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Port of Los Angeles (POLA), Key Information, D&D costs, and all that you need to know.

Located in San Pedro Bay, 25 miles south of downtown Los Angeles, the Port of Los Angeles (POLA), the busiest container port in North America, has maintained its status as one of the biggest ports in the world for over twenty years. The port supports a productive, sustainable supply chain through modern technology that enhances the efficiency, predictability, and dependability of the maritime commerce movement of goods worldwide.

Also called America’s port, the Port of Los Angeles offers passenger and cargo terminals, including cruise, container, vehicle, breakbulk, dry, and liquid bulk, and warehousing facilities that handle billions of dollars’ worth of cargo each year. It manages 20% of all arriving freight for the seaports in the USA and is spread out over 7500 acres.

The port plays a vital role in the global trade and maritime industry, serving as a major hub for the movement of goods between Asia, North America, and the rest of the world.

What makes it the Port of America?

This booming harbor is renowned for its innovative environmental initiatives. It is dedicated to resource management, planning projects, and carrying out activities in a financially and environmentally appropriate way. At the same time, its innovative security measures and commitment to the local community are well known as well.

The port has also been leading the redevelopment of the L.A. Waterfront for the past ten years, enhancing public access to the sea, creating user-friendly infrastructure and services for the general public, and remaking the port coastline into a top-tier tourist attraction.

The Port of Los Angeles finished Fiscal Year 2020–2021 with over 10.9 million TEUs, making it the first port in the Western Hemisphere to handle 10 million container units in a calendar year in June 2021. The port took upwards of 1 million TEUs in May 2021, making it the busiest month in its 114-year existence and the first port in the Western Hemisphere to do so.

History

The history of the Port of Los Angeles dates back to the late 19th century when it was established as a major center for trade and commerce on the West Coast. In the early days, the port was primarily used for shipping agricultural products and minerals from the surrounding areas. However, as the population of Los Angeles grew, the port became an increasingly important center for trade and commerce.

During World War II, the port played a crucial role in the war effort, serving as a major point of embarkation for troops and supplies. After the war, the port underwent significant expansion and modernization to handle the growing demand for global trade. In the following decades, the Port of Los Angeles became one of the busiest and most important ports in the world, handling a significant volume of cargo and serving as a major hub for trade between Asia, North America, and the rest of the world.

Management

The Port of Los Angeles is managed by the Los Angeles Board of Harbor Commissioners and the Harbor Department staff under the direction of an executive director. The port is run as a self-supporting enterprise and is not funded by tax dollars. The port’s operations are overseen by the Los Angeles Board of Harbor Commissioners, appointed by the mayor of Los Angeles and confirmed by the city council.

The board sets policies, approves budgets, and ensures that the port is run efficiently and effectively. The Harbor Department staff manages the day-to-day operations of the port, including cargo handling, security, environmental programs, and infrastructure development. The Port of Los Angeles also works closely with various federal, state, and local agencies to ensure compliance with regulations and to promote trade and economic development.

Infrastructure

The Port of Los Angeles boasts state-of-the-art infrastructure and facilities, including a network of berths, terminals, and warehouses capable of handling a wide variety of cargo. The port has 44 cargo terminals, including container, breakbulk, and automobile terminals.

Additionally, the port has a large fleet of cargo handling equipment, such as cranes, straddle carriers, and reach stackers, to ensure efficient and timely cargo handling. The port also has many warehouses and storage facilities to support the storage and handling of goods.

Cargo Volume

In terms of cargo volume and tonnage, the Port of Los Angeles handles over 9 million TEUs (twenty-foot equivalent units) annually, making it the busiest container port in the United States. The port also handles a significant volume of bulk and breakbulk cargo, including automobiles, steel, and other heavy industrial goods.

Top Import & Export

The port’s top imports include automobiles, electronic equipment, furniture, and textiles, while its top exports include agricultural products, machinery, and waste and scrap materials. The port’s top trading partners are China, Japan, South Korea, Vietnam, and Taiwan. These countries are major suppliers of manufactured goods to the United States and major buyers of American agricultural products and raw materials.

Security and Compliance

The Port of Los Angeles adheres to all federal and state laws, regulations, and import and export restrictions guidelines. These restrictions include but are not limited to, laws related to trade sanctions, export controls, anti-terrorism, anti-money laundering, and anti-bribery. The U.S. Customs and Border Protection (CBP) is responsible for enforcing these laws and regulations at the port. All cargo is subject to inspection by CBP before being loaded on vessels or transported inland.

Additionally, the U.S. Department of Agriculture (USDA) and the U.S. Fish and Wildlife Service (FWS) inspect agricultural and wildlife products. The port also works closely with other federal agencies, such as the FBI, DEA, and Department of Homeland Security, to ensure compliance with all applicable laws and regulations and protect its security and users.

Plans for Development

The Port of Los Angeles has several infrastructure development plans in place to support its growth and meet the increasing demand for cargo handling. One of the most significant plans is the Middle Harbor Redevelopment Project, which consolidates two ageing terminals into a new, state-of-the-art facility. This project is expected to double the port’s capacity and improve efficiency by reducing truck turn times and increasing the use of on-dock rail. Additionally, the port is investing in new technologies such as automation and digitalization to improve cargo handling and reduce congestion.

