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The Maritime Executive In a digital age where a delay of seconds or one human error can be the
cause of lost revenue, wasted resources or unhappy customers, good
technology becomes critical to run a business.
Twelve years
after the ocean shipping industry adopted e-commerce tools that resulted
in an average savings of $100,000 per year and hundreds of thousands of
labor hours per week, the final step in the shipping process -
invoicing and payment - are still catching up. Surprisingly, invoices
are still largely processed by hand in the ocean shipping sector.
Considered the most tedious and costly step in the shipping process,
manual invoicing can take days to complete and is often riddled with
disputes and errors. And the amount of time it takes to manage disputes
is more than anyone is comfortable admitting - knowing each delayed
payment impacts carrier cash flow and creates dissatisfied shipping
customers. |
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