Due to their complexity and high incidence of mistakes, inaccurate freight bills are much more common than you may realize and can result in significant losses for your company. About 1 in 4 freight bills contain an error, causing shippers to overpay by 13% annually. In a $1.06 trillion over-the-road (OTR) transportation market, that is equal to about $138 billion in overpayments every year!
In an uncertain shipping environment, how do you control your freight invoices, so you don’t become part of that statistic? The answer is easier than you’d think.
Freight bills need to be audited regularly to prevent overpayment due to invoice errors and variances. However, a manual auditing process can be very costly and time consuming. Implementing an effective technology solution can help you identify freight bill issues by automating validation and providing reporting capabilities that identify invoicing exceptions.
Creating this type of internal efficiency through your technology provider can help you save money through both direct and indirect savings measures. Not only does this ensure you aren’t overpaying for freight it also frees up your internal resources to focus their time on exceptions rather than having to review all of your company’s invoices.
Additionally, an automated system gives you access to data for facilitating cost-effective choices to help you control your shipping costs. Extracting that data from freight bills, combined with the other information captured from your shipments, creates a powerful source of business intelligence that will help you fully understand and effectively manage your freight spend. This data drives smarter decision making, targeted cost control measures, and process improvement initiatives, further helping you control your freight spend.
Did You Know?
Banyan Technology is more than just a less-than-truckload freight pricing provider. We also have innovative solutions that can connect you to the largest list of carriers in truckload, final mile, and parcel, as well. One of the most popular features of Banyan’s LIVE Connect™ platform is the Freight Bill Management tool.
Freight Bill Management is designed to help you efficiently manage your freight costs and ensure you never overpay for shipping again. Developed through consistent innovation and collaboration with our clients, this tool will help you manage freight costs by:
- Providing side-by-side comparisons of booked vs. billed shipments
- Quickly identifying issues and duplicates and rectify them
- Giving you access to data that’s exportable to accounting software formats
Contact Banyan Technology today to learn how our Freight Bill Management tool can help you better manage freight costs with our automated LIVE™ Connect technology solution.