Freight Forwarding

Literature Review

Efficient freight forwarding management is very crucial as it is internationally recognized with many laws and regulations. The role of “Big data” is what the most important part in international documentation and many a companies in the freight forwarding industry struggles for accurate data in freight documentation. All your freight solutions depend on accurate data and if not could lead to many losses financially and through customer trust.

Digging deep in this topic, for an effective outcome, documentation process should be simplified to deliver more positive outcome.

Mr. Rohan Maskorala, CEO of Shipper’s Academy Colombo, states about freight management as below;

“In order to make the best of quality and price in logistics, companies must carefully focus on freight management which is a key element of the supply chain.

Today, transportation has diversified into various segments. Logistics is divided among various transport segments known as multimodal operators, which includes ocean, air, rail and road transport companies moving goods across the world to reach the consumers. They become the intermediaries between buyers and sellers.

Just as the transport complexity has expanded, the cost of transportation too has got complicated due to the various stakeholders’ involvement. This includes shipping lines, airlines, freight forwarders, consolidators and third party logistics companies. Given this development in the modern supply chain, if companies do not manage the freight market with proper understanding, either the exporter or the importer would be paying enormous amount of additional dollars as freighting costs which is commonly known as the freight rate”

http://www.ft.lk/2013/05/22/freight-management-essential-tool-for-the-market-economy/

Documents needed in freight exports / imports

1. Performa invoice

Prepared by an exporter and sent to the importer for necessary acceptance. It is a copy of the actual invoice produced at the...