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Multi-carrier shipping software has emerged as a power solution for businesses. Research correlates the burgeoning market growth to its effectiveness at helping companies deal with recent supply chain issues, rate increases, fuel prices, and covid-related disruptions[i]. Of great significance to b2b and e-commerce businesses is the fact that companies who adopted an advanced shipping software system began to experience benefits that went beyond crisis-mode parcel management—especially the companies that utilize their shipping software’s expanded functionality and performance features. These benefits include an expertly automated and cost-effective fulfillment process, leading to increased customer satisfaction and profitability. So how can you maximize your shipping software and gain the benefits? Read on…
Optimize your shipping software and take advantage of all features and benefits. Today’s best shipping software systems employ sophisticated cloud-based programs, artificial intelligence, blockchain, and other technology proven to cut costs, streamline workflow, and improve customer experience. Your software should work for you to automate and expedite order fulfillment, manage shipping costs, and monitor parcel movement. It should give you the ability to compare rates across multiple Carriers, then switch Carriers in real-time and re-route deliveries to the fastest, most cost-effective path. Furthermore, you should be able to easily obtain shipping data so you can analyze your history, and your current data and streamline ongoing practices.
It pays to review your shipping software and optimize all features and components. For example, shipping software and logistics leaders like LJM Group offer a comprehensive suite of tools that integrate seamlessly into your workflow, including Smart Contract Analysis and Negotiation, TruCost Reporting to observe and subsequently cut accessorial fees, Parcel Invoice Auditing, Tracking Concierge tools, GL Coding and Bill Pay, Freight & TMS solutions, and more.
Check to see if your software offers an automated rate comparison feature that enables you to shop for the best shipping rates among Carriers. This is one of the best ways to save time and money, because a Carrier-by-Carrier comparison will provide the actual cost to ship a specific parcel in real-world, time-specific conditions.
To get an idea of how it works, take a look at the Rate Shopper℠, a cloud-based SaaS tool that uses a single interface and live API integration to compare rates and services across multiple Carriers. You get a comprehensive, user-friendly view that includes published rates and customized sale rates versus your live contract rate. It’s a one-stop comparison tool that works for you, with customizations designed to help identify the lowest shipping rates and fastest processing based on your parameters.
Shipping software tools like Rate Shopper are designed to integrate directly into your workflow. A full-featured user management system makes it simple to set up varying levels of role-based permissions and access. You can maintain your company’s warehouse locations, both locally and globally. You can set markups based on client, package size, zoning, etc., or apply them across the board. In fact, there are multiple ways to automatically account for accessorial fees and adding markup per product is an effective way to manage predictable accessorial fees, such as for oversize product. You also get critical reporting and data analytics so you can see your gross rates versus your contractual ones and compares these to your sales rates (with markup applied). Businesses often combine components like Rate Shopper with TruCost Reporting to get accurate data on final costs.
Your shipping software is only as good as the metrics you provide. Quality data that is accurate, relevant, and up to date is critical to helping you determine the best strategies for your specific needs. This applies to both the data you provide and the data you obtain through your shipping software.
A great example of how shipping software can utilize your data to hit the top three business drivers (lower costs, increase efficiency, improve customer satisfaction) is our Logistics Advisory Services which processes data about your operations, shipping costs, customers, competitors, and other key factors affecting your business. The data is analyzed to provide a set of targeted, personalized solutions such as Profitability and Pricing tools, Facility Rationalization Studies, Client Rate Tables, Competitor Price Comparisons, Ship-to-Store Distribution Models, and Shipping System Recommendations.
Your company’s numbers and metrics are the immutable source of custom solutions that address your unique challenges and opportunities. And your shipping software can help you extract, analyze, and implement these data-driven solutions to your best advantage.
Use your shipping software to improve transparency. Did you know that 45% of customers actively search for businesses that clearly communicate delivery details?[ii] Or that the typical business loses 5% of annual revenue to hidden employee misappropriation? The need for transparency extends across all areas of your business, from order placement and Carrier transactions to last-mile delivery and customer experience. Shipping software gives you an accurate view of the entire ship-to-store process PLUS post-receipt transactions and hidden accessorial fees. It’s excellent at revealing inefficiencies and areas where costs can be lowered. The comprehensive, data-driven insights derived from shipping software can pinpoint exactly where problems lie, what is eating into profits, and how to improve your customer relations. Your software should give you the ability to clearly communicate order details with customers, automatically improving their experience and impression of your business. You can even gain transparency with employees through software features like Fraud Detection.
One of the most powerful benefits of shipping and parcel management software is the ability to customize—you gain personalized solutions based on your data, your customers, your competitors, your workflow. This level of customized support, combined with the cutting-edge technology employed by shipping software, can help you achieve the business trifecta of higher profits, increased efficiency, and improved customer satisfaction.
To start implementing your shipping software to the fullest and explore custom solutions for your business, contact us at 631-844-9500 or firstname.lastname@example.org.
[i] Market Watch, June 7, 2022, Shipping Software Market 2022 with Top Countries Data, Trends, Share, Size, Industry Growth, Supply and 2029 Manufacturers Analysis Research Report: https://www.marketwatch.com/press-release/shipping-software-market-2022-with-top-countries-data-trends-share-size-industry-growth-supply-and-2029-manufacturers-analysis-research-report-2022-06-07