The port is also planning to expand its rail infrastructure, increase the use of on-dock rail, and improve intermodal connections to other transportation hubs. The port is also working on a new project to increase the capacity of the China Shipping Terminal, which will help sustain the trade relationship with the most significant trade partner. Furthermore, the Port of Los Angeles is committed to reducing its environmental impact and is investing in clean energy and sustainability projects to support that goal.

Impact on Local and National economy

The Port of Los Angeles is a major contributor to the local and national economy. As the busiest container port in the United States, it handles over 9 million TEUs annually, facilitating international trade and supporting the movement of goods across the country. The port is a primary gateway for trade between the United States and Asia and the top container port for trade with China.

The port’s operations generate billions of dollars in economic activity each year, supporting local businesses and creating jobs for over 300,000 people in the Los Angeles area. The port’s infrastructure development plans and investments in new technologies also support the growth and competitiveness of the American economy. Additionally, the port is a significant source of tax revenue for the city of Los Angeles and the state of California, providing funding for vital public services and infrastructure.

Top 10 interesting facts about POLA

The Port of Los Angeles is the busiest container port in the United States, handling over 9 million TEUs (twenty-foot equivalent units) annually.

The port is located in San Pedro Bay, about 20 miles south of downtown Los Angeles.

The port encompasses 7,500 acres of land and water and includes 43 miles of waterfront.

The port is a major gateway for trade between the United States and Asia and is the top container port for trade with China.

The port is also a major center for the movement of automobiles, with several car import and export terminals located on the property.

The port’s infrastructure includes 27 cargo terminals, two cruise ship terminals, and a state-of-the-art on-dock rail facility.

The port has been in operation since 1907, one of the oldest continuously operated ports on the United States West Coast.

The port is home to several museums, including the Los Angeles Maritime Museum, which tells the story of the port’s history and role in the city’s development.

The port is a major employer in the Los Angeles area, providing jobs for over 300,000 people in the region.

The port actively works to reduce its environmental impact by implementing sustainable practices such as using electric and hybrid cranes, promoting clean air initiatives, and investing in renewable energy sources.

Overall, the Port of Los Angeles is well-equipped to handle a wide range of cargo. With its advanced infrastructure, facilities, and equipment, it can handle the growing demand for global trade and ensure the smooth and efficient movement of goods worldwide.

In conclusion, the Port of Los Angeles is a vital component of the global trade and maritime industry, handling a significant volume of cargo and serving as a major hub for the movement of goods between Asia, North America, and the rest of the world. With its rich history, strong trade ties and ongoing modernization plans, the Port of Los Angeles is well-positioned to continue playing a crucial role in global trade for years to come.

If you are looking to overcome your supply chain challenges during such unfortunate crises and be fully prepared to respond to disruptions swiftly, feel free to connect with us.

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#us ports

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Top 10 Major Ports in China

China is known for its manufacturing and shipping capabilities. It has a long coastline that is dotted with various harbors and small ports, which are used for a variety of purposes, including trading, fishing, and shipping.

China is one of the world’s largest importers, with its ports serving as major hubs for the transport of consumer goods, minerals, automobiles, and agricultural products to many countries around the world. The development of China has been heavily influenced by its shipping ports, which are a vital part of the country’s economy and play a key role in facilitating global trade.

If you’re interested in learning more about the major ports in China and their roles in the shipping industry, here is the list of the top 10 ports in China with crucial information about each port.

1. Port of Shanghai

In January 2003, the Shanghai Port Authority underwent a restructuring that resulted in the establishment of the Shanghai International Port (Group) Co., Ltd. (SIPG), the operator of public terminals in the Port of Shanghai. In June 2005, it changed its legal status to a shareholder company, and on October 26, 2006, it commenced trading on the Shanghai Stock Exchange, becoming the first Chinese firm of its sort to do so.

The Port of Shanghai, located in the center of the eastern shore of the Chinese mainland, is where the Yangtze River, often known as the “golden canal,” and coastal transit routes meet. It has access to both China’s southern and northern coasts, all of the world’s oceans, the Yangtze River basin, the inland rivers of Jiangsu, Zhejiang, and Anhui provinces, as well as the Taihu Lake basin.

The Port of Shanghai is located in a key geographic area with exceptional natural characteristics and a strong hinterland economy. It is served by well-connected road and railway networks as well as fully established cargo collecting and distribution systems.

Key Information

Monthly throughput record: 4.20M TEU

Total annual container throughput: 43.5M TEU

Vessels in port: 2290

Annual cargo tonnage: 514 million

Number of employees: 13,546

Top exports: Cars, integrated circuits, computers, telephones

Top imports: Processors and controllers, iron ore concentrate, gold, medium-sized cars

Top trading partners: United States, Japan, Hong Kong, Taiwan, United Kingdom and Germany

2. Port of Shenzhen

The Port of Shenzhen is located in China’s Guangdong Province, south of the Pearl River Delta. It is one of China’s most significant harbors in terms of foreign trade. Several ports along Shenzhen’s coastline are referred to as the Port of Shenzhen. It covers 260 kilometers of coastline. The Kowloon Peninsula also divides the port into two sections, the eastern and western ports.

The port is home to about 40 shipping companies’ headquarters, which have also opened about 130 international container lines. The Port of Shenzhen is also serviced by 230 international container routes. More than 300 ports in more than 100 nations are connected to Shenzhen.

