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How to track shipping expenditure with shipping reports?

by BlogSpend Intelligence

Are surcharges hurting your bottom line? Do you wonder which areas of your shipment cost more? Shipping reports give greater visibility to your shipping data.

You can get an idea about your total spending with the help of shipping reports. It will help you get a grip on any wayward shipping expenses. Here, we will focus on essential reports that track shipping expenditure.

Importance of Shipping reports

Shipping dashboards give a glimpse into the shipping profile of shippers. Similarly, shipping reports track the shipping expenses of companies. Businesses have a real-time overview of packages and charges from these reports. In addition, shippers monitor parcel deliveries made by multiple carriers and the charges incurred during the shipment. Thus, companies effectively manage freight and parcel costs with these reports.

Four essential shipping reports

Parcel carriers and audit companies offer different kinds of reports. These reports consist of complex information that is not easy to understand for companies. Shippers need easy-to-use information that points to the areas that are increasing shipping costs. We, at Audintel, believe four essential shipping reports track the shipping expenses of companies. These four key reports comprise:

Analysis details report

This report analyzes the details of each parcel. A shipped package is assigned a unique tracking number. With the help of this tracking number, our customers can see all the charges associated with their packages. These charges include fuel surcharges, freight charges, accessorial charges, and more. Further, it gives the discounts applied on the parcels. In addition, the report provides details of the scheduled date of delivery, actual delivery date, zone, and dimensions of the package.

Charge Summary by Service report

This report gives an account of the charges associated with the carrier services. It provides an overview of the number of packages shipped and invoice amount by a particular service. Further, it gives all the accessorial charges in third-party shipments. For instance, for a 2nd Day Air A.M. Commercial service shipment, charges in a week can be fuel surcharge, freight charges, additional handling charges, etc. This report gives a breakup of the charges by services.

Invoice Summary by Account Numbers Report

This report explores the total spend for each account number.  It provides all the charges for each account number. The net amount, total discount, and the number of packages for each service and account number are a part of the report.  It summarizes the breakdown of charges by account number. Shippers can see all the expenses according to the account number in this report.

Weight distribution by Service and Zone Report

This report details the weight of packages by zone and service. It evaluates the net amount of each parcel by weight and zones. For example, if shipping a package through UPS standard service, the weight is between 50 and 150 lbs in zone 2, the total spend is 21 USD. The report shows the data and status of shipments to our clients.

In this way, we track shipping expenditure with these shipping reports.

Additional Shipping reports that lower shipping costs

Other than these essential reports, Audintel has other shipping reports that track shipping costs. Our earlier blog mentioned some of these reports. The reports were Annual Summary Report(summary of all the charges per package for each service annually); Net Spend Summary Report(highlights a business’ total spends and refund for each service “at a glance”  every week); Service Level Summary Report(provides all the shipping charges by service level); and service Summary Report(gives an overview of all the services the client uses per zone).

In sum, shipping reports give shippers an account of the expenses made during shipment. As well as the amount the carrier charges shippers for each shipment.

Save money by using Audintel’s shipping reports

The next-generation analytics and automation platform of Audintel provides cost-saving solutions to our customers. We help our clients receive refunds if carriers charge them inappropriately. Audintel has the most comprehensive Billing Error Identification Platform in the industry. These reports as discussed above help our clients. Clients have greater visibility of their data and benefit immensely from the various shipping reports provided by us. Audintel offers unique solutions to our clients regarding shipping parcels.

Conclusion

Businesses need real-time information to manage their expenses. Partnering with parcel audit teams helps shippers curb their shipping costs. Shipping reports are the right tools for shippers to monitor their shipments. With the help of these reports, it is easy to identify invalid charges. To learn more about the various shipping reports that cater to your needs, contact us at [email protected] know more about us and our services, visit the Audintel website or call us at +1 (619) 354 8539.

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Know your shipping spend from four critical shipping reports

by BlogSpend Intelligence

As a shipping business, you are always on the lookout for profitability. When shipping parcels from place A to B, you need to know the cost of the shipment. Keeping a tab on the packages shipped becomes difficult for businesses. For this reason, shipping reports are vital for shipping businesses.

