SpendEdge has announced the availability of its latest report on ocean freight Procurement for pre-order. The report on ocean freight procurement is part of a larger series of reports on the global transport market, which offers an analysis of the category trends, procurement best practices, negotiation levers, and overall category management strategy advisory. These are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem, and supplier landscape drilled down to a region-level coverage.
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SpendEdge has announced the availability of its latest report on ocean freight Procurement for pre-order. (Graphic: Business Wire)
According to our experts, businesses are focused on maintaining a lean inventory of raw materials, parts, components, and finished goods. While it is a novel concept to keep the inventory costs in check, it is highly challenging to implement in a global sourcing context and requires a clockwork like optimization of logistics and warehousing processes. Companies are moving to a completely digital supply chain footprint to reduce errors and risks associated with such strategies.
SpendEdge's reports now include a complimentary Covid-19 impact assessment on all reports from the transport category. Be the first to get the free sample of this report to get all the industry-best ocean freight procurement best practices at your finger-tips and take that leap ahead of your competitors. Request a free sample today
Ocean Freight Procurement Risks
An economic downturn and political upheaval, particularly in major international markets such as the US and China, result in huge uncertainties. Uncertainty in customer demand owing to changes in freight and shipping market from general economic fluctuations and decline in international freight demand negatively impact the category.
The volatility in fuel prices and capacity constraints affect the cost structures of suppliers. Fuel costs account for the largest part of the operational costs for the suppliers. Therefore, an increase in fuel costs significantly increases the suppliers' operating expenditure
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Ocean Freight Procurement Best Practices
Buyers should negotiate for administrative control over all technological systems that contain critical data. This will ensure 100% transparency and visibility over logistics operations. In addition, buyers should demand visibility across the entire supply chain using real-time metrics such as mobile and telematics systems.
Buyers must track suppliers' quality management systems to ensure that the products are stored in a hygienic environment and have almost zero probability of occurrence of damages. This is particularly critical for buyers in industries such as food and beverages and pharmaceutical.
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Key Questions Answered in this Ocean Freight Procurement Report
What is the spend potential in the ocean freight market?
What is the correct price to pay for ocean freight? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for ocean freight Suppliers Market?
Who are the top ocean freight suppliers? What are their cost structures?
What are supplier margins in ocean freight market?
Which negotiation levers can reduce ocean freight procurement cost?
What are the best practices for ocean freight procurement and what are the potential risks?
About SpendEdge
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