The future of Shenzhen Port will see the implementation of the “two wings, six zones, and three main ports” layout. The east and west port groups are referred to as the “two wings,” while the “six areas” are the east’s Yantian and Dapeng port areas and the west’s Nanshan, Dachan Bay, Dachan Island, Xiaochan Island, and Bao’an port areas. Yantian Port, Nanshan Port, and Dachan Bay Port are the “three main ports,” emphasizing container shipping and highlighting Shenzhen Port’s fundamental competitiveness.

Key Information

Container traffic in 2018: 27.7 million TEU

Cargo tonnage in 2018: 194.9 million tons

Coastal line: Stretches along 260 km of coast

Container lines: 130

Number of employees: 12,454

Top exports: Mechanical and electronic products, computers, data processing devices, mobile phones, audio and video equipment

Total foreign trade, including imports: 3.45 Trillion Yuan

Three main ports: Yantian Port, Nanshan Port and Dachan Bay Port

3. Port of Ningbo-Zhoushan

The port is a large state-owned company of Zhejiang Province, Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd., i.e. Ningbo Zhoushan Port Group Co. Ltd. (referred to as Zhejiang Seaport Group).

Zhejiang Seaport Group owns and runs more than 310 businesses with about 30,000 employees. Its primary businesses include the development and utilization of marine resources, investment in the marine industry, management and capital operation of resources related to the sea and ports, investment in the design and operation of ports, shipping services, storage, trading, and processing of bulk commodities, construction of marine engineering, and design and supervision of port engineering, among other things.

The group progressively combines port resources across the province per the idea of unified planning, building, branding, and operation. The group is dedicated to creating an integrated operating system and a top-notch contemporary port cluster by managing port assets in an integrated, extensive, and intensive manner.

With a coastline that stretches for 220 kilometers, Ningbo Zhoushan Port has a sizable port area. In addition to owning more than 200 big deep-water berths for boats over 10,000 dwt and more than 115 large and super-large deep-water berths for vessels over 50,000 dwt, it has 19 port regions. Most large and super-large deep-water facilities in Mainland China are owned and operated by Ningbo Zhoushan Port.

Since 2005, Ningbo Zhoushan Port has experienced a sharp increase in cargo volume. Ningbo Zhoushan Port’s container throughput in 2019 totaled 27.535 million TEUs, solidly placing it in third place globally. The total cargo throughput was 1.12 billion tons, putting it first globally for 11 years.

Key Information

Container throughput in 2019: 27.535 million TEU

Number of employees: 17,425

Top trading partners: European Union, United States and ASEAN

Total assets: 124.1 Billion

Total value of imports and exports at the port: $270.77 Billion

Largest import: Crude oil worth 153.48 Billion Yuan

4. Port of Guangzhou

The primary seaport for Guangzhou City, Guangdong Province, China, is the Port of Guangzhou. Guangzhou Port Group Co. Ltd., a state-owned enterprise, runs the port. It is currently South China’s largest all-encompassing port. Over 300 ports in more than 80 nations and regions throughout the world are served by its international maritime trade.

The port is also the major transportation and economic hub for the Guangdong province and the Pearl River Delta. It is an important transportation center for businesses in provinces nearby, including Jiangxi, Yunnan, Guangxi, Guizhou, Sichuan, Hunan, and Hubei.

In South China, the merger of the three most significant rivers, the Dongxiang, Xinjian, and Beijing, is where Guangzhou Port is located. A vital transportation hub is created by the intersection of the waterway, railway, motorway, and air routes for all three rivers. In the Pearl River Delta region, it serves as the primary port of concentration.

Key Information

Container traffic: 24.2 million TEU

Cargo tonnage: 600 million tons

Minimum wage: US$300

GDP growth rate: 8.3%

Number of terminals: 8

Top exports: Tea, silk, paper, copper, iron, gold and silver

Major trading partners: U.S, Japan, South Korea, Hong Kong, Taiwan and Thailand

5. Port of Hong Kong

A deep water seaport near the South China Sea, the Port of Hong Kong, is mainly used to transport manufactured goods in containers, with raw materials and passengers coming in second and third. The natural harbor and deep waters of Victoria Harbor, which play a crucial role in Hong Kong’s economic development, offer perfect conditions for the berthing and handling of all vessel types.

In terms of maritime movements, cargo handled, and passenger carries, it is one of the busiest ports in the world. For many years, the port was among the busiest—container ports in the world. From 1987 to 1989, from 1992 to 1997, and from 1999 to 2004, it ranked as the busiest cargo port in the world. In 2016, 25 869 container ships with a net registration tonnage of 386,853 tons passed through the container port in Hong Kong.

There are currently 11 separate yard sites used only for mid-stream activities, taking up 27.5 hectares of land and 3,197 meters of waterfront.

Key Information

Container traffic in 2018: 19.6 million

Cargo tonnage in 2018: 258.5 million tons

Land area: 279 hectares

Available berths: 24

Main exports: cement, blank audio media, oscilloscopes, metalworking transfer machines

Major imports: Equipment, manufactured goods and articles, chemical, mineral fuels

Top trading partners: Taiwan, USA, Singapore, Korea, Japan, Vietnam and India

6. Port of Qingdao

The Port of Qingdao is a seaport on the Yellow Sea in the vicinity of Qingdao, Shandong Province, People’s Republic of China. It is one of the ten busiest ports in the world.

