Year: 2019

  • Did you know? 8 is the luckiest number in Chinese culture because of 八 sounds like 發 (fa), which means “wealth”, “fortune”, and “prosper” in Chinese. Even in Japan 8 is considered a lucky number because it is nearly homophonous to the word “Prosperity” (繁栄 han’ei), It is also homophonous to Hachikō. Now you might be thinking- “why am I sharing this information?” Well, I have some exciting news to share! GoComet just surpassed the $8 billion worth of cargo moved. This is the beginning of a long journey and we hope will make GoComet even more useful for all of our users. Since 8 is a lucky number in both Japanese and Chinese culture, so even more reason to celebrate. A big thank you to all our customers 🙂 We have surpassed some more major milestones that include – Surpassed $201 Million worth of freight booked Saved total $18 Million of our customers Manual work of 40,389 Hrs saved We got some hands-on experiences with extremely successful events Future Plans We are working on new product Robotic Process Automation(RPA) for automatic invoice matching and processing. We will roll out a redesign of our new user interface (UI). We are working on new UI intending to make the software easy, light and faster. Soon we will invite you to be part of the testing process for the new UI. This is a great way to have an impact on our final touches. We are working on revolutionizing the international logistics space by reducing manual workloads, eliminating miscommunication and leveraging data. A Big Thanks To All Our Clients To all of our customers, 8 billion thankyous for being part of our crew and helping GoComet create the #1 enterprise software to reduce costs and manage freight faster, smarter and easier. Since...
  • Are you delivering in full and on time?  Is your supply chain department working efficiently? There’s a way to measure your supply chain efficiency and be sure about it. That’s with the DIFOT rate.  In this post, we will discuss DIFOT(Delivery in full, on time) why it matters and how you can improve. Let’s start this post by understanding what is DIFOT What is DIFOT DIFOT(delivery in full, on time) or OTIF(on-time and in-full), is basically transporter’s key performance indicator(KPI) that defines your supply chain efficiency by measuring the product, quantity, and delivery performance. It generally expressed in percentage(%).  DIFOT is dependent on the following factors –  The quality of the product ordered In the full quantity ordered by the client At the place agreed by the customer On the time expected by the customer DIFOT directly measures how successful your supply chain is at fulfilling these objectives. To achieve a high DIFOT rate, all the functions of the supply chain (among which orders taking, procurement, suppliers, warehouses, transport …) must work at their best level. DIFOT looks at the delivery performance from the perspective of the client hence most businesses consider DIFOT better than other delivery performance indicators such as shipped-on-time (SOT) and on-time performance (OTP). How to Calculate DIFOT Requirements for the DIFOT measurement are : Number of deliveries Delivery date measure the date or the hour of delivery and archive it in the system maintain a record of the reasons why an order was not OTIF. DIFOT(%) = Number of deliveries OTIF / (Total number of deliveries)  X 100 OTIF deliveries are those that fulfill the following criteria On-Time = (Delivery time) – (Confirmed delivery time) Target result = 0 In this case, the shipper should be able to match a delivery time agreed with the clients,...
  • We have observed that numerous organizations outsource their third-party logistics needs to get to the adaptability and scalability that an outside vendor can offer. If their shipping needs increase rather than employing additional staff or extending distribution center space, they hire 3PL merchants for frequently supply additional capacity on request. Most logistics managers tend to oversimplify the problem by making it a short-sighted decision based only on investment of time, effort, and money. What is Third Party Logistics (3PL) Third-party logistics (or 3PL) refers to the outsourcing of logistics processes, including inventory management, warehousing, and fulfillment. 3PL providers allow e-commerce merchants to accomplish more, with the tools and infrastructure to automate order fulfillment. We don’t know for sure who coined the term “third-party logistics,” but companies began trending toward outsourcing logistics services to third parties in the 1970s and ‘80s. With the presentation and development of the web-based business during the ’90s and 2000s, the term 3PL has turned out to be pervasive, and 3PLs have extended their services. The supply chain integration of warehousing operations and transportation services has become what we now call third-party logistics. Real-time Shipment Monitoring Enforcing real-time shipment monitoring to gain visibility throughout the supply chain is paramount for industries of all sizes. Many supply chain managers rely upon their transporters to implement track-ability to enhance efficiencies and reduce operational overheads.  Whilst working with many supply chain processes of different industries we realized that the challenges of outsourcing the implementation of visibility to transport providers would eventually outweigh its benefits in the longer run. Find out why this practice of outsourcing the implementation of IoT visibility solutions to transporters or 3PLs is indeed a recipe for failure. Here are the top 8 reasons  It Takes a Long Time to Get Response-  When you make an...
  • Let me begin with a simple question… How much time and effort do you spend on tracking your shipments? To find the answer, let’s break this down. Let’s assume you have 500 shipments a month and you work with 7 to 15 shipping lines.   To know the current location of all your 500 shipments, you are forced to look at each shipping line’s website and enter a master bill of lading or container number. Each and every time.  Right?? Let’s do the maths here On average, it takes 2 mins to track 1 shipment from 1 shipping line 1 shipment     = 2 min 500 shipments   = 1000 mins Now, you also have to trawl through 7 to 15 independent websites for each shipping line, which is again going to take you time and effort. 15 shipping lines’ site  = 15 mins  Next, there are generally 6 to 12 checkpoints in every shipment. Gate in, container loaded on the vessel, container about to reach transshipment port,  container loaded on the vessel at transshipment port, container reached the destination, container gated out, etc.  On average you would find 8 checkpoints in any shipment.  So…now imagine Based on the time required for 500shipments for a single checkpoint Checking a total of “8 checkpoints” to “500 shipments” a month  You have been forced to devote 8,000 mins of your time! That’s right, 8,000 minutes! That’s 133 hours, or put another way, over 16 ½ working days!  16 ½?! That’s more than most people’s annual holiday allowance!! And that’s not even including the time it takes for you to store these records to analyze the levels of service that your carriers are (or are not) providing you for the money you are paying them… However, this is the best-case scenario. I know...
