Why It is Important to Digitize Supply Chain Logistics for Improved Efficiency

1. Why It is Important to Digitize Supply Chain Logistics for Improved Efficiency To increase efficiency and to maximize customer value, businesses are digitizing supply chain management with the assistance of data entry services. Managed Outsource Solutions 8596 E. 101st Street, Suite H Tulsa, OK 74133

2. In this present digital world consumer demands are rising rapidly and many companies are struggling to keep pace with the onslaught of digital trends. To increase efficiency, businesses are digitizing supply chain management with the assistance of data entry services. Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace. Supply chain network extends beyond domestic and global boundaries of all countries. Smooth flow of raw materials from one point and going through the entire cycle of exports, imports, and manufacturing to reach a point of consumption involves engagement and interaction of various agencies like buyer, seller, 3PL freight forwarder, transporters at various junctures, shipping lines, airlines, various governmental agencies, customs departments, financial institutions like banks and so on. All of this requires proper documentation and seamless flow of information and it should precede physical movement of goods. Error-free documentation also helps in the accounting process of both buyer and seller organizations and enables to recognize the sale, value of consignment and effect necessary payment. Accurate documentation is essential for goods and services to be recognized and identified at every stage of transportation. There are other documents too like terms of carriage by the carrier, insurance liabilities, and coverage. So, it is important to have standardized documentation. Today with advanced technology we have software applications with built-in standardized documentation templates for keeping the records digital. There are many software applications that have shipping documentation built into their operational processes and offer track and trace with documentation visibility to customers on the web. 7 Key Types of Global Supply Chain Management Documents  Delivery order: Delivery order is a document from a consignee, an owner or agent of freight carrier that orders the release of the transportation of cargo to another party. This order allows direct delivery of goods to warehouseman or person who issues warehouse receipts of Bills of Lading.  Bill of lading: This is a contract that acts as a proof between shipper and carrier. Usually the customer needs the original copy as proof to take ownership of the goods. It includes all the conditions under which the transportation was conducted www.managedoutsource.com (800) 670 2809

3. and acts as a receipt. This document can be transferred to a third party even if the goods are in transit.  Sea Waybill: This is a contract that is issued as a cargo receipt and is used on a trust basis between the shipper and the importer. Here, Bill of Lading is not necessary and goods are automatically authorized to be released when they reach the destination.  Shipping guarantee: This is a document issued by the bank that will take on joint liability. It is handed from importer to the carrier or its agent for picking up the goods. It is used in case of arrival before shipping documents.  Airway bill: This is a document used when carrying goods via air transport. It acts as a receipt of goods, and reports the condition of the goods. It is a non-negotiable document that must name a recipient (may be the buyer) and it indicates acceptance of goods for carriage. It is prepared by IATA agents or airlines.  Dock receipt: This is a receipt that confirms that cargo has been received for shipment. This is issued by a shipping company and transfers the accountability for safe transport of the cargo. It is the basis for preparing the bill of lading.  Packing notes or list: This is a document that provides information needed for transportation and it includes information regarding the buyer, the consignee, country of origin, transport date, delivery destination, shipping and container marks, weight and volume. This receipt is usually attached to shipment and a copy is sent to the consignee. It is a detailed version of commercial invoice but excludes price details. Digitization of all the above documents allows companies to adjust products in the supply chain based upon demand for those products using real-time sales information, allowing them to accelerate the production of best-sellers. With the assistance of a data conversion company, all paper-based documents can be converted into digital format for improved efficiency and workflow. www.managedoutsource.com (800) 670 2809