In 2011, the Qingdao Port in Shandong Province, East China, joined forces with three other Chinese ports to form a strategic partnership with the largest port in the Republic of Korea (ROK). To establish a maritime and logistics hub in Northeast Asia, the ports of Qingdao in Shandong, Yantai, Rizhao, Weihai, and Busan in the ROK have joined forces to form the alliance.

Four sections of the Qingdao harbor serve as independent ports. Dagang and Qianwan manage cargo and container traffic. The Qingdao port is an international terminal, whereas Qianwan predominantly deals in domestic containers. A sizable facility for handling iron ore cargoes is also present at the Qingdao port.

Key Information

Container traffic in 2018: 18.26 million TEU

Cargo tonnage in 2018: 600 million tons

Alliance: Busan Port, South Korea

Number of Employees: 9,218

Major cargo handled: Grains, steel products, fertilizers, finish product oil, aluminum, frozen Products

Top trade partners: ASEAN, the United States and the EU

7. Port of Tianjin

Tianjin, formerly known as the port of Tanggu, is the biggest port in Northern China. It is also acknowledged as Beijing’s primary maritime entry point.

Every year, this port handles 500 million tons of cargo on average. It has undergone massive expansions through the years to accommodate the significant volume of goods it handles. To boost its capacity rate, the port is being developed constantly. This port in China is constantly open. It serves both people and various kinds of freight.

The port is renowned for moving bulk liquid and oil cargo. Its handling of freight containing liquid lye and propylene is one of its outstanding offerings. Additionally, it features roll-on and roll-off terminals for grain and other edible oils.

Key Information

Container traffic in 2018: 15.97 million TEU

Cargo tonnage in 2018: 428.7 million tons

Top imports: Fixed-wing aircraft, unladen weight, soya beans, electronic integrated circuits, iron ore, medium-sized cars

Top exports: Telephone sets, processors and controllers, bicycles, cargo containers

Major trade partners: United States, Hong Kong, Japan, South Korea and Vietnam

8. Port of Dalian

The Dalian port has been in use since 1899 and is currently operated by the Dalian Port Corporation. The port is situated on the Liaodong peninsula in the Liaoning province. It is the most northern Chinese harbor where the water doesn’t freeze. The port has more than 80 berths as well. Ships carrying more than 10,000 tonnes of cargo can be docked at 50 of them.

The port mostly reloads refined oils, coal, grain, and mineral oil. More than 300 ports in 160 nations send ships to Dalian. The Dalian port serves over 90 trade routes, both domestic and international. It ranks as China’s second-largest transshipment hub.

The northern port of Dalian serves large portions of the Pacific coastline. It manages a sizable amount of the cargo and container traffic from Pacific Rim countries to North and Eastern Asia. It is a deep-water port that serves both the Yellow Sea and the Bohai Sea, and it is the second-largest transshipment hub on the Chinese mainland. Over 160 different countries’ ships are serviced at 300 ports.

Seven berths that were once held by Nippon Yusen, Singapore Dalian Port Investment, and PSA China are now operated by the Dalian Container Terminal (DCT). Rail and vehicle connections to the port are good. For goods and containers, there are also sizable storage areas. Deepwater berths that have been modernized typically have a depth of 16 meters.

Key Information

Container traffic in 2018: 9.77 million TEU

Cargo tonnage in 2017: 455 million tons

Major trading partners: Japan, European Union, Saudi Arabia, United States and ASEAN

Number of employees: 11,227

Majorly handled cargo: Coal 15 million tons

9. Port of Xiamen

Xiamen is a deep sea port situated on the island of Xiamen along the Jiulongjiang river. It is ranked 17th in the world for cargo throughput— one of the few ports that can handle mega boats and sixth-generation ships. The Xiamen Municipal Government owns the bulk of Xiamen and manages it through the Xiamen Port Authority. It became one of the biggest ports in the world in 2010 after merging with the Port of Zhangzhou. Currently, it is South-East China’s largest port.

The port has 74 total berths spread across 12 separate operating zones. Nine are specifically designed terminals for handling containers; the remaining are for cargo. On average, these berths can process 10,000 tons of cargo, while some can handle 100,000 tons. The port extends across 30 kilometers of the harbor, with an average anchorage depth of 17 meters. Haitian, Liwudian, Dongdu, and Heping are a few operational zones.

Xiamen has cutting-edge technology and provides service to all major shipping lines. It handles almost 500 vessels per month from more than 50 nations and regularly runs 70 routes via the busiest ports in Europe, the Americas, and Africa. Additionally, the port runs a little passenger ferry that connects Xiamen to other ports on the mainland. Regular ferries run between Hong Kong, Guangzhou, Shanghai, and Wenzhou; service is also offered to Kinmen island.

Key Information

Container traffic in 2018: 10.7 million TEU

Cargo tonnage in 2018: 218 million tons

Major exports: Tea, salt graphite powder

Major imports: Wheat, cement, chemical fertilizers, coal, rolled steel, sugar

Major trade partners: ASEAN, U.S and European Union

10. Port of Yingkou

Yingkou Harbor is one of China’s smallest ports, but it is bigger than the largest ports in other countries. This port, which the Yingkou Port Group Corporation runs for the Republic, has 27 berths as well as numerous smaller docks and piers. The primary imports in this country are grain, coal, steel, and cars.

