Average cost to resolve a single freight invoice error
Days added to payment processing time
Of all freight invoices contain errors
Freight payment becomes much less of a burden for all parties. Supply chain events, such as title transfers or transportation milestones, can automatically trigger payment. And, carriers who are connected to the MasterCard Provenance blockchain receive their payment sooner.
The result is fewer headaches and less cost for brokers and OEMs, along with happier, more motivated suppliers.
It costs an average of $53 to correct a single freight invoice error, and three-quarters of freight invoices still rely on manual and paper processes.*
When supply chain and finance are linked, all of the data you need to ensure accuracy becomes automated. So, errors don't occur in the first place, and auditing becomes a point-and-click exercise.
*According to research by Sterling Commerce, reported by Industry Week: https://www.industryweek.com/finance/article/22010161/the-cost-of-paperbased-invoicing
Efficiency's biggest enemy is siloing of activities. Tasks are duplicated, handoffs don't align and information isn't shared.
ChronosCloud gets everyone on board the same efficiency train with a visibility platform that's easier and faster to deploy. Our tools complement existing systems—filling in the visibility gaps, adding real-time data sensors and connecting supplier information. With an average of less than 30 days to deploy, we also connect those dots with a minimum need for IT resources.
For many enterprises, return on invested capital (ROIC) is a key concern. Investors want to see capital at work, not tied up in accounts receivable or inventory.
By connecting operations to finance, ChronosCloud enables faster, more automated revenue recognition. So, your cycle from order to cash gets shorter. And, your investors' money can work harder and create more earnings.
Viavi leverages key reporting and analytics from ChronosCloud for robust tracking of our customer order logistics.
This solution saves us significant time, provides us with real-time updates on transactions, and provides a valuable platform for effective collaboration between our finance and operations teams.
Our experience developing and deploying ChronosCloud was exceptional. The solution was tailored to our use cases and accommodated our near-term limitations for corporate ERP integration.
Trading partner onboarding was hands-off from our side and the ChronosCloud team even went the extra mile to rectify pre-existing data quality issues with trading partners. User onboarding and training was also well coordinated and convenient.
Overall, outstanding experience with the ChronosCloud team.
We use ChronosCloud every day to help us make the strategic difference for our clients.
Initially, we just wanted to achieve integrated, end-to-end visibility in the multi-party supply chains we serve. We also value ChronosCloud's mobile tools, which have allowed us to physically verify freight against manifests in a fast, efficient and accurate way.
With ChronosCloud in place, we now have the ability to focus a lot more energy on optimization--and a lot less on putting out supply chain fires.