The growth of ecommerce followed by a rapid transition to digital payments in light of the COVID-19 pandemic is pushing the limits of the freight audit and payment industry. The industry providers are leveraging innovative technologies such as AI, big data, and business intelligence to review and validate freight bills and shipment contracts automatically to avoid shipment overcharges and achieve audit compliance.
Mindful of these progressive measures, the global freight audit and payment market is forecasted to be worth $30.80 billion in 2030, as per the latest market analysis reports. The reports identify the market to witness a growth spike at a CAGR of 9.86 percent during the forecast period. The market growth is predominantly due to the rising demand for effective management systems to collect invoices and process transportation billing and payment. In addition, the market growth is partly due to the growing concern about improving transportation performance among supply chain leaders to reduce freight costs and expenditures.
On that note, this edition of Logistics Tech Outlook brings the spotlight on the key advancements in the freight audit and payment space and how companies are providing real-time metrics to increase the accuracy and compliance of freight invoice auditing. The edition features thought leadership articles from Michael Owings, Vice President of Corporate Services and Support at Southeastern Freight Lines, who sheds light on technology-leading approaches to gain substantial efficiencies and reduce staffing requirements to handle manual, repetitive freight payments. It also features invaluable insights from Jason Bergman, Chief Commercial Officer at Yellow, who talks about the significance of addressing labor shortages with driving academies to train budding or prospective drivers.
Along with these critical insights from industry experts, the edition features Intelligent Audit, a promising supply chain technology services company focused on reducing transportation costs through cloud-based automated audit and freight recovery, business intelligence, and contract negotiation solutions.
We hope this edition shows you the path to finding the right freight audit and payment solution and service providers to assist you with the industry-best approaches to gain deep logistical insights to ensure that freight invoices are legitimate and accurate.
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