Shipping_Report_Analyze_Expense

Shipping Reports: Analyze shipping expenses with ease

by BlogBusiness Intelligence

Despite the global turmoil, consumer spending has not waned. E-commerce businesses are rising as fewer people are visiting physical stores. According to experts, the e-commerce market will be over $7.9 trillion by 2027. Many customers (70%) expect free shipping from e-commerce retailers. These retailers adopt shipping strategies to entice consumers to shop more to qualify for free shipping. Further, companies need to grow their business by evaluating the amount spent on shipping.

Shipping software with advanced technology tools gives businesses greater visibility and control over their shipping operations. AI and Machine learning help evaluate business spending data and analyze shipping expenses. Shipping reports provide such information to organizations. Our earlier blogs on shipping reports were on the importance and types of shipping reports. This article will focus on shipping reports and how to track and analyze shipping spend.

Shipping Reports

These are reports that provide shipping information to shippers. They ensure that companies have the latest shipping data. Shipping reports will bring efficiency to shippers’ transportation spend management systems. Companies have vast volumes of data. Shipping reports can filter that data by date, service levels, quantity of goods, etc.

Many shippers have customized shipping reports that cater to their business needs. It helps them make informed decisions regarding the type of shipping carriers to choose.  In addition, payments to shipping carriers and refunds for service failures are visible in the shipping reports.

Track Shipping Spend

Tracking last-mile delivery of goods is necessary for every shipping software. Shippers can choose the service levels of the shipping carriers based on the items shipped, delivery speed, and cost-effectiveness. Shipping rates can be calculated based on the shipping zones of carriers like FedEx, UPS, DHL, and USPS. Further, the weight of packages, dimensions, and delivery time can estimate the shipping costs.

Additional expenses like remote area surcharges, fuel surcharges, and address correction fees need tracking during shipment deliveries. Every shipping carrier has different additional fees for shipment-related surcharges. Understanding these shipment surcharges will help track the shipping spend. Automated tracking tools can track shipments quickly  and save time. Reporting inefficiencies and invoice errors allows companies to keep a check on their shipping expenses.

Shipping Spend Analysis

Spend analysis examines the data involving shipping expenses. Spend data is collected from various sources and consolidated. Further, data inaccuracies and redundancies require removal to get accurate data. Standardizing the shipping spend data and classifying it into diverse groups is the next stage of spend analysis. Shipping reports help in categorizing the spend data for effective transportation spend management.

Organizations can identify trends and saving opportunities by visualizing data as bars, charts, pie diagrams, etc. Further, dashboards give a broad overview of the shipping spend performance. For example, it highlights the invoices with discrepancies. It will also show the areas where refunds from the shipping carriers are available.

Artificial Intelligence (AI) and Machine Learning (ML) tools with predictive analytics allow organizations to study their historical spending patterns. Moreover, these tools can predict future spending patterns and supply risks and identify market trends. Companies can optimize inventory levels and reduce shipping costs by analyzing data from customers and distributors. Further automated tools decrease manual labor and expedite processes in warehouses and fulfillment centers.

Real-time shipment updates with AI-powered tools provide shippers peace of mind and enhance supply chain operations. In addition, AI-powered chatbots improve customer experience and free up agents for complex issues. Spend analytics provides visibility in managing expenses at every stage of the shipment process.

Parcel Spend Analysis

Evaluation of the amount spent on shipping parcels is possible through spend analytics. Parcel audit services provide insights into each parcel shipped, its charges, and service levels. For example, the fees for parcel delivery overnight by FedEx and UPS vary. Understanding the cheaper and faster mode of parcel delivery helps shippers save money.

Shippers can negotiate favorable rates and services from parcel carriers. Further, one can streamline the processes through consolidated shipping and optimizing packaging. Shipping reports generate data that can identify errors and provide solutions to shippers.

Freight Spend Analysis

Companies receive ample cost-saving opportunities with freight spend analysis. It involves an examination of freight invoices in a specific time frame. Shippers can spot hidden costs and overpayments by looking at features such as freight class, routes, modes, etc. For instance, freight data regarding the cheaper shipping lane can reduce costs and transit times.

