smartmockups_kvqg9y6e-768x511

How do small parcel audit services benefit businesses?

by BlogSpend Management

Shipping companies lose money when they are unaware of their shipping data. Shipping couriers take undue advantage of this situation. In the past few years, parcel audit companies, are a boon for businesses.

They monitor the mistakes made by couriers. In this blog, we will discuss the affordable services of parcel audit companies. And their impact on shipping businesses.

Parcel audit services save money

Small parcel auditing identifies the errors made by shipping carriers. Companies save money as audits track surcharges, rates, and discounts offered by carriers. So, for instance, the recent introduction by FedEx of a 6% late payment fee. Companies can avoid this fee by paying their invoices on time. Or by reporting the error in adding this fee. Parcel audit firms like Audintel update their clients about new fees, surcharges, refunds, etc.

Benefits of parcel auditing services

Parcel auditing services reduce the transportation expenses of its customers. Shipping companies receive information on the total spend of each package shipment. Parcel audit firms like Audintel use state-of-the-art software to give information to shippers. Parcel audit services run diagnostics on a customer’s small parcel shipments. There is a check of each shipment for its service performance. In addition, audit experts advise shippers on any inaccuracies in carrier services.

What are the service areas that are a part of an audit?

Shipping carriers make mistakes that need to be kept in check. Different services of the parcel carriers are a part of the audit checklist. The main checkpoints that are a part of audit services include:

Late Delivery

It is the delivery of a small parcel shipment beyond its scheduled delivery time. As a consequence, shipping carriers have to give refunds to businesses. Parcel carriers do not provide automatic refunds. Companies have to request a refund. Parcel auditing services identify the mistake of parcel carriers and request a refund on behalf of companies.

Address Corrections

Parcel carriers charge for address corrections that are not needed for example, shipping carriers declare a change in the apartment number as address correction, even though the location is the same. Parcel audit services identify the invalid address correction charges. The carriers get notifications to rectify their mistakes.

Duplicate Invoices

Billing a package more than twice is one of the problematic areas of shipment. It becomes easy to audit every invoice with parcel audit services. Audit services identify duplicate invoices at a glance. As a result, shipping companies save money with parcel audits.

Voids

Shippers create shipping labels for shipments. However, shippers cannot edit the shipping labels. They have to void the existing shipping labels to create a new shipping label. Shipping carriers such as UPS charge companies for unused shipping labels. Parcel audit services track the unused shipping labels, void the shipments, and receive refunds from the shipping carriers.

Saturday Pickup and Delivery Audits

Parcel carriers charge more for Saturday Pickup and Delivery of packages. If the shipping carriers do not deliver the package on Saturday, they have to refund the amount. Similarly, the absence of services for Saturday PickUp leads to refunds from carriers. Parcel auditing tracks the refunds for deficiencies in carriers’ services.

Dimensional Weight

Shipping carriers incorrectly weigh packages and charge for high dimensional weight. Parcel auditing protects shippers from wrong dimensional weight charges. Parcel audit services ensure that businesses have accurate data to save money.

Incorrect Rate/ Discount

Shippers are given invoices with inaccurate rates. These rates are not the same rates during carrier contract negotiations. Parcel auditing identifies the wrong rates and asks for revised shipping invoices with the actual rates. In addition, shipping companies receive discounts for shipping packages from parcel carriers. However, shipping carriers do not apply discounts to these packages resulting in more money spent by the shippers. Audit services rectify the discount errors and request refunds for shippers.

Residential Address audit

For instance, when companies send parcels from one location to another commercial address- the parcel carriers may consider it as residential. Subsequently, the charges for residential areas vary. Audit services have the data to prove that the delivery was for a commercial location. In this way, audits hold the parcel carriers responsible for billing inaccuracies.

The Audintel Advantage

 Audintel has robust, intuitive auditing software that helps shippers save money. We provide interactive, easy-to-use dashboards and shipping reports to our customers. Audintel‘s clients get better data visibility with our dashboards. We give our clients updates about their shipments and service errors by carriers. Audintel gives accurate information about late deliveries to receive refunds from parcel carriers. We also provide affordable services that are on par with our competitors’ services. Businesses can lower UPS, FedEx shipping expenses by partnering with Audintel.

Wrapping it up

Profitable businesses need to have information at their fingertips. More so in the case of small parcel shipments. Partnering with Audintel, a parcel audit company, is beneficial for businesses. We provide shippers access to their data at no extra cost. Our team of experts guides businesses in receiving refunds from couriers. Shippers can trust us with their data, and we deliver on our promises. Get affordable parcel audit services at [email protected]. To know more about us and our services, visit the Audintel website or call us at +1 (619) 354 8539.

smart

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].

