LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global freight payment services market is expected to grow at a CAGR of 9.2% over the next five years to an increase in the need for cost-effective logistics solutions.
The research report titled ‘Global Freight Payment Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the freight payment services market will be driven by increasing amount of outsourcing and globalization, which mandates the need to adhere to local payment regulations while doing business in the region,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, the global freight payment services market is also experiencing growth in the adoption of technological innovations to reduce the scope of human error and optimize the level of services provided, which will further drive the market,” adds Angad.
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Cost saving opportunities in the freight payment services market
The adoption of various cost-optimization levers helps buyers of freight payment services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the freight payment services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Advanced logistics software such as WMS, YMS, TMS, and WFM – facilitate integration of freight payment services and improve planning processes, leading to cost-savings of up to 8% of total category spend.
Buyers prefer to engage with suppliers that possess excellent transactional and service-based technological capabilities such as IT capabilities essential for effective management of supply chain processes and activities.
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Optimization of negotiation strategies saving aspects
Businesses demand payment solutions with value-added services to be tailor-made that facilitates cost-effective and optimized transportation of goods.
Buyers prefer suppliers that have presence across multiple regions and adhere to regional financial laws such as VAT, Federal Tax Laws, the EU tax policy, and the regional and global audit standards to ensure regulatory compliance.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global freight payment services market is the need for consolidation and unification of freight payment activities. Organisations look to consolidate services such as invoice handling, audit, GL coding, exception handling, customer service, financial controls, and cost accounting.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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