Further, shippers can comprehend their shipping logistics costs with spend analytics. Information regarding trucking spot freight rates, bill of lading, customs, etc., is possible with descriptive analytics. Shipping reports generate meaningful data that are easy to understand and implement.

Transportation Spend Reporting by Audintel

Our Business Intelligence (BI) powered tools analyze shipping spend data and give valuable insights to shippers. Audintel’s cloud-based platform provides a 360-degree real-time overview of the shipping spend data. We provide customizable shipping reports for our clients with details at the item level. Audintel aids in reporting on transportation expenses.

Shippers get many benefits from choosing our Transportation Spend Management resources. Our shipping reports help businesses understand their shipping spend. The shipping data of each package contains in-depth information. We also offer shipping calculator services to clients. For example, we calculate the best possible rates for each package based on weight, size, or dimensions.

What do shipping reports of Audintel contain?

The shipping reports of Audintel include

  • Summary of all the package charges for a specific service
  • Total expenses and refunds for each package
  • Shipping charges by service level and discounts
  • All the services used by shippers at a glance
  • Consolidated report regarding payments to shipping carriers
  • Details of credits from the shipping carriers
  • Tracks late-delivered packages
  • Details of lost and damaged packages
  • Surcharges incurred on each package (for example, Saturday delivery)
  • Details of the exception packages and reasons for each packages
  • Reports that displays the GL codes available for each invoices and respective charges
  • Details of the Address correction packages.
  • Reports that displays the spend and recovery along with the percentage for yearly, quarterly and monthly date ranges.
  • Week over week(WoW) or Month over month (MoM) performance trends reports.

Shipping reports provided by Audintel provide better visibility about shipping costs and processes. Our intelligent, intuitive dashboards monitors carrier performance and provides comprehensive reports. It allows shippers to have meaningful discussions with shipping carriers regarding delivery timeframes.

Further, Audintel’s parcel and freight audit services can identify service failures, duplicate invoices, incorrect surcharges, etc. We help customers recognize the complexities of shipping rates and surcharges of each shipping carrier. It helps them choose the best ways to ship their goods economically.

Conclusion

The global freight market is facing many challenges. The world shipping industry is evolving at a fast pace. With the approaching holiday season, companies with vast shipping volumes need to reduce their shipping expenses In addition, customer satisfaction with on-time delivery of packages is critical for shippers. Partnering with shipping intelligence experts can help shippers lower their shipping costs.

Audintel’s robust intelligence tools can track, analyze, and reduce shipping expenses. Our comprehensive shipping reports give an overview of each company’s shipping operations. The shipping reports contain the shipping spend and delivery data. It could be late package deliveries, shipping rate calculations, or improper surcharges. Businesses have all the shipping information at their fingertips.

Further, shippers can track their shipping spend for a particular timeframe with one click. Companies can gauge the performance of a shipping carrier when shipping their goods. And so they can choose the best carrier for their shipping needs. Our shipping reports are easy to understand and self-explanatory. We help shippers save money with our intelligent software and customized transportation spend reports.

For more information on our shipping reports, contact us at +1 (619) 354 8539. Further, learn more about our comprehensive audit services by visiting the Audintel website.

parcel auditing services

Parcel auditing services: transforming businesses intelligently

by BlogSpend Intelligence

Small parcel audits in the U.S. are vital for all businesses. Parcel audits ensure that companies are not paying more to shipping carriers. Further, timely audits can unlock savings for companies.

Parcel auditing services are necessary for shippers in the U.S. It questions businesses about optimum usage of their shipping data for business growth. Our earlier blogs were on affordable parcel auditing services. The focus was on reducing shipping costs and identifying service failures with software. This article discusses the way parcel auditors use shipping data to help shippers. In addition, we will learn about the advanced technology that aids parcel auditing services save money for companies.

Parcel auditing services and data analytics

Parcel audits involve the process of studying the shipping invoices in detail. It also requires a review of carrier contracts and discovering unclaimed refunds. Technology in the form of data analytics helps shippers save money. As companies are aware, small parcel shipping generates lots of data. Analysis of the data helps in eliminating inefficiencies and errors. Parcel auditing services use the analysed data to control small parcel expenses.

What kind of Parcel data is important?