The shipping reports give an overview of the shipping costs. And help the shipping business save money. This article will explore the concepts of shipping spend. And the four critical shipping reports that address shippers’ spend, and save money.

What is shipping spend?

The cost incurred during shipping packages is known as shipping spend. Shipping spend includes transportation fees, accessorial fees, warehousing, labor, insurance, etc. Managing shipping costs along with labor and product costs is a balancing act for businesses. Automation and digitalization are helping companies to understand their spend management. Shipping spends management gives visibility to shipping costs. In addition, it provides insights into cost-saving opportunities and strategies for businesses to adopt.

How is shipping spend analysis improving data visibility?

Shipping businesses can manage and optimize shipping operations with the correct data.  Shipping spends analysis starts with collecting data and analyzing it in detail. Data from shipping carriers, customs, shipment count, fuel purchasing system, and more are not enough. In addition, shipping businesses have to analyze real-time data with advanced technology like IoT. Advance technology improves data visibility so that shippers can make informed decisions. The data helps in reducing shipping costs for shippers.

Shipping reports aiding spend management

Proficient software tools aid in analyzing shipping spend. An automated software helps to identify the areas of financial opportunities. Based on a shippers’ key performance indicators (KPIs), the software generates shipping reports. The customized shipping reports shed light on specific shipping details and help in making data-informed decisions. Towards this end, we have detailed the four critical shipping reports that are vital for shipping businesses to understand shipping spend.

1. Annual Summary Report

A summary of all the charges per package for each service is in this report. It calculates the average cost per package for each service.  The report is essentially an analysis report from a particular date range. It includes the shipping spend, the number of packages, cost per package, and the weight of the parcels for each service. For example, for a 1-day service, customers can compare the charges levied in the current year to that of last year.

2. Net Spend Summary Report

An easy-to-use report that highlights a business’ total spends and refund for each service “at a glance”. This report gives the net spend and refunds for each service weekly. It is an essential report for customers. It provides an insight to customers about the total amount spent on each package per week. Customers can manage expenses and save money by using this report.

3. Service Level Summary Report

It provides all the shipping charges by service level. The report covers expenses on the total packages, gross amount, discounts, and discount percentages for each service.  The amount charged without applying any discount is known as the gross amount. In addition, the report explains the average cost, weight, and zone for each service. The average weight is the total package as against the total weight of the package. In addition, average zone means shipping to each shipping zone on average.

4. Service Summary Report

This report gives an overview of all the services the client uses. It provides details like net charges, carrier-published charges, accessorial charges, surcharges, the weight of the package, and the number of packages. Carrier-published charges are the charges to which the shipping carrier has agreed with the shipper. The report analyzes the amount the carrier charges per zone.  Furthermore, it indicates the percentage with which the shipping carrier is increasing their deliveries.

Benefits of shipping reports

Shipping spends analysis is characterized by shipping reports. The information in the shipping reports helps shippers in optimizing their shipping strategy. Further, it improves the visibility of the shipping data. And help shippers root out invalid charges claimed by shipping carriers. Audintel gives customers an overview of their shipping costs with these reports. Audintel provides in-depth shipping spend information. Customers can make decisions with the data received from shipping reports.

Closing remarks: Shipping businesses worry that their expenses do not cost them dearly. With this in mind, shippers try to gain more information about their shipping spend.  However, the process takes a lot of time and money. But, when you partner with a parcel audit company like Audintel, life becomes easy. Audintel provides customized shipping reports that provide spend management solutions to their customers. As a result, customers have critical data insights in their hands to negotiate with shipping carriers concerning their shipping spend. To learn more about shipping reports, contact us at [email protected]. You can also learn about us by visiting our Audintel website or call us at +1 (619) 354 8539.

