Investing in technological improvements to better operate your supply chain is one of the biggest decisions you can make. There are so many transportation management software options out there, but the question is whether they have the right features to help you not only sustain your brokerage but allow it to scale.
Here are the top seven key functions of freight broker TMS you should know about.
Greater Insight and Visibility Into Stored vs. In-Transit Inventory
One area of supply chain management that is hard to get insight into without TMS is stored vs. in-transit inventory. Supply chain workers need clear insight into inventory, orders, and shipments. This reduces the risk of overhead and lost shipments, and technology can aid with tracking and traceability for both stored inventory and inventory that is on the road.
Real-Time Information Sharing
A primary benefit of TMS is the ability to share all important information regarding orders and shipments in real-time across the board. This allows visibility to skyrocket. With this feature, customers and carriers can view the status and location of shipments. Real-time visibility also improves communication with your team and results in greater customer satisfaction.
Automated Payment Management
No more wasting time trying to manage payments. The ability to tender payments automatically can save you massive time and effort since this is such a mundane process. With automated payment management, mistakes can be greatly reduced.
Automated Exception Alerts
If you work in supply chain, you know that disruptions are inevitable, but it is how you handle those disruptions that matters the most. When disruptions occur, it is key that alerts are sent out immediately to the parties involved. TMS provides important alerts in any given transportation scenario, and many systems allow you to define these scenarios. If there is any issue with a shipment (ex. Shipment is late), automatic notifications are sent right away so the problem can be dealt with as soon as possible.
Digital Document Management
Document sharing can be tough if it is not online. TMS provides a space to be able to collaborate and share documents with your team in a single, secure portal. When your team members can gain easy access to the documents they need, this increases productivity and can encourage regular check-ins.
Transparency with Owned and Contracted Assets
One of the biggest disruptors of supply chains is not being able to differentiate between owned and contracted assets. TMS allows for transparency into such data so everyone is on the same page, and the supply chain runs smoothly.
Speaking of increasing productivity, planning ahead is essential for smooth operations. Performance analytics allow you to prepare for major events such as peak season. The right analytics can also give valuable insights about route optimization and other key information to improve shipment times. Making data-driven decisions is key to business success, and having this data at your fingertips is certainly a step in the right direction.
Zara Raza is a Digital Marketing Specialist at Turvo Inc. She graduated from University of California – Irvine in 2019 with a Bachelor’s in Business Administration and has written several blogs on supply chain management.