E-signatures: A Solution to Streamline the Supply Chain in Logistics

Logistics is the bloodline of any major organization looking to trade goods faster and reach customers quickly. In an age dominated by e-commerce, speed is of the essence. The speed of delivery is seen more as an absolute necessity than an expense. As a result, logistic solution providers focus on delivery and chasing customer delight – a vital metric to survive in the business.

The global logistics market is valued to reach $8.4 trillion – Statista

However, many logistic companies need help achieving this metric due to mountains of paperwork, complicated workflows, and legacy software. Logistics plays a significant role in supply chain management. It optimizes available resources and sheds unnecessary expenses. An efficient logistics solution can extract maximum customer profits and integrate technologies to eliminate inefficiencies.

Logistic providers rely heavily on paper documents to track and accurately store goods. Therefore, proper records management is pivotal for logistic solution providers to maintain their supply chains.

List of Common Logistics Documents

Documents play a significant role in any company. In a logistics company, they are even more critical. Manual record-keeping and document management can slow down processes and severely impact the supply chain if not handled well. Here's a list of documents that logistic providers use on a daily basis:

• Certificate of origin
• Cargo insurance certificate
• Packing list
• Commercial invoice
• Freight bill
• Waybill form
• Customer Agreement
• Delivery note
• Bill of landing
• Consignment Note (CMR)
• Dangerous goods declaration note

A logistics company needs an efficient document management system to store all documents in a central repository. This aids logistic solution providers in accessing the information from any location and eliminates the risk of harmful or damaged data. Logistic companies face a fair share of challenges, such as traffic congestion, severe weather, the COVID-19 pandemic, and damaged goods in transit. Furthermore, if the goods consignment does not come with all the necessary documentation in the proper order, it could spell disaster for the company.

Challenges for the Logistics Industry

The logistics industry has become highly central to every country's economy. The role of a logistics company is to store and package goods and ship them to customers on time. It is a business that supports every other business. The industry depends on many outlying conditions, such as transport vehicles, road conditions, weather conditions, etc. Here are a few of the challenges that the logistics industry faces today:

• Lack of Automated Technologies

• Traditional supply chains were unable to handle customers' requirements during the COVID-19 pandemic, with good reason. Many small and big businesses suffered as movement came to a halt, and the only way to get on with daily business was to go digital. At every step in the logistic process, automated technologies can seamlessly handle repetitive tasks allowing companies to focus on core tasks.

• Pressure to Deliver on Time

• Logistic companies face immense pressure to deliver on time. Changing competitor prices, fuel prices, and fluctuating tariffs can derail operations in minutes. Companies looking to succeed need to be efficient in delivering end-to-end processes and accessing information in real time to make the right decision.

• Warehouse Upkeep and Maintenance

• Warehouses are required to keep the inventory stocked and accessible at all times. If a warehouse is unable to keep stock of its goods with the proper documentation, it can lead to heavy losses. This job is made easier by eliminating paper documents and moving over to digital workflows.

• Managing Customer Expectations

• Today's customer is used to a certain level of convenience in a digitally connected world. Logistic companies need access to real-time information and feedback in the supply chain process to achieve and keep customer experience high.

Digitization of the Logistics Sector

The prolonged dependency of the logistics sector on paper contracts is one of the main reasons it continues to endure some of the challenges we read about earlier in this blog. However, a digital overhaul of processes and technologies can help it become more efficient and fill workflow gaps.

Logistic firms can digitize, store, and access information using various ways and solutions. With more than enough technology for everyone, we made a brief list of solutions that a logistics company can benefit from with minimum investment.

Digital solutions like customer relationship management software, document tracking software, and electronic signatures can help any logistics business to be more efficient and empowered to scale. For example, electronic signatures like DrySign assist logistic firms in fully migrating all necessary and complementary paperwork online. In addition, it offers a cost-efficient and convenient method to handle tedious and time-consuming tasks. This tool can help firms to collaborate with partners, improve processes, and protect the bottom line.

Also Read: E-Signatures: Here to stay? Or on their way out?

The Role of DrySign

DrySign, a trustworthy and reliable electronic signature solution provider, helps logistic solution providers manage their workflow. Here's how it provides an advantage:

• Complete Transparency

• Electronic signatures provide a clear real-time trail to documents and access by various stakeholders. Critically sensitive documents are signed before the consignment is delivered, making all parties accountable equally. In addition, it improves the supply chain by providing transparency over the whole documentation process from when goods leave the supplier till they reach their destination.

• Eliminate Operational Inefficiencies

• Stakeholders involved in logistics need to sign contracts or agreements in person to ensure shipments get delivered on time. However, this increases the operational costs of all parties. Electronic signature solutions can allow all stakeholders to give their approval from their respective devices without having to be physically present.

• Ensure Compliance

• DrySign complies with the latest electronic signature laws and reduces the hassle of keeping track of paper documents. eSignature solutions ensure that all documents are legally compliant and are court admissible.

• Heightened Security

• Electronic signatures offer better security than wet signatures. An eSignature can prevent forgery or fraud by employing two-factor authorization (2FA) to protect customers. DrySign helps logistic firms deliver to the right customers and authenticates their identification through an eSignature for faster processing.

• Improve Productivity

• DrySign helps logistic solution providers in increasing their productivity. It allows companies to focus on last-mile delivery and enhance customer satisfaction. Staff members can cut down on managing documents and turn their attention to attracting and retaining customers.

• Be Paperless

• DrySign assists logistic providers in cutting down on paper use and digitizing their data. This decreases the clutter and cuts down on errors.

Closing Thoughts

Today's customers need businesses that offer digital solutions. E-signatures provide transparency to logistic providers and help them be on top of their documentation. In addition, logistic solution providers can utilize eSignatures to streamline their work and focus on delivering goods and retaining customers. For logistic providers looking to add more efficiency in terms of processes and cost, DrySign is your best bet.

Source: statista.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area. 

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