Chapel Hill, North Carolina, July 10, 2013 – CargoSphere, the leading, cloud-based global rate management solution and confidential rate mesh network for the ocean and air transportation and logistics industries, today introduces SUDS (Smart Upload and Diagnostics Solution), intelligent technology that reads external rate data directly from any carrier contract format and loads it into a rate system database. SUDS quickly and effectively automates the time-consuming and tedious task of managing and processing carrier contracts and numerous contract amendments. SUDS is a major advancement in the processing of large volumes of external freight rates.
When a contract is uploaded, advanced algorithms and smart reasoning extracts and organizes rates from endless pages of rate agreement contract data. These cutting-edge diagnostic features determine which rates are new and should be added versus rates which are currently in effect and simply need to be updated with revised rate levels. Once added, rates are returned back to the user through an audit feature for verification purposes. SUDS learns contract details and validations as the contract is being processed. Contracts only need to be mapped once and then that information is automatically applied to any subsequent amendments and updates.
Dense carrier contracts with pages and pages of pricing and countless amendments have burdened the global shipping industry for decades. Contracts may have upwards of 100+ amendments in one year and current industry template-based solutions simply aren’t meeting the needs of the industry. In response to the critical need to streamline this extremely inefficient process, CargoSphere developed SUDS so the global shipping industry including: shippers, logistics service providers, and carriers could manage contracts more efficiently and with greater accuracy. With SUDS, companies can assert better management control of their contract pricing and achieve greater internal accountability. Entire contracts that contain thousands of rates across multiple trade lanes can be loaded in minutes.
Debbie Crowe, Manager of Member Services for the NCBFAA-SA and 10+ year client of CargoSphere commented, “The SUDS feature is saving me hours of time. I just love it! I added 4 completely new trade lanes to a contract, including surcharges, in the time it used to take to add a small set of origins and destinations. You have a homerun on this one!”
“SUDS ability to read the myriad carrier contracts and simplify them for entry is saving me hours of time per contract. Recently I was able to enter an ocean contract with more than 22,000 rates in just a couple of hours, which previously took up to 20 hours,” remarked Troy Nary, Pricing Analyst, Jacobson Global Logistics.
“We have set out to create a forward-looking, sophisticated solution that quickly delivers clean rate data and eliminates inefficiencies that have plagued global shipping for years. SUDS disrupts the status quo and provides a new avenue for time and cost savings in this critically important pricing function,” said, Neil Barni, president, CargoSphere. “By automating the management and processing of carrier contracts, global shipping community participants have a secure, central rate storeroom that will further accelerate the adoption of our Global Rate Mesh Network.”
Established in 1999, CargoSphere powers the industry’s first cloud-based, confidential global rate management solution and Rate Mesh Network with over 100 million ocean and air rate connections worldwide. CargoSphere allows each of its global clients including NVOCCs, freight forwarders, asset based carriers and BCO (beneficial cargo owner) shippers to manage confidential rates and create a private network of trusted parties.
The CargoSphere platform is a pioneering rate technology solution that merges multimodal freight rate management with functionality that enables multiple uses of these rates including: rate quoting, negotiating, sharing, and booking containerized freight across the CargoSphere Rate Network. The Network seamlessly connects global supply chain trading partners allowing them to effectively integrate and simplify rate communication. It reduces the significant complexity and time-consuming task of managing, sharing and distributing freight rates.
CargoSphere synthesizes rate management, rate negotiations (bidding), and quoting into one continuous process. This holistic approach enables the shipping industry to become more efficient, responsive and collaborative than ever before.
To learn more, visit: www.cargosphere.com/SUDS