The main exports are foodstuffs, electronics, mass-produced commodities, containerized goods, and machinery parts.

The Old Yingkou Port on the Daliao River and the Bayuquan Port on the Bohai Sea are the two functional areas of the port. The seaport provides loading, pipeline transportation, pilotage, communication vessels, transportation by road and rail, and other services to incoming ships. Chinese Shipping Corporation (COSCO) and the port authorities jointly built the primary Bayuquan container terminal.

Key Information

Container traffic in 2018: 6.5 million TEU

Cargo tonnage in 2018: 21 million tons

Main imports: Grains, coal, steel, vehicles, oil tar, minerals

Main Exports: Container transfers

Major trade partners: Japan, Korea, the U.S and the European Union

Looking for a hassle-free shipping process with complete visibility on the movement of your cargo?

Fix a free walkthrough demo of how GoComet’s solution can give you a 100 percent multi-modal supply chain visibility and help you drive double-digit cost savings in your supply chain, while eliminating all the pain points you may currently face due to the lack of automation.

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Guide to Choosing the Best Freight Audit Provider in 2023

According to research by Texas A&M, 80% of shippers usually overpay for their freight. This can significantly hurt their bottom line considering over 50% of their expenditures go into transportation. For this reason, many shippers are adopting innovative strategies for auditing their freight payments, including using freight invoice auditing software.

In recent years, there has been a significant surge in companies opting for freight auditing software to eliminate error-prone, laborious manual freight invoice verification processes and make their invoice processing error-free. In fact, the Freight Audit & Payments market is expected to grow at a CAGR of 13.72% to reach USD 1905.20 Million in 2030.

It is usual for shippers to outsource their bill payment and freight audit services to third parties who specialize in these product offerings since most shippers spend approximately half of their logistical expenses on transportation.

4 Points to keep in mind before choosing a Freight Audit service

There are a few key points you should keep in mind when selecting a freight audit service, for they can help shippers feel less stressed and offer valuable services.

1. Ease-of-use

A crucial characteristic to look at while assessing a freight audit software is how easily it can be integrated into your existing system and used by your team. The platform should ideally have a single dashboard with menus that are easy to navigate. You must be able to approve correct invoices with just one click, auto-reject duplicate invoices and auto-notify your vendor of any discrepancies. It is also essential to ask about the duration of data storage, as some service providers may delete data after a particular amount of time has passed.

2. Knowledge and Experience

Does the outsourcing partner have a thorough understanding of the distinctive requirements of shippers and carriers? How long have they been providing third-party logistics services to clients? And what are some of their success stories with other notable businesses? Their responses to these queries will provide a lot of light. They should also be able and willing to offer references you can contact.

3. Transparency

Having a transparent relationship with your outsourcing partner is crucial. As you enquire about the aforementioned details, you will learn a lot about the service provider’s general propensity to be open. Beyond this, you must have faith in their ability to give you information on the state of your work on both a micro and global scale.

4. Turnaround Times

Quick turnaround times are essential in third-party logistics when facing difficulty or needing assistance with the software. A delay in any step of the freight auditing and payment processes has an impact that trickles down to the package recipient.

In short, the freight invoice automation solution should be able to achieve these four things right away:

An error-free invoice verification process

Automated follow-ups and alerts to your vendors

Quicker approvals and faster payment cycles

Seamless freight audits

Final Thoughts

Suppose your competition is using cutting-edge technological Freight Audit. In that case, they will have the advantage of a larger resource pool, more effective logistical operations, and tighter control over their shipping, all of which are directly related to trading success and the capability of making accurate business decisions.

You can automate your entire freight invoice reconciliation process using GoComet’s exclusive freight invoice reconciliation and audit software, GoInvoice. This module helps you overcome all the limitations of a manual invoice reconciliation process, saves hundreds of hours, enables significant cost savings and, most importantly, makes your freight auditing process entirely hassle-free.

#freightaudit #freightinvoice

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5 Digital Procurement Transformation Areas for Digital Procurement Strategy

In today’s fast-moving digital age, freight procurement stands to gain a great deal from digital procurement transformation – and, the sooner logistics companies begin their journey, the better. Automating your freight procurement from end to end enables an unmatchable performance and drives ROI to a major extent.

The latest tools in the digital procurement field boast of superior results by taking data-driven decision-making to the next level and enabling the procurement teams to always be a step ahead.

A recent research report published by the Hackett Group that is slightly worrisome is titled “The CPO Agenda: Keeping Pace with an Enabling Enterprise-Level Digital Transformation,” which consisted of a survey in which 180 large companies in the US and overseas participated.

The research stated that just 32% of the procurement organizations have implemented a digital procurement strategy – and only 25% have the requisite skills and resources. This is in sharp contrast to the study’s findings that nearly 85% of all procurement organizations believe that digital procurement transformation will be instrumental in changing the way they deliver services over the next three to five years.

Now is the time for the logistics industry to push towards a future where digital procurement departments can begin to implement technology, software, and processes that help them work smarter, better, and faster in the ever-evolving business environment.

Elements for Digital Procurement Transformation

To drive a competitive edge against your competitors, freight procurement teams must be aware of the latest technological advancements. Here are some key areas that need to undergo digital procurement transformation at the earliest.

Embrace a digital procurement transformation strategy

Shipping companies need to start actively pursuing digital transformation in their procurement processes. This will enable them to capitalize on cost cuts, data accuracy, valuable analytics, and other benefits of new supply chain technologies.

Any effective digital procurement strategy should include assessing the company’s current digital transformation status, the inventory of selected digitization projects, the costs of implementation, impact, and benefits of these projects. It should also involve monitoring and evaluation of project performance and strategy effectiveness at every stage.

Build a procurement-as-a-service portfolio

Enabling procurement to take into consideration all the needs of stakeholders, will facilitate streamlining of the entire buying experience. The previously mentioned Hackett Group’s report puts forth the fact that procurement organizations focus on establishing purchase-to-pay and sourcing offerings – thereby, increasing procurement’s value to the company. To further increase this value, the organization should be rebranded to reflect overall awareness of its functions.

Leverage Big Data for predictive analytics

Procurement should aim to leverage big data analytics for better insights. They filter vast quantities of information from many disparate sources. Big data is a trend that’s widely growing as new tools enable companies to collect vast amounts of data and generate valuable insights from it.

In the procurement space, big data analysis helps you find areas for improvement. Companies are also starting to leverage predictive analytics in the freight procurement process to identify revenue-generating areas, prevent supply chain disruptions as well as search for new market opportunities.

Procure the right talent for various roles

The acquisition of skilled and talented labor at the best rates is way more complex than simply purchasing generic computers or office equipment or any hardware for that matter. Getting well-suited people on contract for your projects is critical, but according to a 2017 CareerBuilder survey, as much as 75% of employers claim that they’ve hired the wrong person for a position before. These labor mismatches run up procurement costs and need to be optimized.

A digital transformation in procurement facilitates the procurement and human resources (HR) teams to hire and retain the right talent for any project. Procurement and HR officials can harness artificial intelligence tools to quickly and accurately match contingent workers with project positions based on predefined experience, credentials, and work criteria.

Make use of Robotic Process Automation(RPA) technologies

Procurement teams are now looking at technology that can automate tasks throughout the procurement process, from purchasing processes to processing their company’s demand to approving payment to suppliers to simple data entry. RPA tools serve to effectively automate the already manual tasks of human workers, especially in the inventory management field. There is a huge scope of RPA opportunities across the procurement value chain and several organizations are already adopting these technologies to grow automation and compliance.

Logistics organizations that leverage their digitization efforts in their overall business and freight procurement goals are much more likely to be successful and stay relevant, even in times of a pandemic. Digital transformation in procurement is a long-term investment and will change the fundamental way in which shipping companies carry out their operations.

Digital Procurement Transformation Cannot be Ignored

Traditional procurement functions still deliver on cost savings but a shifting focus on digitization also improves procurement efficiency and performance measurement. This can affect your company’s bottom line in a major way. Reach out to us to find out how to embark on your digital transformation journey here.

#digital procurement transformation

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3 Ways Technology Improves Large Delivery & Bulky Orders

Online shopping for heavy and large delivery products like furniture, appliances, and wholesale electronics is growing more popular as people rush to e-commerce platforms for purchases. According to a Statista analysis, the global market volume for furniture and appliances in e-commerce was $383.2 billion in 2020. Small packages are easier to send than large delivery retail goods like furniture and appliances, which are also referred to as big. Large and bulky items are commonly installed inside the home or require white glove delivery, therefore they are not typically delivered to the customer’s front door. Two-person crews and specialized trucks could be needed to transport these items. According to Statista, 35% of all furniture transactions will be conducted online by 2025, demonstrating the growing tendency of buying large and cumbersome things online.

Why is shipping harder for large and bulky items?

Cost and experience with on-site delivery. Bulky things are expensive to ship and deliver since they require a lot of resources. There is less room per vehicle, it might take two people to transport anything, and installation might be necessary. White glove service, involving specialized labor and individual abilities for in-home engagement with customers, may be necessary for on-site large delivery.

Long delivery windows can be extremely inconvenient if the delivery needs delivery staff to enter a customer’s home. Customers might have to wait at home for the full day for the delivery to arrive. When checking out, customers desire delivery time-slot windows so they may schedule their deliveries in advance rather than having to rearrange their schedule to fit a delivery window that might change.

3 Ways Technology Improves Bulky & Large Delivery

Retailers face several difficulties when dealing with large delivery, but technology can help. 46% of executives in the furniture business claim that their delivery system either needs improvement or needs immediate and major improvement, according to a whitepaper by Fidelitone. Technology-driven platforms can offer quick, adaptable, and environmentally friendly shipping for large and bulky commodities.

Supply Chain Visibility: End-to-end supply chain visibility enables supply chains to become more adaptable, agile, and proactive by giving real-time ETA updates to all stakeholders, including supply chain managers making decisions, drivers completing routes, and customers waiting for their orders.

Customer Delivery Experience: Big & bulky retailers who give end users greater control with more shipping options, lower costs, and delivery windows will provide a good customer experience. Delivery slot windows at the checkout will make it more likely that customers will finish their purchases rather than leave their carts empty.

Improved network management: Large delivery efficiencies may result from route optimization. Digital technologies for scheduling and capacity planning can help carriers and shippers use their fleets more efficiently. Retailers can make sure they have the staff and resources they need by using demand and capacity forecasting for the right location at the right time.