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How do analytics & BI tools help optimize shipping costs?

by BlogSpend Intelligence

Optimization of parcel shipping costs is the goal of shippers. Data Analytics is helping shippers achieve this goal. Shipping contract negotiations help in getting the best rates from carriers. Similarly, new shipping software solutions give shippers insights to reduce parcel costs. In this blog, we will discuss the steps required to optimize shipping costs using data analytics.

Importance of analytics in the supply chain industry

There is an increasing demand from customers to deliver their orders on time. In addition, they expect free benefits from shippers. Shippers have to meet these demands and contain expenses. Data analytics is helping shipping companies meet the demand of customers. They can control the information overload by using Analytics. Further, Business Intelligence (BI) tools analyze shipping trends of companies. These tools are helping to improve shipping efficiency and reduce parcel costs.

Five steps to optimize shipping parcel costs

The steps that shippers take to improve shipping costs for parcels are:

1. Monitor performance of shipping carriers and their services

Real-time shipping data helps shippers to understand the performance of shipping carriers. For instance, with the data, they can identify if the parcel’s delivery is on time. Similarly, shipping carriers provide services like Ground, Express, Priority Overnight, and more. With data analytics, shippers can choose the service that will meet their delivery requirements. Audintel suggests alternate low-cost services for small parcel shipping.

2. Understand distribution zone usage

Today, customers are concerned with fast shipping time. So, shippers need to understand the different distribution zones for shipment. They have to consider the distance between the shippers’ location and the customer’s location. Further the packages are shipped, the more it will cost the shippers. Data that understands distribution zone usage is essential. It will determine if the shippers need to outsource the parcel to a central fulfillment center. By making small changes in the carriers operating in distribution zones, shippers can save additional costs. Audintel offers unique software solutions to shippers with discounts depending on zones.

3. Weight of packages

Data analytics gives insights on the way to handle shipments. They help in addressing issues related to parcel weights. Shipping carriers charge for bulk shipments. Combining multiple parcels and of differing weights together in a single package is a cost-effective strategy. DIM divisor influences the pricing of parcel weights. Alternatively, the dimensions of the parcel are more. Then shippers end up paying more for freight shipping. Shippers can reduce dimensional weight by making smaller packages. The dimensional weight analytics provided by Audintel aids clients in saving parcel costs.

4. Monitor special handling and associated fees

Analysis of weekly parcel data gives insights into the additional charges affecting shippers. Evaluation of accessorial fees is necessary to know the charges levied by carriers. In addition, it is vital to monitor the special handling fees. To avoid Residential delivery fees, shippers can use U.S. Postal Services (USPS) as last-mile delivery, thus saving money. Furthermore, Analytics gives shippers the freedom to ask for discounts from carriers. Audintel provides software solutions to help in mitigating the pain points of parcel shipping.

5. Outsource to a third party for contract negotiations

By aligning with a third party, shippers can reduce parcel freight rates substantially. Incidentally, it amounts to up to 40% savings for shippers. Third-party experts can negotiate with carriers like UPS and FedEx for discounts. They have helped in reducing surcharges. In addition, the negotiations done by outsourced experts give a competitive edge to shippers.

Audintel’s role in optimizing shipping costs

Audintel has an evidence-based learning software system. It is a one-of-a-kind software system that evaluates a client’s shipping profile. The experts at Audintel support clients with contract proposals and negotiations. Based on the historical shipment data, Audintel gives suggestions to clients for reducing parcel costs. Audintel helps its client realize its goal of cost-effective negotiations. Shipping data analytics helps its clients adopt long-term and cost-saving services.

Concluding remarks

Big data analytics is changing the supply chain industry. BI tools help in gathering relevant shipment information, useful for shippers. Analysis of shipping data helps shippers strategize ways to reduce shipping costs.

Audintel uses analytics to cater to your shipping needs. For further details, write to us at [email protected] or contact us at +1 (619) 354 8539. Please visit our Audintel website.

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Reduce costs and improve efficiency with Shipping Reports

by BlogSpend Intelligence

Shipping reports play a significant role in improving the shipping processes. They enhance shipping efficiency. Track parcel delivery in real-time. And lower overhead costs.