Mover,Guy,Holding,Cardboard,Gesturing,Being,Late,Looking,On,Wrist

How late shipments could impact shipper’s KPIs

by BlogTSM Services

Overview 

Late shipments are something that shippers should be paying attention to. Shippers have to take necessary action steps to improve their KPIs and cut down costs.

What will you know from this article

  • An overall insight into how to identify late shipments and the need for identification, through market research.
  • Financial impact on shipment costs.
  • How to submit claims to carriers.
  • The role of audit firms in the identification and submitting claims through a variety of software tools.

How can Audit firms help the shippers

We will discuss the need for shippers to make a strategic decision whether to go with audit firms or not. Lastly, we shall talk about the audit firm’s add-on services offered, compensation models, and how firms deploy security measures to protect the confidentiality of sensitive customer information.

We hope this article surely helps you to take your current business to the next level just by implementing some of the best practices discussed in detail below.

Let’s deep dive on, what are late shipments and how would you identify a late package?

In the current context even if we try to know we cannot find out if the package is delivered on time. Most of the time, it is very difficult to identify, and this is where the tools come into the picture. The best-in-class tools produce the best result.

What is the need to identify late packages?

  • For explanation purpose, we would like to categorize the reasons into two: First and foremost is the performance of a company depending on how well they are satisfying their customers. Customer satisfaction depends on a better price, quality product, and product on-time delivery. On-time delivery plays a pivotal role in the success of a company. But identifying the late packages is one of the KPI for the company’s growth.
  • The second reason is the huge unimaginable revenue potential. Most of the carriers offer GSR (Guaranteed Service Refunds) for shipments not delivered on time. If in case they don’t fulfill the promise, the carrier would offer a refund on shipping charges. However, they just don’t refund the money just like that. There is a process built around for claiming for refunds, on which this article is built upon.

Submitting Claims for late shipments:

The main catch for submitting the claims is, these usually have to be submitted within 15 calendar days of product delivery or invoice date. Usually, most companies simply don’t have time to pursue these. The majority of shippers don’t even realize that they are leaving money on the table. This is because any shipment if delivered even a minute late to committed time is considered late. The shipper is entitled to a refund for such late shipments. Research reveals that Late shipments recoveries can recoup up to 3% of shipper’s costs. However, handling these claim submissions is a little time-consuming. It involves identifying the late packages, process them in the system and submit for claims. This is where audit/recovery firms come into the picture.

Role of Audit firms :

Audit firms analyze each package, identify late packages using their software tool, and submit claims on the behalf of the shipper. They just charge a contingency fee based on the savings made. The percentage of recoveries generated by shippers versus audit firms varies significantly as audit firms have processes in place, complete domain knowledge, tools in place, and manpower to implement. The higher percentage of credit received depends on the proficiency of the audit firm.

How Audintel can help you :

AUDINTEL is a one-stop solution that delivers a secure small parcel audit platform by using proprietary Artificial Intelligence (AI) to drive predictive analytics, hosted by Amazon Web Services (AWS), the best in class cloud hosting provider. AUDINTEL’s 36-point parcel audit is the most proficient auditing process currently available, and its ability to maximize credits from your carriers is very unique. AUDINTEL’s small parcel audit disputes all eligible late deliveries and any other mischarges tied to the package. For further queries, please reach out to [email protected].

Shipper’s decision-making evaluation:

Depending on the volume of shipments, a shipper can approach the audit firm for helping them in recovering the percentage of their costs. After thorough market research, the shipper should be finalizing the company. It constitutes a team with an immense knowledge base and has shown proven results. Audintel has a fully automated monitoring system and has security controls in place. The client’s shipping data consists of customer names and addresses and hence should be kept confidential.

On the same lines, Shippers should also be checking on add-on services offered by the audit firms to justify the cut offered. Add-on services may include rate audit (whether the carrier is applying the correct rate and is not charging unnecessary surcharges), Audit platform access, reporting, and maintenance. The contracts between shippers and auditors may vary from shipper to shipper. The compensation plan may vary from gain share split/contingency basis to a flat rate per transaction, whichever suits the shipper.

Conclusion:

To conclude, customer service is of prime essence, a satisfied client means you are satisfied. Hence, it is highly encouraged for shippers to not sign a waiver on GSR with any carrier. Additionally, you ensure that you get refunds for late deliveries. For further queries, please visit Audintel or contact us at +1 (619) 354 8539 or mail to [email protected].