Deliveries Enhanced by Technology

Retailers may use technology in the last mile to improve consumer experiences, get visibility, and establish more efficient routes as the demand for online big & bulky shopping continues to rise. Big & bulky merchants and shippers may enhance consumer delivery experiences and achieve competitive advantages by putting the right technological platforms, tools, and relationships in place.

#frieght #tracking software

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Top 8 Features Your Freight Forwarding Software Must Have

The global freight forwarding market was about 186 billion USD in 2021 and is predicted to rise at a CAGR of 3.3% until 2028. Supply chain technology breakthroughs are driving this market growth, and one such helpful technology is freight forwarding software.

Every freight forwarder is aware of the inevitable digitization of the freight forwarding industry. Chances are, you’ve already reviewed a couple of software prospects for your business. Maybe, you’ve implemented some tools by now but are still surveying the market for better freight forwarding software.

Before evaluating a freight forwarding software

The best way is to invest some time in analyzing your processes and workflows, requirements, and your budget. Creating a good list of requirements gives you a far better sense of what you need and, more importantly, what you should ask for from your software solution.

Eight features your freight forwarding software must have

The best freight forwarding software should encompass all processes, including documentation, communication, creating clients and suppliers, invoice management, reports, finance, payroll, etc. Additionally, ensure that the technology is current and constantly updated. Some essential features include:

1. Real-time Container Tracking

Container API in freight software will provide you with real-time container tracking. It allows the customers to review and track the information smoothly and quickly and also ensures details are correct and updated.

2. Report Generation

If you’re in the freight forwarding business, documentation and reporting are two chores that can’t be overlooked. Before selecting a freight forwarding software for your company’s needs, be it for storing all reports or emailing documents from within, ensure they have an efficient system capable enough to track these tasks. At the same time, it should also be possible to print out manual bills of entry/shipping bills directly through the software.

3. Cloud-based Solution

Managing your freight forwarding business can be difficult when you’re on the go. Luckily, cloud-based freight forwarding solutions allow for remote access and workflow management from anywhere with an internet connection!

4. Invoice Management

Consider freight forwarding software with a robust invoice management tool that enables faster invoice processing and eliminates costly human errors.

5. Intuitive and User-friendly

Freight software should be easy to use for both employees and customers. With a user-friendly interface, people will have an enjoyable experience using your freight forwarding system, which helps them get things done quickly. The resistance against technology is much lower in this case.

6. Live Alerts and Notifications

The freight forwarding industry is all about efficiency and accuracy, so you need software to help your business stay on top of its game. Your clients should be able to track their shipments in real-time with alerts sent by default so that they know when something changes or needs attention at any point during the shipment’s journey — from initial pickup right down through delivery!

7. Customer Service

The software should make your life easier with good customer service by providing support when you need it most. Your software vendor should ideally have an easily accessible ticket system so that your users can get in touch with someone quickly and efficiently should any problems arise while using their product or services!

8. Scalability

The industry is growing rapidly, so the software you opt for should be highly scalable. It should grow as your business grows. In short, the software should fit your current as well as future needs.

Go for a trial before you buy

A software trial should be opted to evaluate whether you made the right decision or not. This includes going over everything we’ve covered so far and assessing whether your tool of choice has:

Lived up to your expectations in terms of business requirements

Helped your team in overcoming their initial challenges

Positively influenced your team’s productivity and your business’s bottom line

Final thoughts

Start with a freight forwarding software that best fits your business needs and requirements. It would be best if you explored an easy-to-use, customizable, multi-modal logistics solution, which is also highly scalable as and when your business grows. Not to mention, such SaaS solutions are the easiest to deploy, hardly require any training to start using, and are highly intuitive. These affordable solutions make it easier for medium and smaller companies to optimize their supply chain efficiencies cost-effectively.

Feel free to fix a free walkthrough demo of how GoComet’s solution can help you drive double-digit cost savings in your supply chain while eliminating all the pain points you may currently face due to the lack of automation.

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Why Machine Learning is the Most Talked Topic Right Now

In the middle of we could say “the pandemic is over”, the COVID-19 disease is getting its grip over the world and we are still in doubt.

The numbers we can see today are the results of our own technology – machine learning.

It’s the most talked-about topic since the last half of the decade and this article is going to right away talk about it only.

Machine Learning is the central part of artificial intelligence. Machine learning is the reason why computers get into a self-learning mode without any programming. At the point when new information is put in, these computers learn, develop, change, and create without needing anyone to program.

The idea of machine learning has been around for some time now. But the capacity to naturally and rapidly apply numerical calculations to big data is currently acquiring a touch of force.

Be it a self-driving car like Tesla or our beloved search engines like Google, Machine Learning has been used in many areas. Machine learning has been saving us from cyber fraud, giving us quality recommendations, and also helping us get better healthcare services.

So, why machine learning?

The machine learning game is constantly changing. And together with evolution, there comes a rise in demand and importance of new technology. There is one important reason why data scientists need machine learning, and so do you. Yes, as you are approaching your new career in machine learning, you need to know its importance. Here’s what we say about machine learning: ‘Quality predictions that can help us arrange better decisions and smart actions in the real-world without human interference.’

