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"Aberdeen recently surveyed 191 chief supply chain officers and found that more than 85 percent of companies have shipments crossing country borders. Transportation procure-to-pay solutions must support multilingual, multi-currency freight, as well as facilitate banking interactions across broad global geographies," said Bob Heaney, senior supply chain management research analyst for Aberdeen Group. "Best-in-class companies are two times as likely to have robust capabilities in these areas today. The results can be impressive; the best-in-class are saving $1.70 and $8.46 per invoice versus industry average and laggards, respectively, and, processing and paying a freight invoice in 7 days, or 3 to 9 days more quickly."
As the study shows, leading enterprises automate data collection and optimize transportation spend at a much higher rate. These companies leverage technology to ensure carrier contract compliance at 85.6 percent, measure service-level and routing compliance at 84.9 percent, process and pay invoices in 6.1 days, and audit 76.4 percent of their invoices.
"Supply chain management constantly evolves, but the leaders in the industry embrace business intelligence," said Kurt Schneiber, CEO of Syncada, a business-to-business network for financial institutions. Syncada sponsored the research. "Integrating technology is the first step, and great tools help organizations apply new techniques and best practices to strengthen their supply chains."
Click here to download the brief.
Source: Aberdeen Group
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