How to simplify freight quotes with technology

As you already know, freight trends for the coming year focus on improving the supply chain itself, especially through technology. But do you know how to simplify freight quotes with technology?

The use of Artificial Intelligence (AI) in logistics is one of the major trends for the market in 2023. Through algorithms based on data from previous processes, the use of this technology in logistics can automate procedures and thus make supply chains more efficient.

Artificial Intelligence in Logistics

Investment in advanced supply chain technology has increased in recent years, with the market for AI-related solutions estimated to reach $16.7 billion by 2027.

Most industries, including logistics, have been transformed by the advancement of new technologies, such as artificial intelligence (AI).

Artificial intelligence (AI) will play a key role in making supply chains more efficient by eliminating possible human error because it can identify patterns in which companies can predict purchase demands and manage inventory, taking the guesswork out of planning and purchasing.

AI allows the software to automatically learn from patterns or features in data by combining large volumes of data with fast repeat processing and sophisticated algorithms.

When it comes to the benefits of AI in logistics, there is never a shortage of compelling justifications as to why this is the best option. That’s because using Artificial Intelligence in logistics can:

• Improve demand forecasting;
• Improve the customer experience;
• Assist in efficient planning;
• Assist in resource management;
• Optimize routes in real-time;
• Automate warehouses;
• Optimize sales and marketing.

Simplifying quotes using artificial intelligence

AI solutions can help identify exactly which steps in a supply chain can be improved to improve profits, manage carrier contracts, negotiate shipping rates, and even simplify quotes.

When we talk about independent freight forwarders, the process of quoting overseas agents is always a crucial part of a company’s operations. 

As you may already know, most freight opportunities begin with a freight quote request. Therefore, having an efficient and organized quoting process is very important when you are shipping goods internationally, otherwise, you may end up missing out on valuable business opportunities.

Knowing how to simplify freight quotes with technology, especially using Artificial Intelligence, can be a big game changer for your forwarding company. Especially since some steps in the quoting process, like looking for a qualified forwarder to handle your request and waiting for their responses, can make things slower and less efficient. 

With the fast pace of the freight forwarding and logistics market, customers and freight partners increasingly demand answers that are fast, efficient, and contain the final price established.

The use of Artificial Intelligence brings two huge advantages to the quotation process: optimization and efficiency.

The goal behind using this technology in freight quotes is not only to alleviate the hustle of e-mails and improve communication between freight forwarders but also to automate the quoting process. 

This means that instead of constantly monitoring and managing the email inbox to find/reply to quotes, a freight forwarder would use an intelligent system to provide him with a formatted quote ready to be emailed to the customer.

In other words, artificial intelligence in the quotation process is responsible for intelligently extracting details using natural language processing from common RFQ emails to create accurate quotations within minutes or even seconds.

Expand your knowledge!

As mentioned above, the use of technology solutions in logistics can optimize many processes within your freight forwarder, including your quotation process. Furthermore, according to the Global AI Survey, the use of Artificial Intelligence in logistics can increase companies’ profits by more than 40% per year.

There is no reason to ignore the growing influence of technology in the logistics market, and now that you know how to simplify freight quotes with technology, you have a good place to start!

If you want to go even further and expand your knowledge on the subject, check out the video below.