How digital rate management can increase efficiency and lower operating costs

Many forwarders and carriers are discovering the benefits of digital rate management and are moving away from traditional, paper-based methods of operating rates, quotes, bookings and invoices.

On top of this, they are looking to unlock the power of having this functionality accessible in a single, global logistics software solution.

That's because manually entering and transferring data between different software systems and operators is time-consuming, and the potential for error increases every time information is re-keyed – especially when facing language, legal and localization differences.

API connectivity is one of the hottest topics of discussion in the digitalization debate right now.

The last 12 months have really demonstrated to forwarders how vital a powerful rates engine - with real-time, automated rates via a direct electronic feed from carriers - can be.

Clearly, sharing operational data can create a more seamless experience for forwarders, while also generating productivity gains through enhanced processes.

Additionally, access to real-time, automated rates with a direct, electronic feed from carriers can help eliminate the manual, error-prone task of managing and processing paper-based rate sheets.

However, to unlock real value, many forwarders agree that they need a solution which can help them navigate non-standardized rates, and ultimately make more accurate cost comparisons and calculations. 

Instantly search and apply buy/sell rates without user data entry.

By combining and standardizing rates from multiple providers, CargoWise Rates and Contracts gives users multi-modal rate visibility and control via a searchable live database.

Using direct carrier connections, the virtual rates library features an up-to-date operational data exchange - including bookings - so you can search millions of global freight rates from different carriers on a single screen and make fast, at-a-glance comparisons.

In addition, autocosting and autorating functionality lets you instantly search and apply buy/sell rates to shipments without the need for manual data entry, using intelligent calculators and configurable business rules.

For example, your operators can identify and calculate the applicable cost, client rates, company tariffs, gateway tariffs, and profit share agreements for automated revenue rating and accurate job costing.

What's more, because you're using a single platform to power your logistics operations, you can load charges with accurate and complete accounting data, for timely invoicing and account settlement. And of course, once quotes are accepted, CargoWise lets you quickly convert quotes into contractual rates or bookings.

Looking to simplify your rate management and improve profitability via an advanced multi-modal rates engine and live rate connectivity? Learn more

Need help optimising your productivity with CargoWise? Our global CargoWise Partner network helps customers of all sizes implement and configure CargoWise to suit your business needs. Find out how