Machine learning is a technology help analyze huge lumps of data, making tasks easier like automated processes and getting a lot of attention these days. Machine learning has changed the way data is extracted and how translation works by automated sets of generic strategies that have replaced old statistical processes.

How will you benefit from the rising importance of machine learning in the industry?

Machine learning and data science work hand in hand. Understand the meaning of AI – the capacity of a machine to sum up data. Without data, there is almost nothing that machines cannot learn. All things considered, the increased use of AI in various applications will go about expanding relevance. Machine learning is just great as the data it could give and the capacity of calculations to consume it. Going ahead, essential levels of machine learning are important for you as a data scientist.

This being said, quite possibly the most significant data science skills are the capacity to assess machine learning. In data science, there is no lack of cool stuff to do the sparkling new calculations to toss the data. Nonetheless, what it needs is the reason things work and how to solve non-standard issues, which is the place where machine learning will become an integral factor.

Machine learning training at Felix-ITs

With Machine Learning being such a trend, you need to learn it to become a successful data scientist. This is why Felix-ITs has introduced a revolutionary Machine Learning training program that offers advanced training on the applications and algorithms it uses.

This training program will give you involved training with various, profoundly pursued machine learning skills in both directed and solo learning. Our exceptional industrial training approach guarantees that you are working with data as you learn.

With holistic 160 hour training with machine learning, this program is all you need to evolve as a machine learning expert. So get out there. It’s your time to get skilled and take on the world of data.

You can also take-up the Machine Learning training course with leading projects in the industry. This program offers you an in-depth knowledge of Python, Deep Learning with various technologies like Tensor flow, NLP, Speech Recognition, Computer Vision, and Reinforcement Learning.

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New Methods to Reduce Demurrage Charges. Learn How to Avoid Demurrage and Detention.

Your logistics expenditures include a sizeable amount of your shipping demurrage charges. To examine and optimize them, you need a tool. Real-time cargo monitoring gives you the necessary information about the whereabouts of your shipments at any moment, helping you to streamline your cargo and save demurrage costs. We already discussed what are demurrage expenses.

And how to avoid them in our previous article. Now let’s have a look at how to avoid demurrage and detention cost.

Some proven ways to avoid demurrage and detention fees are:

Planning and preparing in advance

Tracking containers using visibility platforms

Use the data

Following these methods to reduce demurrage costs will give you success and is sure to minimize your demurrage in shipping expenses.

Additional Ways to Get Rid of Demurrage Charges and Detention Fees

Being proactive about your cargo, setting up shipping goals, and defining INCOTERMS are some of the most needed steps to avoid demurrage and detention fees.

However, there are some other methods to prevent demurrage and detention costs as well. If you adopt these methods and inculcate them in your workflow, you can reduce the extra shipping costs significantly and may eventually be demurrage free at many ports.

Analyze the Goods: Determine the kind of your goods, the port to which they will be delivered, and the routes they will take. If you know your goods will take quite some time to pack or unload, let your driver know ahead of time, so they can prepare for any delays.

Implement Automation: Use technology to boost the flow of your processes, even if you’re a marine freight forwarder or an air freight forwarder. It will not only help you reduce time-consuming manual operations, but it will also assist you in ensuring conformity, efficiency, deliverability, and profitability.

Plan Well: Shipping delays are frequent, and as a consequence, firms frequently pay additional costs for which they were not prepared. Ensure that the package arrives on schedule. Prepare your stuff carefully ahead of time. Give yourself some wiggle room. Consider probable delays while scheduling the loading and unloading times.

Prepare Documents in Advance: Keep all of your paperwork organized for customs clearance. Make sure the information on all documents, including your invoice, bill of lading, and certificate of origin, is accurate. Inconsistent information will not only cause issues during the customs process, but will also prolong the shipping procedure.

Bargain: Instead of taking a quote as-is, bargain the demurrage and detention fees.

Ask for Free Days: Negotiate with port authorities or shipping companies. For example, you might ask for extra free days for your goods and avoid paying for demurrage and detention. Port officials frequently provide shippers with a lot of cargo extra time.

Have a Backup Plan: Be a smart project freight forwarder and always be prepared with a Plan B. You may reduce the cost of demurrage and detention if you have got a backup plan in place. For instance: If you anticipate managing a busy port, look for alternatives if at all feasible in case the schedule gets constrained. This will provide you with some flexibility if necessary and instances, where demurrage was charged to shipment, will be reduced.

Efficient Communication: Throughout the procedure, make sure you adhere to the communication protocol. Ensure that all of your collaborators, customs officers, and terminal authorities are in agreement. It will aid in avoiding any unneeded delays.

Put Data to Work: Use historical data to identify demurrage hotspots and learn more about their causes. Compare the actual time your cargo will spend at particular ports or terminals to the reserved time slots. Stop spending too much and modify your planning depending on actual data.

Takeaway Points

Even while these fees can’t always be avoided, they may be greatly decreased with thorough preparation and open communication.

All supply chain participants can be informed beforehand when a pickup is necessary by relying on real-time information on a container’s status.

You may lower your demurrage expenses by streamlining the shipping process using notifications by email, SMS, or data via an API.

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MANAGE YOUR LENDING BUSINESS DIGITALLY ON CLOUD AND AT SCALE

Helping lenders with a scalable and secure technology infrastructure to continually deliver innovative and flexible products

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