Oncoming new initiatives to cushion the freight forwarding community
Freight forwarders are an integral part of efficient supply chains, especially in times when organisations need to be prepared at all times for all kinds of disruptions. And freight forwarders have, time and again in the last couple of years, proved that they are an indispensable link. It is like smaller gears working individually in order to smoothly run a bigger machine. However, such smaller gears also need proper lubrication to roll smoothly. In a similar manner, the freight forwarding community has also witnessed a number of new initiatives in recent times, which help them function seamlessly. In this week's newsletter, let's read about a few such initiatives.
Rivigo, India’s leading technology company in the logistics sector and a crowned unicorn, has relaunched the?National Freight Index (NFI) ?to bring pricing transparency in freight rates for the progress of the sector.?The NFI was launched after more than 2 years to publish daily rates for container trucks, which will ensure transparency for truck owners, transporters, and other stakeholders in the road-freight marketplace. It is an open-source data portal based on a proprietary algorithm that collects inputs from multiple data sources to give out the most accurate daily rates.
WebCargo is in the process of launching a new service that will enable freight forwarders to offer shippers live rate quotations and real-time capacity, and allow shippers to finalise bookings themselves. The new service allows forwarders to send through PDF quotes for the services that the shipper has requested that include access to real-time pricing and capacity. This means shippers can select the exact rate and service that suits their needs and make the booking themselves rather than going back and forth with the forwarder and the airline.
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FIATA has announced that it worked on the release of the long-desired document update to ease the work processes of its members, allowing them to become digital freight-forwarders. The FBL solution would bring its members a pragmatic solution to move from paper documents to paperless FIATA BLs, which can be issued directly through their everyday tools. Conscious of the various challenges which remain to be overcome to achieve worldwide adoption and legal recognition of the electronic exchange of data, the paperless FBL is an answer to the needs of the industry for improved access and exchange of trade documents. As of today, seven software providers have already signed an agreement with the Federation to implement the solution: AKANEA, Cargowise, CargoX, edoxOnline (Global Share), InfoSysTech-IST, Nabu, and Usyncro.
International logistics and freight service provider Tiger Logistics announced its plans of launching a price discovery and supply-chain automation platform to ensure efficiency and transparency in the highly-fragmented domestic shipping industry. The full-stack platform will offer cross-border solutions for ocean and air shipments along with first-mile transportation, last-mile delivery, and customs clearance, among others. The one-stop solution for all shipping requirements plans to incorporate cargo insurance and financing, among other features.
The supreme court’s recent ruling that declared the?GST paid on ocean freight?for import of goods as unconstitutional is set to change the way the GST framework operates in the country. Indian importers who have paid such tax in the past are eligible for a refund. Further, importers who have not paid such tax on the import of services will not be required to pay it because of the new Supreme Court ruling. The court further held that recommendations by the?GST council?are not binding either on the state or the union and it has persuasive value.
FIATA has released a paperless bill of lading (B/L), which uses blockchain to authenticate documents and provide an audit trail. The solution answers the needs of the industry for improved access and exchange of trade documents. The electronic B/L designed for the use of its members is approved by the International Chamber of Commerce and can be accessed with existing technology.