Understanding a company’s shipping profile is essential for parcel audits. Analyzing the following data on parcels helps shippers improve their bottom line. Data covering

  • the shipping weights of packages
  • the dimensional weight calculation of parcels
  • the shipping zones for shipments
  • the parcel delivery time
  • accuracy of shipping invoices
  • various surcharges of different carriers
  • minimum charges of lightweight packages

Further, knowing about the shipper’s data in carrier agreements is necessary. It helps shippers during carrier contract negotiations to save money.

KPI dashboards in Parcel auditing

Similarly, Key Performance Indicators (KPIs) are necessary to check a business’ progress. In addition, it helps companies identify problems and make quick, timely decisions. The KPIs include:

  • Number of orders shipped
  • Tracking the delivery time of shipments
  • Identifying potential shipping issues
  • Shipping costs during transit
  • Warehouse expenses

and more.

With this in mind, KPI dashboards are vital tools for parcel auditing services. The dashboards provide a complete view of the shipping data of businesses. For instance, KPI dashboards give information about the total shipping costs of different parcel carriers.  Further, the dashboards provide an overview of shipping activity, late shipments, refunds, etc. Thus, KPI dashboards provide shippers with customizable data visualization with performance indicators.

Importance of Business Intelligence in parcel  auditing

Business Intelligence (BI) plays a crucial role in parcel auditing. It provides shippers with shipping reports and dashboards for managing their shipments. So, let’s understand-

What is Business Intelligence?

Business Intelligence (BI) is software that utilizes business data and makes it user-friendly. BI uses data analytics, text mining, and machine language processes. BI tools collect, store and analyze data from businesses. The data presented to users is through graphs, dashboards, charts, and reports. Further, shippers utilize the information to understand trends and variances. Thus, they can take appropriate action.

Benefits of using BI in parcel auditing services

Shippers need detailed information about their shipping operations at their fingertips. Parcel auditing services use BI tools to collect and analyze data in real-time. Shippers receive the information in the form of reports and dashboards. Customized dashboards help in tracking shipping performance by benchmarking. Thus, shippers visualize their data and make informed decisions.

Parcel auditing services optimize the parcel shipping network with the help of BI. In addition, parcel audits help in consolidating shipping data. Further, it provides insights into critical KPIs. Parcel auditing services like Audintel help companies optimize their shipping needs.

How does Audintel deal with the shipping data of businesses?

Our data intelligence services include best-in-class cloud hosting. We have robust optimization tools and intuitive and customizable dashboards. In addition, we provide graphical visualization of KPIs. Audintel’s platform integrates seamlessly with legacy systems and processes. Our decision-making analytics helps shippers. Further, we compare multiple carrier contracts to give clients the best deals.

Audintel as a parcel auditing  service provider

Our AACE (Audit Advantage Cloud Ecosystem) platform uses BI to identify billing errors. Audintel uses AACE technology integrated with machine language (ML), saving shipping costs for companies. We spot all invalid, inaccurate, or unwarranted charges in shipping invoices. Audintel’s state-of-the-art technology platform manages complex supply chain challenges. Our dashboards are easy to use and allow shippers visual feedback on their business performance. In addition, our auditing services help shippers receive refunds directly in their accounts.

Final thoughts

Many parcel auditing services are available in the U.S. market. But choosing the right one for your business makes all the difference. As a shipper, it is vital to partner with parcel auditing services that increase your company’s revenues. Audintel uses cloud-based business intelligence tools to understand complex shipping data. We help businesses grow and manage their shipping costs in real-time. With Audintel, you can be sure that all your data is encrypted and secure. For information about our parcel auditing services, contact us on +1 (619) 354 8539 or visit our Audintel website.

Insightful shipping reports

Reducing shipping costs with insightful shipping reports

by BlogSpend Intelligence

Reducing shipping costs is essential for businesses. So, what are the factors affecting the rise in shipping expenditure? Shipping reports provide answers.

E-commerce businesses in 2022 are increasingly finding it difficult to lower their shipping costs. The reasons behind this are many. To begin with, the general rate increase announced by FedEx and UPS is more than last year. In addition, the economic situation has led to a fuel price hike. Further, additional surcharges are making matters worse. Thus it is essential to know the best way to reduce shipping costs. This article explores the factors influencing the rise in shipping costs. And how shipping reports are helping businesses reduce shipping costs.

