Experience Drives Financial Settlement Services Instrumental to Multi-modal Enterprise Logistics Solutions
HICKORY, NC (February 22, 2019) – Transportation Insight, a market leader in freight and parcel invoice audit, repair and payment solutions, announces that Vice President of Processing Services Jay Wilson has been named Provider Pro to Know by Supply & Demand Chain Executive. Applying more than 32 years of supply chain experience to develop and manage a best-in-class financial settlement division, Wilson leads a team responsible for saving clients more than $14.6 million in annual freight and parcel invoice overpayment.
“Transportation Insight’s core financial settlement service underpins the platform of solutions we provide to our valued client partners. Jay’s leadership is integral to our efforts focused on making sure clients receive their agreed upon service at their contracted rate, and many times we’re able to help them realize significant savings that stem directly from billing errors,” says Transportation Insight President and CEO Chris Baltz. “Just as importantly, the organization’s value offering relies on the efforts of Jay and the Processing Services division to gather and process accurate supply chain data and convert it to actionable business intelligence that facilitates improvement across our partners’ supply chains. This recognition not only validates the extremely vital role that financial settlement plays in the transportation marketplace, it highlights Jay’s valuable contribution to the success of Transportation Insight.”
Transportation Insight leverages deep industry expertise to employ proprietary financial settlement technology that mitigates risk hidden in complicated rate structures and drives process improvement that accelerates service performance to end customers. The multi-modal Enterprise Logistics Provider’s Processing Services division is foundational to solutions Transportation Insight provides to more than 1,500 clients.
Transportation Insight Processing Services annually processes more than 3.6 million freight invoices and 8.5 million parcel invoices that arrive in-house via Electronic Data Interchange (EDI) or in hard copy. More than 230 validating checkpoints confirm complete data accuracy in every invoice, and Transportation Insight ensures every bill is within a nickel’s variance of contracted pricing. A team of 40 business analysts reviews every invoice submitted to audit, working with the carrier on the client’s behalf and implementing continuous improvement strategies to identify root causes and repair any issues that arise.
Applying that same Lean continuous improvement mindset internally, Wilson and the Processing Services division were instrumental in developing a process that advances each hard copy invoice through a sophisticated scanning system. It yields text-searchable images made available for client review through Insight Fusion®, Transportation Insight’s web-based business intelligence portal.
“Ongoing technology advances that improve integration between financial settlement, transportation management systems and supply chain network design benefit shippers. Designated leaders of finance, customer service and logistics teams are able to access invoices and supporting shipping documents in online electronic format,” Wilson says. “This level of visibility allows company leadership to maintain a real-time awareness of supply chain performance. Increased process and payment velocity bolstered by EDI also helps strengthen relationships with transportation service providers and reduces cycle times.”
Promoting Transportation Insight’s collaborative environment, Transportation Insight Processing Services partners across data entry and business analysis divisions to improve client service, particularly as client processes change, performance metrics adjust and trends emerge that might jeopardize client profitability. Leveraging Insight Freight® and Insight Parcel® technology and the resulting data collection and analysis, Transportation Insight’s logistics partnership with a nationwide pump manufacturer delivered an immediate and ongoing financial impact. These tools are an integral part of Transportation Insight’s Enterprise Logistics solution that helped the client realize a 15.8 percent reduction in operational costs, including $173,973 through identification and correction of billing errors and $170,403 in administrative costs related to internal freight bill auditing, GL accounting and check-writing. The client experienced an annualized $150,243 savings through routing optimization provided by least cost reporting and Insight TMS®, the central execution component in Transportation Insight’s technology ecoscape.
“By allowing a team of experts to process, review and work closely with business analysts to identify improvement opportunities, we position our clients to repurpose transportation cost savings and employee resources toward other logistics and finance initiatives that support growth,” Wilson says. “As capacity and rising transportation costs will continue to be a prevailing challenge, shippers’ efficient management of transportation budget will increasingly rely on financial settlement partners. Data collection continues to be the cornerstone for transportation optimization, and beyond providing an information foundation, our Processing Services division’s ability to identify errors and navigate claims delivers significant financial impact.”
Transportation Insight’s industry experts have received Pro to Know recognition 10 times in the past six years. These thought and service leaders represent the supply chain strategist’s strength in each division including Enterprise Business Solutions, Integrated Solutions, Solutions Engineering, Client Solutions, Parcel Solutions, Parcel Operations, Supply Chain Analysis and Information Technology.
“Our Pros to Know listing showcases the leaders and innovators shaping the profession and making substantial impact on their companies,” says John Yuva, editor for Supply & Demand Chain Executive. “We commend this year’s recipients for their achievements in supply chain and for paving the way for the next generation of exceptional supply chain leaders.”
Visit www.sdcexec.com for the full list of 2019 Pros to Know.
About Transportation Insight, LLC
Transportation Insight is a multi-modal, lead logistics provider with $3.9 billion in logistics spend under management. For nearly 20 years, the Enterprise Logistics Solutions Provider has partnered with manufacturers, retailers and distributors to achieve significant cost savings, reduce cycle times and improve customer satisfaction rates by providing customized supply chain solutions. Transportation Insight offers a Co-managed Logistics® form of 3PL, carrier sourcing, freight bill audit and payment services, state-of-the-art transportation management system (TMS) applications, parcel technology platform (audit, engineering, advanced analytics) and business intelligence. Serving over 1,500 clients, its logistics services portfolio includes domestic transportation, e-commerce solutions, supply chain analytics, international transportation, warehouse sourcing, LEAN consulting and supply chain sourcing of indirect materials including secondary packaging. Headquartered in Hickory, NC, Transportation Insight has secondary operating centers in Atlanta, GA, Bentonville, AR, Boston, MA, Charlotte, NC, Omaha, NE, Overland Park, KS and Salt Lake City, UT; service centers in Canton, OH, Charlotte, NC and St. Louis, MO; and client support offices across North America. For more about Transportation Insight, visit www.transportationinsight.com, email email@example.com or call 833-421-0433.