There are way too many conflicting reports on how exactly to handle a shipment when there is freight damage. Because at KDL we do the whole freight thang for a living, we got the whole process down so pay attention...especially if you want to get paid in full on your claim.
IIn the midst of the Great Recession, employees were tasked with wearing multiple hats in order to keep their businesses afloat. During the hubbub of receiving orders, dealing with customer problems and getting product out the door, a lot of simple tasks got rushed and corners invariably got cut. As a result, mistakes piled up and far fangled patches were used to fix already broken processes…all at the expense of the company’s bottom line.
There are two bits of research that I believe are the best kept secrets in business today. First, according to Boston-based AMR Research, the average total return of companies in AMR's "Supply Chain Top 25" is 17.89%, compared with returns of 6.43% for the Dow Jones Industrial Average and 3.53% for companies in Standard & Poor's 500 Index. The second bit of info is from a Georgia Tech study that show supply chain glitches can all but destroy shareholder value. They indicate the total shareholder value loss associated with a glitch can be as high as 25%.
Recently I was reviewing some shipping data with a client. I was simply highlighting all of the times they shipped to the same customer on the same day and calculated the windfall of savings they would have realized if they easily combined these orders onto a single shipment.
For companies who are looking to increase their bottom line and market share, there is a lot of supporting information that illustrates the fact that improving the customer experience through supply chain improvements will generate revenue and save costs. More and more companies realize the value in investing in their customer experience. But to help further appreciate the impact of this, I thought these statistics would be eye-opening to see.
When company officials think about growing top line revenue they usually think of ways of attracting more sales. However, many times company executives are not aware of the valuable profit centers that are hidden within their own operation.
I have the vantage point of helping companies identify the areas where they can either get better at or outsource to a more qualified service provider. One of the areas that every company should outsource is freight bill reconciliation. To help you understand why your company NEEDS to outsource this area of your business, I've put together ten fact based reasons.
The Incoterms rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC). They are widely used in International commercial transactions or procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods.
This week news broke out about Amazon's new and improved delivery drone. This new version flies up to 400 feet, can go in a 15 mile radius and will deliver products right in your backyard within hours of ordering. Granted, the likely hood this being a reality any time soon is slim mostly because of a ton of regulatory hurdles. But it shows Amazon's ingenuity and ability to keep pushing the limits.
Everyone has things they are good at and things they are not so good at. Companies are the same way. They are usually great at their core offering. But there are parts of their company that they simply stink at. Processing, auditing and reconciling freight invoices is one that I often people admit their success at this is less than to be desired.
Topics: Freight audit & pay