Why is reducing shipping costs essential?

Shipping costs affect a business’ profitability. The growing demand for E-commerce goods has put pressure on parcel carriers to deliver goods faster. As a result, parcel carriers have increasingly adjusted their rates based on the shipping distance. Further, parcel carriers calculate the shipping expenses based on the availability of the warehouse area. Therefore, lowering shipping costs is essential for shippers to improve their margins.

Factors affecting shipping costs

Shipping costs are affected by many factors. We had earlier discussed ways to reduce shipping costs. But, the main factors that affect shipping costs include:

Fuel costs

The price of fuel surcharges has skyrocketed in the past year. The global supply chain disruption has caused an increase in fuel prices. Also, no additional crude oil supply is on the horizon for the US. Shipping parcels to far and remote destinations is costs more for shippers. Shipping to higher shipping zones for domestic shipments in the US is more expensive.

Package weight and dimensions

Shipping heavy packages lead to businesses paying more for shipments. Larger boxes mean an increase in the dimensional weight of packages. Shipping costs are rising due to the oversize dimensions and weight of parcels. Bulky, oversize packages cost more for shippers. In addition, FedEx and UPS charge a dimensional fee for customers using their company boxes.

Packaging

In addition to the weight and dimensions of packages, the packaging material is vital. Filling a parcel with padding material will increase the weight, thus increasing the shipping costs. The cardboard used for packaging increases the overall weight of packages. Further, multiple boxes are responsible for the rise in shipping expenses for businesses.

Delivery surcharges

Not only general rate increase, but delivery surcharges also contribute to rising shipping costs. Small and medium-sized businesses will be hit hard with the significant rise in delivery surcharges in 2022. Additional handling and oversize package surcharges are increasing for shipping zones across the US. Further, parcel delivery to residential areas will be costly with the rise in residential charges by UPS and FedEx.

Shipping speed

Any large or small business promises on-time, fast delivery of products. However, expedited shipping charges are eating into the expenses of shipping businesses. Express services offered by FedEx and UPS may save time for shippers. But, they increase the overall shipping costs.

Parcel carriers

Each parcel carrier offers a variety of services. Big parcel carriers like UPS and FedEx have a general rate increase annually. Shippers feel the effect of price rise in the services opted by them. Many businesses stick with a single shipping carrier for shipping parcels. Shipping businesses lose out on the discounts and deals offered by different parcel carriers for various services.

How do shipping reports help in reducing shipping costs?

Shippers need comprehensive solutions to mitigate the factors causing the rise in shipping expenses. It is where shipping reports are helpful for businesses. Searching, sorting, and viewing shipment information is possible with shipping reports. Shippers can plan their shipping strategies based on the data available in the shipping reports. The reference number of the shipment, type of service, pick-up, delivery dates, taxes, insurance, etc., are monitored by shipping reports. In addition, the past and present shipment details for a particular time frame are a part of the shipping reports.

Lower shipping costs with shipping reports of Audintel

Shipping businesses often wonder where their money is spent the most with each parcel delivery. With Audintel, shipping businesses have the advantage of getting customized shipping reports. Our intuitive software provides detailed information about each parcel shipment. We have experts who can track and monitor each aspect of parcel shipments. The actual weight and dimensions of packages are in shipping reports so that clients know where to save money. Audintel advises clients regarding the best, most affordable services of the parcel carriers. We help clients negotiate with shipping carriers on data points such as fuel costs, delivery surcharges, and more. Audintel prepares more than 85 shipping reports. In-depth shipping information is available for clients through shipping reports.

Final thoughts

A rise in fuel prices is having a cascading effect on shipping businesses. Shippers are looking for avenues to reduce their shipping costs and save money. And so, Audintel offers robust shipping reports that provide insights into each aspect of package shipment. Our shipping reports are comprehensive reports that help shippers lower their shipping costs. According to a client’s convenience, shipping reports allow a quick peek into each parcel shipment. To know about our shipping reports, you can call us at +1 (619) 354 8539 or contact us here. Please visit the Audintel website to learn more about us.

optimixze

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.