to 40%, costing supply chain organizations up to 20% of their annual revenue.
VendorConnect addresses the root cause of documentation errors by eliminating manual data processing and automating freight documentation management. VendorConnect extracts, structures, cleanses, enriches, and corrects data from unstructured sources, including shipper price requests, RFQs, buy prices, and commercial invoices.
When introduced to SCM Freight Forwarder, a leading freight forwarder working across North America and LATAM, the response was overwhelmingly positive. For instance, VendorConnect can automatically generate 500 lane RFQs in 40 seconds with 100% data accuracy, compared to 60 hours manually.
Paulina S., Key Account Manager at SCM Freight Forwarder, shares her experience:
"VendorConnect has transformed our documentation process. We've seen significant improvements in accuracy and efficiency, reducing the time spent on manual data entry and minimizing errors."
VendorConnect is user-friendly and can be integrated seamlessly into existing workflows, making it a versatile tool for freight forwarders.
Paulina found that VendorConnect automates data transfer between SCM Freight Forwarder’s internal tools, speeding up processes and reducing the risk of errors.
"We now have a system that automatically inputs data from RFQs into our internal tools, saving us a significant amount of time and reducing the potential for mistakes."
Since implementing VendorConnect, SCM Freight Forwarder’s team has been able to handle more customer inquiries in less time, leading to improved efficiency and higher employee satisfaction.
"Thanks to VendorConnect, we can process documentation faster and more accurately, which has improved our overall productivity and employee morale."
Paulina reports significant time savings, with her team benefiting greatly from the streamlined processes.
"I’ve saved hundreds of hours using VendorConnect, allowing us to focus more on our core business activities and less on correcting documentation errors."
The overall quality of life at work has improved, with fewer complaints about tiredness and a noticeable boost in team morale.
VendorConnect has proven to be a game-changer for SCM Freight Forwarder, enhancing productivity, reducing errors, and making the documentation process more manageable. Paulina's initiative to find and implement VendorConnect has had a profound impact on her team, demonstrating the value of automation in improving workplace efficiency and customer satisfaction.
"Implementing VendorConnect has been life-changing for our team. It's an essential tool for any freight forwarder looking to eliminate documentation errors and improve their operations."
By sharing this success story, we hope to inspire other companies facing similar challenges to explore the benefits of VendorConnect. For more information on how VendorConnect can transform your documentation process, visit our website today.
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