A lot of apprehensions can go into deciding when to upgrade technology for your company. There could be questions about the usefulness of the software, how quickly users can get accustomed to it, or even justifying the entire investment.
Considering the speed at which the freight industry is growing, your delayed decision on the technology upgrade may cause you to stay behind the competition.
The inspired rush to adopt technologies like cloud-based freight solutions during the pandemic gave companies a glimpse of technology’s endless possibilities. Although the adoption of cloud-based solutions surged in the pandemic, the benefits have been available even way before.
Thus, the early adoption of freight software has proven to be helpful for business continuity and driving revenue. Software opens up unexplored revenue streams and plugs the leakages. If you are a forwarder who wants to improve earnings, you will find the following information useful.
Cloud-based freight forwarding solutions are designed with the intention to:
- Ease operations: When your company can work with efficiency, you stand to gain more business. Freight software that does not make work easy for users, hinders smooth operations.
- Automate: Freight operations involve a set of tasks that must be repeated. With technology, automation is proven to not just complete these tasks faster but also stop errors that break the flow.
- Analyze and act faster: Reports on revenue collected, due, and revenue expected give a clear picture of the financial standing of your company. This improves your ability to quickly tweak non-performing areas and further boost the ones doing well.
Listing below some more ways to boost your company’s revenue:
According to a survey, companies could miss capturing up to 18% of revenue without a well-defined sales process. Forwarders often don’t chase inquiries that fail to convert. CRM management systems when combined with follow-ups via email and call, can increase your chances of adding new customers and hence revenue.
Know what’s hurting your revenue
Spreadsheets and non-freight accounting software may do the job of keeping your costs low. But they are not helpful when it comes to boosting revenue.
Say your container is not returned before the free period expires. Demurrage and detention will eat into your revenue. But when you implement freight management software, you can set up processes that alert stakeholders when the free period is nearing its end. A spreadsheet is not capable of such automation.
Aiming to create bigger margins
Bringing small changes into your processes can lead to significant long-term gains. Introducing complete visibility into your freight processes can help you notice room for major or minor improvements. Increased processing speed can bring a positive effect on your revenue. When you can process a high number of shipments per month, you’re in a position to negotiate better rates with the carriers. Better rates attract customers and help you thicken profit margins.
Optimization in consolidation
Making shipments as efficient as possible is the hallmark of leading forwarders. With data insights gained from freight solutions, you can consolidate multiple shipments into one while balancing the volume, space, and weight. Achieving such optimization is possible with integrated freight management solutions that house all function data in a central database. Such measures allow you to gain wider profits.
Unlock multiple opportunities for revenue growth
If left organized, the burden of bustling activities can close many avenues of increasing revenues. Cloud-based freight management software removes the complexities restricting healthy growth. Streamline your processes and unlock multiple possibilities to persistently drive revenue for your organization.