Shipping reports contain vital data of all your shipment. This data is a powerful asset that helps improve processes and optimize operations. This data helps you assess the different areas of operations, run reports, and take corrective actions. Efficient operations, favorable fuel, and labor costs determine the profitability of shipping companies. In this context, having thorough shipping reports are essential. They give an overall view of the shipping profile of shippers. In addition, they enhance shipping efficiency. In this blog, we will discuss the way shipping reports are making an impact.

Understanding the shipping process

Ordering products online seems easy. But shipping is a complex process involving different stakeholders, government regulations, the entire supply and distribution channels, and safe delivery. Hidden costs and carrier inefficiencies hamper a smooth operation. The process needs to have transparency for better operational efficiency.

So, how to improve the shipping process?

There are many ways to improve the shipping process. The chief among them are:

  • Streamlining the shipping process
  • Sustainable and attractive parcel packing
  • Offering customers multiple delivery options
  • Researching and choosing reliable carriers
  • Keeping the customers informed about the shipment

Further, shipping reports aid in improving the shipping process.

Shipping reports and their role

Visibility of data is vital to ensure that the shipping process is being executed well. The shipping reports provide a single consolidated view of the complete data. Shippers access the data, analyze and act on it, and make informed decisions. The entire shipping profile of companies is available in these shipping reports. They provide a detailed 360- degree view of the minutest relevant information on each package shipped.

Audintel has various shipping reports that make it easier for our clients to evaluate, optimize and improve their shipping processes.

Some of Audintel’s reports are:

Shipment details report:

This gives detailed information for each package. Information like sender’s and receiver’s addresses, the weight of each parcel, etc., along with the charges, are easily accessible in the report.

Payment report:

This report gives consolidated report details of the payment for each parcel to carriers by shippers. The clients need not visit each carrier’s website to get the payment information. Thus, it expedites carrier payment and saves time. This also makes the comparison between different carriers easy and helps clients evaluate carrier performance at a glance.

Recovery and transaction report:

This report presents details of credits from the carriers. It mentions the number of transactions along with the charges. In addition, there is an indication of the refund amount. Tracking shipping costs is easier with the shipping reports.

An Audit credit report:

This report presents details on a refund for a package. It is filed by an audit company, like Audintel. On the other hand, client credit is possible. So it is when clients file for refunds or get payment from the carriers directly. This report enhances shipping efficiency.

Address correction report:

This is a vital report to identify charges for change in address of the package. Sometimes the rise in expenses is due to incorrect addresses during delivery. This report presents a complete view of such instances.

Exception and reason report:

These reports come in handy to track delays in package delivery. For example, the report captures details such as package delivered after business hours, weather delay, receiver not available at the delivery time.

Late with exception and reason report:

This is a consolidated report for packages that were delivered late and the reasons behind their delays. This report gives insight to the shippers regarding delivery improvement.

Saturday pickup and delivery report:

These reports help shippers evaluate the extra charges incurred for a Saturday pickup and delivery of packages.

Lost and damaged packages report:

These reports present the data on the number of lost or damaged packages during transit. These reports lower the overhead charges for the shippers.

There are many more reports available that give an easy and simplified view of all the complex data available in the shipping reports. The reports can be further customized as per customer needs. The report presents an enhanced shipping efficiency and saves money.

Closing remarks

The shipping experience should be a pleasant one. Not only for the customers but also the shippers as well. Shipping products to customers need to be fast, hassle-free, and on-time, every time. For achieving this objective, shipping reports offer the right insights for analyzing performance, optimizing services, and enhancing customer experience.

If you’d like to know more about Audintel’s best-in-class shipping process management and reports systems, write us today at mail to [email protected] or contact us at +1 (619) 354 8539 or visit our website here.

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Parcel Shipping Systems Enhanced: Using Data Analytics

by BlogSpend Intelligence

Small parcel shipping charges are costly. For this reason, customers opt for products that have a “free shipping” tag. E-commerce giants like Amazon are cashing in on this term. As a result, to outdo their competitors, shippers need to control costs. This article addresses the different ways shippers cut parcel shipping costs using data analytics.

