Freightos Enterprise streamlines procurement processes to tackle industry volatility and deliver crucial market intelligence.
Freightos, a digital freight booking and payment platform, has introduced a new logistics procurement suite designed for large-scale importers and exporters called Freightos Enterprise.
This platform aims to streamline the fragmented landscape of global freight procurement, rate benchmarking, and shipment execution.
By integrating various procurement processes, Freightos said Enterprise addresses the challenges posed by ongoing industry volatility by providing essential market intelligence for users.
Freightos CEO Zvi Schreiber said: “Enterprise logistics teams are drowning in spreadsheets, emails, and siloed platforms. The result is higher cost and unreliable supply of imported goods at a time when resilience is critical.
“Technology has evolved to address some of these pain points, but in a piecemeal way that doesn’t fully support the entire procurement process.”
Users of the Freightos Enterprise suite have reported improvements, including a 20% reduction in freight expenditure through data-driven negotiations and an 80% decrease in email communications related to quoting and booking.
Additionally, users have reported the removal of communication bottlenecks with logistics service providers, according to the company. Users have also gained comprehensive visibility from contract negotiation to final delivery.
Electrolux Group logistics operations vice president Paolo Galli said: “Having everything connected – from market intelligence to tender procurement to actual bookings – transforms how shippers operate.
“Now, teams can focus on strategy, instead of chasing information across multiple systems and endless email chains, saving time and money, and getting goods on shelves with less overhead and more reliability.”
In February this year, Freightos launched the Freightos Index Linking Toolkit as part of its Freightos Terminal market intelligence solution.
This toolkit allows for dynamic contract pricing that adjusts automatically to market fluctuations, enhancing freight rate management.
The Freightos Enterprise platform consists of three main modules.
The Procure module automates the Request for Quotes, tender management, and contract optimisation, significantly reducing procurement time by up to 90%. Built on the recent acquisition of Shipsta, the module enhances communication with logistics service providers.
The second module, Rate, Book & Manage, offers direct digital access to numerous carriers, enabling users to compare rates, book shipments, and track their progress.
The third Terminal module provides real-time freight market intelligence and advanced contract benchmarking capabilities, utilising data from various multinational beneficial cargo owners to enhance visibility into commercial market rates.
This module includes the Freightos Baltic Index and the Freightos Air Index, which are key indicators for container shipping and air cargo.
