GoComet Review

GoComet is the world’s leading Logistics Resource Management platform that makes it possible for companies to comprehensively transform the way that their supply chains operate, creating process resilience and driving double-digit cost savings. The software deploys the power of data science and progressive machine intelligence to simplify end-to-end logistics and gain transparency in business. Cloud-based, our easy-to-use software is quick to set up, can be rapidly extended across organizations and is simple to integrate with existing systems. Through innovative solutions, GoComet automates freight rate negotiations, tracks shipments in real-time, automates invoice reconciliation, makes audits seamless and offers unique insights through auto-generated reports. Product list and features: 1. GoComet RFQ management: The RFQ management module automates your freight rate negotiation and allows you to create and share inquiries with all your vendors simultaneously. RFQs can be created and submitted to vendors in seconds, who can then submit their quotes and see their rank compared to their competitors but crucially, not their price or identity. Through compound negotiation via vendors’ efforts to secure the first rank and increase their chance of winning business, the rate you pay keeps shrinking, ensuring that by the end of the bidding process you can win the best deal at the best p rice. The module also offers the option of power negotiation through which you can give your vendors a target rate to further squeeze the rates. The system enables you to win the best rates in both spot rates and contract-based shipments. Features: Saves money: By deploying the power of Recursive Rate Reduction system the module helps you achieve 8-15% cost savings in your freight procurement process. Saves time: The module reduces the time taken to create and share RFQ to less than 12 minutes per quote as against the traditional way that takes about 45 minutes per RFQ. The system makes this possible as it automates the process and saves the shipper from the hassle of creating several quote comparison sheets, manually following up with vendors in case they fail to provide certain information in the quote, etc. Fully automates freight rate negotiation: The module eliminates the need to call and exchange countless emails with your vendors to get quotes and negotiate rates for every single shipment. Instant Quote Comparison Sheet (QCS): The system allows you to create a QCS within a click and highlights the best deal, saving your team the trouble of compiling data, manually creating quote comparison sheets and figuring out the best deal. Eliminates the scope for errors: As the system automates the entire process of RFQs, the scope for human error gets eliminated. Improves communication with vendors: The module helps you improve your relationship with vendors as all the communication happens on a single platform and minimises the scope for any confusion or mistakes. Audit trail: An audit trail of all shipments gets created as the confirmation of each vendor is captured on the platform itself. This leads to an increased level of transparency. Unlimited vendors: As the system automates the RFQ management process, you can potentially invite quotes from unlimited vendors as against the traditional system where the number of vendors is restricted due to several limitations. 2. GoComet Shipment Tracking GoComet’s shipment tracking module provides a single dashboard to give you real-time, automated updates on the movement of all your international shipments. With increased visibility on the movement of your goods and the service levels of your carriers, your team is equipped to make informed, data-driven decisions despite uncertainties. What’s more, tracking data can also be shared with your customers for their shipments, providing them detailed updates about orders throughout the lead time and improving their customer experiences via unprecedented transparency. Features: Unified tracking dashboard: The system will give you automated and real-time notifications about shipment milestones, arrival, delays and unforeseen events on a single dashboard. Moreover, it allows tracking of couriers, ocean and air freight. Customer delight: You can share the dashboard with your consignees to enhance your service and improve customer relationships. Actionable insights: The module offers actionable insights on shipping lines, volumes and country-wise logistics performance. Integrable with ERP: You can integrate the tracking mechanism with your existing ERP. 3. GoComet Freight Index (GFI): The GoComet Freight Index module makes it possible to benchmark freight rates for major ports across the world. The module pools in data from over 25,000 quotes that are submitted on the GoComet platform every month. The system considers the top-rated and lowest quoting 10 vendors on each route and runs its machine learning algorithms to determine the GFI. The algorithms are based on those used by the World Container Freight Index and Shanghai Freight Index. Features: Benchmark rates: The module allows you to benchmark rates for every route by comparing them to the market rates suggested by the GFI. Find true market rates: You can figure out the true market rates for both 20’ and 40’ containers with the help of GFI. Market rate trends: Stay updated with the latest market rates in the international shipping industry. 4. Invoice reconciliation module: Industry studies reveal that invoice processing costs around $5 to $12 per invoice. Worst yet, the process is mundane, time-consuming and prone to errors. GoComet’s automatic invoice reconciliation module helps you reduce these inefficiencies by 76% and saves 80% of the time taken to match invoices. The module matches your freight invoices to your original contracts and immediately highlights any inconsistencies to your vendor, saving you the trouble to follow up with them in person each and every time there is an error. The system can even auto-approve invoices and notify your payments team, making the process faster and more efficient and reducing payment times to your vendors. Features: Optical Character Recognition (OCR): Inconsistencies between the invoice and your original quotation are highlighted through a combination of Optical Character Recognition (OCR) technology, contextual language processing and algorithmic programming. Saves time: Saves 80% of the time spent on manually processing and matching invoices. Reduces workload: The system reduces the workload of your logistics and accounts team and eliminates the scope for any errors by auto-rejecting duplicate invoices uploaded by Logistics Service Providers. Automates approvals: The module offers you the option to auto-approve invoices that are up to the mark. Better audits: Improved auditing process via the ability to time-stamp remarks and comments on each invoice. Improved relationship with vendors: Improved client-vendor relationship due to better payment cycles and full transparency. 5. Port delay portal: GoComet port delay online portal provides free, daily and real-time information on the average and maximum delays at seaports across the world. The system pools data from the thousands of containers that GoComet tracks each and every day through our container tracking software. Regularly updated, the portal maintains a record of port delays across more than 300 ports. Features: Convenience: Convenience and ease of functionality were our key objectives when engineering the product and the result is the most user-friendly platform in the market today. Instant information: To find information on any port of your choice, simply enter its name in the search field on the port delay portal. The module will then instantly display the average and maximum delay for that port. Colour-coded: To enhance user-experience, delay classifications have also been colour-coded.