Fastest Way for Industry to Target Cost Savings
Parsippany, NJ, USA / Schindellegi, Switzerland - September 29, 2009 - INTTRA, the leading e-commerce platform for the ocean freight industry, today announced that Kuehne + Nagel is collaborating with INTTRA for INTTRA eInvoice implementation. This commitment from one of the world’s leading and largest seafreight logistics providers represents an endorsement of INTTRA’s initiative to drive new efficiencies and cost savings in the $200 billion ocean container shipping industry.
INTTRA eInvoice, is an electronic invoicing, dispute resolution and payment processing solution that will enable freight forwarders to receive, process and pay carrier invoices and offers the potential to cut average transaction processing costs by more than half.
“We are pleased to be part of this broad industry initiative. Invoicing, dispute resolution, and payment processes are highly fragmented across the industry and represent a significant area of cost and inefficiency. There are an estimated 150 million invoice transactions processed a year for ocean shipping with average costs ranging from $20 - $60 per invoice. Logistics Providers and their ocean carriers can benefit from standardizing the process, improving visibility to their cash liabilities and providing a more transparent invoicing process saving time and resources,” said Otto Schacht, Senior Vice President Global Seafreight at Kuehne + Nagel.
John DeBenedette, INTTRA’s VP Commercial said, “In this unprecedented economic downturn, there are tremendous savings from finding ways to reduce operational costs across the industry. INTTRA eInvoice integrates with any banking relationship and any contract database partnership, enabling customers to realize cost savings more quickly and reduce the estimated $500 million in industry costs from inefficient invoicing processes. We believe the INTTRA eInvoice solution supported by Kuehne+Nagel and the world’s leading carriers will provide the most effective way for the industry to take cost out of their businesses.”