21 Key Features to Consider When Selecting Freight Management Software – Part 2

March 20, 2024 Freight Forwarding Software

This article is the continuation of the series where the other important key features are discussed when selecting freight management software. It highlights the importance of features like simplifying the Request for Proposal (RFP) process, robust billing and invoicing capabilities, multilocation access, and product customization and adoption. These features enhance operational efficiency, financial accuracy, and user experience while ensuring compliance and scalability in a rapidly evolving freight management landscape. By carefully evaluating these factors, businesses can invest in a solution that meets their unique needs and enhances logistics operations.

In the previous part of the series, we discussed the importance of selecting the right freight management software and highlighted some key features to consider. These features included an intuitive user interface, a seamless end-to-end centralized system, comprehensive tracking and visibility, document management, quick notifications, and more. In this continuation, we’ll delve into additional factors that should be considered when choosing freight management software:

Software Product Features

6. Simplify RFP Process: When evaluating any freight forwarding software, it’s important to consider how it can simplify the Request for Proposal (RFP) process. Can the software help you quickly gather quotes from carriers or third-party vendors? Can it assist salespersons in creating digital customer quotes efficiently? Can salespersons manage their routine work, such as customer visits, meeting scheduling, and customer pre-analysis, effectively from the software? The RFP process in freight management software enables companies to make informed decisions, negotiate favorable terms, customize solutions, assess vendor capabilities, mitigate risks, and ensure transparency and compliance throughout the vendor selection and implementation journey. It serves as a strategic tool for optimizing freight management processes and driving business success.

7. Billing & Invoicing: Billing and invoicing are critical aspects of freight management. It’s essential to ensure that the software offers a Rate Management engine for all types of shipments. Does the software support multicurrency invoice options? Can it generate a balance sheet? Does it comply with country-wise financial laws and regulations? Does it offer features like credit/debit note management, demurrage calculation, and petty cash management? Can it generate customized invoices? Robust billing and invoicing capabilities in freight management software contribute to operational efficiency, financial accuracy, customer satisfaction, and compliance adherence. Businesses can effectively manage their revenue cycle, improve cash flow, and make informed financial decisions by leveraging these features within their logistics operations.

Freight Forwarding Software - part 2

8. Multilocation Access: For businesses with multiple branches or locations, multilocation access is crucial. It allows for easy transactions among different branches using inter-company vouchers, while also providing checks and analyses for every transaction. Can users perform a complete analysis of transactional data on a group company level as well as on an individual branch level? Multilocation access in freight management software enhances control, visibility, communication, resource allocation, cost-effectiveness, reporting, and scalability. It plays a crucial role in optimizing operations and driving business success in a multi-location environment.

9. Product Customization and Adoption: The software product must be versatile and flexible enough to adapt to the growing and receding market demands. It should be easy to implement into your existing framework and proficient enough to be configured if needed. It’s neither viable nor lucrative to keep making complex changes to the whole system at every technical hurdle. Product customization and adoption empower businesses to leverage technology effectively, optimize operations, and stay agile in a rapidly evolving freight management landscape. It fosters innovation, enhances user experience, and contributes to long-term business success.

Selecting the right freight management software involves considering a wide range of factors, from user interface and end-to-end system integration to tracking and visibility, document management, notifications, RFP process simplification, billing and invoicing, multilocation access, and product customization and adoption. By carefully evaluating these factors, you can ensure that you invest in a solution that meets your business needs and enhances your logistics operations.

In Part 3 of this series, we’ll explore additional factors to consider, such as modern technology and regular upgrades, software infrastructure, customer support, and many more. Stay tuned for Part 3 of the series to get insights on selecting the right freight ERP software for your business.

Click here to read Part 1 and learn the critical features (like the importance of an intuitive user interface, seamless end-to-end centralized systems, comprehensive tracking and visibility, document management, and automated notifications) to consider when selecting freight management software to enhance logistics operations.

Newage’s mission is to assist global freight forwarders by streamlining their operations and helping them scale up their business with a state-of-the-art freight management system.