Spot rate management solutions
Spending hours on the phone or managing a a large stream of emails to carriers and logistics companies is not the only problem many companies encounter when handling their spot quote shipments...
According to a recent blog from JOC, record low container freight rates on Asia-Europe and Asia-Mediterranean trades are encouraging shippers to place greater percentages of their cargo on the spot market. This ongoing trend is making the 'lives' of freight forwarders and shipper rather difficult, and the spot market does'nt limit itself to just the container freight market.
ControlPay has recognized the needs of many multinationals to be flexible in handling spot shipments without spending too much time on it.
In general, shippers face the following issues with regards to spot shipments and or spot rate management:
1. No clear overview of who is responsible/authorized for requesting/approving spot rates
2. No insight regarding why spot rates are needed
3. Few records of spot rate agreements archived
4. Lack of approval limit control
5. Limited overview of who is requesting/approving which spot rates
However, the issues of dealing with spot rates don't just end there. The complexity of the process in general gets even more complicated because of the diversity and quantity of the people involved, namely:
- Administrator: per site
- Site operator
- Site Manager
- Carrier operator
So how can shippers deal with this in a structured, secure and transparent way and create a solid system to approach spot rate management? At ControlPay, we have over 14 years experience in solving these issues for some of the world's largest multinationals covering a wide scale of industries. According to our experience, the following features should be available to shippers in order to deal with transport spot rates, supporting all modes of transport.
- System driven process, routing requests automatically to authorized person(s)
- Approval hierarchy based system
- Easy to use structure for both the shipper and the carrier
- Structured reporting on Spot rates
- Global usage functions and time zone setting
- Fraud proof structure (Segregation of roles)
- Easy integration with shippers TMS
- Low touch communication flow between shipper and carrier
The ideal process flow for spot shipments:
1. Shipper creates a bid with open/close time
2. Carrier enters or declines a bid
3. After bid closing, responses are automatically shortlisted
4. A second person awards the bid
5. Carriers are automatically notified
Feel free to contact us via firstname.lastname@example.org and share your spot shipment / spot rate management issues with us. We are happy to share our experience in this field. For more information regarding our web-based spot shipment solution, please take a closer look at the following presentation. This service is offered in cooperation with a specialized partner who procures yearly over € 200 million in Freight in Europe alone. Combined with ControlPay’s advanced benchmarking technology, ControlPay ensures a smooth and efficient tender process that selects the best carriers at the best price.
More ControlPay freight management content
Specific tools and features we offer: