11 Aug Improving Cross Border Trade with a Digital Freight Corridor
As the world is now becoming more digitized, every industry is relying on automation to fast-track the process of manufacturing etc. Logistics and Supply Chain operations are becoming more responsive to technology. Be it the implementation of Cargo Community System, Port Community System, Regulatory Single Window System or standalone ERP applications such as an Air Cargo Management System/Yard Management System, the industry now has it all to stay digital forever.
Even though, all these applications enable advanced information sharing and real-time cargo visibility to all stakeholders, data interchange between two airports/ports and stakeholders in the destination country has to be seamless. The answer to this challenge is, connecting two community systems i.e. connecting the digital interface of two or more airports/ports. With a Digital Freight Corridor in place, the leverage for the stakeholders in the source as well as the destination country is phenomenal and seamless for trade. Here are certain benefits of a Digital Freight Corridor
Optimal Data Flows
As the quantity of shipment increased, it added up to the complexities and thereby bringing down the quality. In the midst of this shipment handling, managing data flows and analysing the incoming data did take a backseat. With a digital freight corridor, the data flows can be controlled seamlessly and optimally.
Therefore, analysing the data and sharing it among the stakeholders is well facilitated. In order to check the incoming shipment, stakeholder the importing country can request information in advance. Therefore, ambiguities are reduced largely and data interchange among two airports are well facilitated.
Trade Visibility and Transparency
Real time visibility is a well known benefit of the digital freight corridor. Stakeholders in the import as well as the export country can have and request information. Movement of cargo within the airport ecosystem can be very well seen at every milestone completion on a micro and macro level.
While visibility is the most revered benefit, transparency is something that requires more focus. As the digitization drive is pretty well penetrating within all industries, it is seen that transparency is the main factor why several of them tend to go digital. Every transaction is recorded and the same cannot be modified. Digital document exchange is the prime factor in ensuring transparency in trade.
Climate Change and Global Warming is reportedly becoming a reality and several global bodies are pushing organisations to adapt sustainable practices. The Digital Freight Corridor is a one-stop solution to enable paperless trade and reduce documentation norms. As the processes are end-to-end digital in nature, the scope for physical documentation is very less. Meeting sustainable development goals will not be a challenge for stakeholders on an individual basis as well as on a holistic basis.
As the scope of digitization increases, several other innovations are rising day after day. Logistics e-marketplace is yet another innovation to revolutionize the logistics industry globally. Know some facts on the same.