Digital Rate Management Unlocks the Digitized Supply Chain

In today's fast-paced logistics environment, managing shipping rates efficiently and accurately can make or break a supply chain. For many Beneficial Cargo Owners (BCOs), the traditional reliance on Excel spreadsheets for managing shipping rates has become a significant bottleneck. As the industry continues to evolve, transitioning to a digital rate management system is not just beneficial, it is essential for unlocking the full potential of a digitized supply chain.

Excel has been one of the major supply chain tools for decades and is still widely used. According to Enterprise Times, about 60% of US businesses still rely on Excel spreadsheets.

However, its limitations in handling the complexities of modern shipping rate management are increasingly apparent. Some of the biggest hurdles with using Excel include:

- Error-Prone Processes- Manual data entry and updates in Excel are highly susceptible to errors. These mistakes can lead to significant financial losses and operational inefficiencies.

- Lack of Real-Time Collaboration- Excel does not support simultaneous multi-user access, making real-time collaboration difficult. This is a critical shortfall in a global supply chain where teams need to work together seamlessly.

- Version Control Issues- Managing multiple versions of spreadsheets can lead to confusion and data inconsistency, further complicating decision-making processes.

Because of the issues with relying on old Excel-based solutions, global supply chains are gradually moving towards comprehensive digital transformation.

The Benefits of SaaS in Rate Management

Software as a Service(SaaS) platforms offer a more robust alternative to Excel. SaaS platforms provide many advantages that streamline rate management and enhance overall supply chain efficiency such as:

- Automation and Accuracy: SaaS platforms automate the process of importing, standardizing, and managing shipping rates. This reduces manual errors and ensures data accuracy.

- Real-Time Updates: These platforms allow for real-time updates and collaboration, enabling teams across different geographies to work together efficiently.

- Scalability: SaaS solutions accommodate the growing needs of businesses without the need for extensive technology infrastructure investments.

- Increased Efficiency: Automating rate management processes can save BCO shippers up to 20 hours per week, significantly boosting productivity.

- Error Reduction: Artificial Intelligence (AI)-driven solutions reduce rate management errors by up to 30%, ensuring more accurate and reliable data.

- Enhanced Decision-Making: Access to real-time, enriched data allows BCOs to make informed decisions, optimizing their shipping strategies.

The shift from Excel to digital rate management systems is a critical step towards a fully digitized supply chain. By leveraging the power of SaaS, BCO shippers can overcome the limitations of traditional methods, achieve greater efficiency, and maintain a competitive edge in the logistics industry.

Integrating AI and machine learning (ML) into these SaaS platforms elevates digital rate management to the next level. At Ship Angel, our proprietary 7-pillar AI/ML architecture revolutionizes the way shipping rates are handled.

By embracing digital rate management, BCO shippers can unlock the true potential of a digitized supply chain, paving the way for a more efficient, accurate, and collaborative future.

For more insights on how Ship Angel can transform your shipping rate management, schedule a free demo today.