  • You did it — you finally dispatched your shipment! It’s smooth sailing from here, right? WRONG. On average, one intercontinental shipment includes hundreds of interactions and more than 20 players involved– freight-forwarders, port handlers, marine insurers, inland transportation and so forth. In this context, shippers frequently whinge about the difficulty in getting actual-time visibility of their shipments and that they don’t have any real guarantees about storage and transport situations. Dispatching a shipment was only half the battle; you still have to deal with delays or disruptions, inspection and on and on. The delay in shipments also leads to delay-related charges (Demurrage and Detention) and other fees. It also affects the shipper and consignee relationship. Can you guess what most companies do to solve these problems? They have manual processes where they have to track by going to different airlines and shipping lines and checking each of them, click by click. I know what you are thinking….There must be a better solution, right? One that gives real-time insight and doesn’t take much time. That is why the Container Monitoring Solution came in place…to foresee the transportation lead time. Container tracking systems provide the shipper all the insight regarding the different stages of the logistics and transportation process, consisting of information on the status updates of the container. Way to technological improvements, now it has grown to be less difficult to track the passage of goods at any time. An efficient field tracking system offers you port info and also gives you data about the location of your shipments. To track a container current location, some essential info is required i.e., container number/invoice of lading/booking number and the shipping line. Below are the top 5 reasons why companies should use Container Tracking Module Reduce Time And Energy You can track multiple...
  • Do you feel that adopting technology is difficult for you? Do you struggle to keep up with the new advancements in technology? Are you hesitating to try out new products because of your fear of not being able to learn? Agreed that GoComet is the latest technological product in international freight procurement. Obviously, it is able to reduce your work and save lots of time for you. But is it difficult to learn and adopt? Let’s take a look at some statistics. Out of 2845 user accounts created till date, 2477 accounts are still active with at least 1 activity every 2 days. The transition time from the first login to active usage is around 4 hours. It would now be pretty clear that the adoption of the GoComet platform is very easy as it is a very user-friendly platform. Of course, everybody had apprehension in the beginning but once they tried the product, the numbers mentioned above speak for themselves. GoComet functions on 3 simple screens. Screen 1: An inquiry creation form where the basic details of the type of container, origin port, destination port etc are mentioned. Screen 2: Vendor Master to share inquiry with vendors with the click of a button and receive quotes that are automatically arranged in a comparative format from the lowest rate to highest rate with all the required parameters such as carrier name, transit time etc.  Screen 3: Repository of all inquiries where you can view historical rates, active, completed, discarded inquiries. The tracking of containers is also simplified. Just update the container numbers and get live email updates of delays, arrival etc.  No need to go on multiple websites to track, get everything on one screen. Conclusion What’s great about these changes is that you can now easily organize your freight,...
  • Historically, the term logistics has been associated merely with the transportation of goods from points A to B. In the last couple of decades, however, its scope has broadened to include complementary services such as packaging, storage, cargo handling, etc. As a result, customers are now also looking for these services from their suppliers. As technology has evolved, the expectations of customers have in turn risen even more. Traditionally at most export/import (EXIM) businesses, the logistics process would include people from operations, the factory team, and an external logistics service provider, whilst the marketing, business development, and finance teams would be involved in the documentation or other formalities. A relatively new addition to the logistics process is the customer service team. Initially thought of as an offshoot of marketing, the importance of the customer service department has grown exponentially. With growing competition, many businesses are realising the importance of customer satisfaction and how this is intrinsically linked to customer retention. A strong bond with your customer lays the groundwork for long-standing business ties. Although it is the marketing team that lays the foundation, it is your customer service team that builds strong, long-lasting relations on top through consistent client engagement. Here too, technology is poised to play a big part and this is evident from the adoption of various customer relationship management (CRM) tools already available on the market. The industry for CRM software is now valued over $40 billion and is poised to touch $80 billion by 2025 (IBM, Superoffice). As a result, many companies are now looking at other innovative avenues to add value to their CRM efforts and make them stand out from the crowd. Within logistics, one of the major opportunities to enhance the customer experience is to facilitate customer visibility over their cargo status. This...
  • Now straight off the bat, you’ll be thinking that the above looks a little strange. How on earth could the biggest cricketing tournament in the world help reduce my freight charges? Well, as the teams are about to break for drinks, let’s read on, to find out how. First, let’s set the field. You’re a company that has a large percentage of export-oriented business. Whether you send goods by sea or air, it’s crucially important to your bottom line that you negotiate the very best rate for each and every shipment. Traditionally, the only way to do this was to issue an RFQ to your preferred vendors, roll-up your sleeves, and then start negotiating. Today though, there’s another way. Ok, let’s pause here and head back to the ICC World Cup. Now, imagine your freight forwarders are the teams in the tournament. These guys are the very best in the business; they’re pros, at the top of their game. For years, they’ve been practising and refining their craft to produce their best performance for this very moment. Although they play the same game, each team is clearly distinct from the other. They each possess unique qualities and strengths, from India’s majestic King Kohli, to the powerhouse of Warner or the all-round ability of Stokes, and have different approaches and techniques. But when it matters most, who’s going to deliver? Predicting the winning team before the start of the tournament is an extremely difficult task. Sure, you could take a bet and choose one, but your decision would be based more on gut-feel or who your favourite team is rather than anything more scientific. But why bother? Instead – and to 100% guarantee that you find out who is the best – all you need do is wait to see who wins. Each...