Parcel shipping and logistics are complex processes. Here, we will understand the parameters affecting shipping costs.

Factors affecting parcel shipping costs

Parcel shipping involves high expenses. The expenses are dependent on factors such as:

  • Parcel destination
  • Delivery speed
  • Parcel size
  • Parcel weight
  • Carrier rates
  • Customs duty, taxes, etc.
  • Shipping insurance
  • Delivery surcharges

Shippers have to consider these factors for reducing parcel shipping costs.

Key Performance Indicators (KPI) of Parcel Shipping

KPIs are equally essential in understanding parcel shipping costs. Consider the following KPIs

  • Spotting potential shipping issues
  • Accuracy of order
  • Tracking the delivery time
  • Costs incurred during transit
  • Warehouse expenses
  • Numbers of orders shipped
  • Accuracy of inventory and turnover

Understanding these KPIs will help in controlling shipping charges.

How is data analytics helping?

Parcel shipping generates tons of data. Analysis of the data helps in optimizing supply chain and logistics management. Data analytics of the shipping data controls your parcel spend. Shipping analytics simplifies the process and brings transparency. Automating decisions and implementing real-time analysis reduces shipping costs.

Role of predictive analytics in shipping

Predictive analytics give shipping insights to shipping companies. It improves the efficiency of shipping services. As well as assesses what the future holds. In addition, it can identify any preventable conditions. Shipping software with programmed algorithms makes systems easy to use. So, shippers get actionable data at their fingertips.

Five ways to cut parcel shipping costs

Predictive analytics helps shippers lower parcel shipping costs. Shippers maximize parcel savings by tracking small parcel shipping spend.  Thus, the future of parcel shipping lies with shipping analytics.  It can optimize shipping performance. There are five ways in which it can achieve this.

1. Collection of shipping data

Shipping data is complex and disparate. It is present in shipping carriers and third-party systems. Automating data capture is vital in data collection.  Automation can separate data collection.  For data analysis, current shipping data is relevant.  It gives insights into reducing shipping costs.

2. Optimizing and normalizing data

Optimizing shipping data is beneficial for companies. The collected shipping data is filtered. It gives companies the most efficient shipping process. Normalizing shipping data is storing it in a single archive. Each parcel is analyzed effectively. Robust, cloud-based shipping software can help in normalizing shipping data.

3. Utilizing real-time analytics

Automated systems can utilize real-time shipping data for decision-making. Predictive analytics use the normalized data on a user-friendly Business Intelligence (BI) platform. Experts will examine the data and point out process improvements. Real-time analytics is problem-solving shipping processes.

4. Streamlining communications with partners

Engaging in discussions with the shipper’s partners is necessary. As partners, who are vendors or carriers can exchange shipping data with shippers. This communication between partners will streamline the shipping process. Robust contacts will help predictive analytics.  It gives insights on methods to reduce shipping costs.

5. Responding to real-time data

Up-to-date information is easy to use in controlling shipping spend. Shippers can view parcel shipping expenses in real-time.  There is an instant correction of any mismatch in data. Shippers use real-time data to make informed decisions instantly. Small parcel shipping costs will reduce by responding in real-time.

Maximizing parcel shipping profits

Every shipping company’s goal is to protect assets and maximize profits. Shippers can achieve this by reducing shipping costs. The use of data analytics is improving parcel delivery services. In addition, parcel shipping systems need to be automated to stay ahead of the competition. Audintel is the guide for shippers in maximizing parcel shipping profits.

To Summarize

Shippers get repeat business by keeping customers happy. Further, if you reduce shipping costs, you earn more customers. Therefore, there is a need to automate parcel shipping systems. Technology like data analytics is enhancing parcel shipping systems.

Hence, Audintel has an intuitive state-of-the-art Technology Platform. It provides supply chain analytics technology.  And so, the user can extract actionable business insights. For further queries, please visit Audintel or contact us at +1 (619) 354 8539 or mail to [email protected].