Freight Verification Tool and Reporting Freight Verification Tool
- Slides: 16
Freight Verification Tool and Reporting
Freight Verification Tool and Reporting PPT Prepared by: Sunaina Mathur Prepared for: SCM Team, Federal Mogul July 10, 2018
Contents 1. What is Freight Verification? 2. Pictorial Process Flow 3. Key Features 4. Benefits 5. FVT or the traditional process? 6. Process Overview 7. Basic Process Flow 8. Registration and Verification 9. Deviation Handling and Finance Approval 10. Suggestions 11. Conclusion 12. References
What is Freight Verification? ¡A process that registers the Purchase Contract of freight services and verification of freight invoice ¡Records different surcharges claimed by freight supplier ¡ Validates charges under audit process ¡ Facilitates the smooth functioning of logistics process ¡ Enables cost optimization
Pictorial Process Flow
Key Features ¡Country and city mapping ¡Variable fee code recording and verification ¡Obtaining and updating input invoice from user Mail Box ¡Storing hard copies of contract and related invoices ¡Enabling multiple currency line per Invoice recording ¡Rating suppliers on the basis of cost and delivery times ¡Tracking invoice till finalization of payment ¡Integration with legacy ERP ¡Facilitating Service Tax calculation and reports ¡Additional features include multi-site/shipment mode, change in shipment priority/ type capturing
Benefits ¡FVT saves freight cost by eliminating freight invoice errors ¡Saves freight invoice processing time ¡Provides real time logistics reports ¡Gives value based approval process for deviation observed in freight invoices ¡Automatically uploads freight Invoice in system from excel sheet/mail box ¡Enables auto acknowledgment of Invoice receipt and Alert to freight supplier
FVT or Traditional (manual) Process? 1) Significant % of Contractual Compliance 1) (<50%) (>95%) 2) Control on Duplicate and Overcharge 2) Lean Process with Low Turn Around 3) Efficient Process for Logistics and 4) Finance (>33% effort reduction) 5) Micro Level visibility of freight spend and reports (Real time reports) High Lead Time of Verification (>15 Days) Time (<5 Days) 4) Duplicate and Overcharge Payments (1 -2%) Payments (>2%) 3) Low Contractual Compliance High Efforts for Logistics and Finance 5) Low visibility of freight spend and reports (No Data)
Process Overview
Basic Process Flow
Registration and Verification
Deviation Handling and Finance Approval
Suggestions Potential improvements to logistics compliance: a) Know what is expected: Setting up rules is not enough. It is important to educate all company employees about new/existing regulations by conducting regular training sessions. b) Online training sessions: These training sessions can be online, in form of videos and/or PPTs. This will provide flexibility to ALL employees by enabling them to review all policies according to their convenience. c) Test your knowledge: The online trainings must include mini quizzes or tests to make sure that employees actually understand all rules and are not merely reading through to simply get rid of the job. d) Provide an incentive: Paying employees a small amount to attend/ complete trainings can act as a powerful incentive.
Conclusion ¡The FVT aids the company in keeping a detailed and organized record of all transactions with the suppliers. ¡It provides numerous advantages including reduction of freight invoice errors and processing time and offers real time reports. ¡FVT has enabled the company to better adhere to contractual compliance and maintain performance against set KPIs.
References ¡Federal Mogul PT India- Freight Bill Verification and Reporting PPT, September 3, 2014 ¡FVT user manual, version 2. 0
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