According to McKinsey & Company, the bill of lading accounts for between 10% - 30% of total trade documentation costs; adopting an e-bill of lading (eBL) could save $6.5 billion in direct costs and enable up to $40 billion in new global trade volume. https://mck.co/3SNLHOr Learn more about #eBLs potential impact ➡️ https://bit.ly/3VmzmVk.
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Technology expert Irving Wladawsky-Berger outlines the limitations of paper-based bills of lading (B/L) in global trade and the potential of e-bills of lading (eBLs) to address them. “Current trade documentation spans many documents and processes and is a manual, time-consuming, and resource-intensive process for all stakeholders. Documentation for a single shipment can require up to 50 sheets of paper that are exchanged with up to 30 different stakeholders. The bill of lading, issued by carriers to acknowledge receipt of cargo from the shipper, is one of the most important trade documents required for shipping.” https://bit.ly/3zc4uOk
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#DidYouKnow an open-source e-Bill of Lading can promote transparency in trade transactions by providing a clear and auditable record of the goods being shipped, their origin, and their journey through the supply chain. Learn more at https://openebl.org/. #GlobalTrade #eBL #DigitalTransformation #SupplyChains
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Open eBL is an industry effort to transform supply chain operations by digitizing Bills of Lading. It achieves this by creating open-source, standards-driven e-Bill of Lading (eBL) solutions tailored for the global trade community. Learn more about eBL's benefits at https://openebl.org/. #GlobalTrade #eBL #DigitalTransformation #SupplyChainManagement
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DSCI's Vanessa Mbanefo is leading a new initiatve to develop an open-source e-Bill of Lading. If your company leverages Bills of Lading to conduct global trade, learn how to participate in this initiative at https://openebl.org/. #GlobalTrade #eBL #DigitalSupplyChains #DigitalTransformation
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𝗕𝗹𝗼𝗴: 𝗪𝗲𝗶𝗴𝗵𝘁 𝗼𝗳 𝗙𝗿𝗲𝗶𝗴𝗵𝘁: 𝗘𝗨 𝗘𝗧𝗦 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘄𝗶𝗹𝗹 𝗮𝗱𝗱 𝗮𝗯𝗼𝘂𝘁 𝟯-𝟰𝗽𝗰 𝘁𝗼 𝗳𝗿𝗲𝗶𝗴𝗵𝘁 𝗯𝗶𝗹𝗹 | 𝗔𝗿𝗴𝘂𝘀 𝗠𝗲𝗱𝗶𝗮 Learn more about the possible consequences, starting next year, for the thousands of shippers that carry commodities into, from or between EU ports. They may notice an additional 3-4pc expense on their freight bills. Read more here: https://okt.to/KzWjfl
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Container shipping and shipping in general is a bellweather for the development prospects for global trade and by proxy global growth. It is always good to see the FT commenting on Container Shipping given its relative niche industry status. However this article gives a clear warning of impending significant problems in the industry and one wonders how quickly the $31bn in cash will be burned through particularly of the excess capacity absorption from the Red Sea situation abates.
No one will win in container shipping’s game of chicken
ft.com
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Annually, 45 billion bills of lading are issued in the container trade, yet only 2.1% of these bills of lading and waybills were electronic in 2022. The impact of this on sustainability and trade growth cannot be ignored. A McKinsey report estimates that complete electronic adoption in the container sector alone could unlock $30 to 40 billion in global trade growth and save 28,000 trees per year, significantly reducing carbon emissions by eliminating paper. That is why BIMCO, DCSA, FIATA, ICC, and Swift (The FIT Alliance) have launched the “Declaration of the electronic Bill of Lading”. By securing commitment from all stakeholders in international trade to collaborate on driving digitalisation, starting with eBLs, international trade can become more efficient, reliable, sustainable, and secure. Let's digitise and transform international trade for a sustainable future! Read about the eBL declaration here: https://go.dbs.com/3LeslA3 Daniel Lit #DBS #TradeDigitalisation #eBLDeclaration #ElectronicBillofLading #LeadingwithDBS #DifferentKindofBank
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The closure of the Suez Canal, a vital artery for global trade, has triggered disruptions in manufacturing and distribution networks worldwide. In my latest article, I delve into strategies to navigate this shipping crisis and sustain growth amidst external challenges. #manufacturing #distribution #manufacturingadvisors #distributionadvisors
The Ongoing Shipping Crisis: Strategies for Importers to Manage Costs - Grassi
https://www.grassiadvisors.com
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Navigating Free Trade Agreements (FTA's) has become a more complex challenge in today's landscape of global of trade. Many companies I speak with find themselves struggling with the complexities of determining if and how they can capitalize on these agreements. Understanding which FTA's could be leveraged is a challenge, often requiring a substantial investment of time and resources. Inevitably, the key question always is: what are the potential savings and where should I source from? For most companies globally, cost savings are top of the agenda, especially in the current climate. Attempting to taking advantage of FTA's is often still a grey area. Times have changed! The ONESOURCE "FTA Analyzer" is an analytics and decision making tool that delivers up to date reports, detailing which sourcing countries, trade lanes, and trade agreements provide the most favorable return on investment, based on company-specific trade data. Consider the FTA Analyzer as a "quick to implement" first step into the world of Free Trade Agreements. Leverage the solution to simulate what impact it could have on your company's bottom line and cash flow. Want to learn more? Take a look at our FTA Analyzer brochure. I'd be happy to connect with you for a deeper dive into this complex, but yet underutilized opportunity for savings. https://lnkd.in/dB_h9BdT
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Leadership in action.
Annually, 45 billion bills of lading are issued in the container trade, yet only 2.1% of these bills of lading and waybills were electronic in 2022. The impact of this on sustainability and trade growth cannot be ignored. A McKinsey report estimates that complete electronic adoption in the container sector alone could unlock $30 to 40 billion in global trade growth and save 28,000 trees per year, significantly reducing carbon emissions by eliminating paper. That is why BIMCO, DCSA, FIATA, ICC, and Swift (The FIT Alliance) have launched the “Declaration of the electronic Bill of Lading”. By securing commitment from all stakeholders in international trade to collaborate on driving digitalisation, starting with eBLs, international trade can become more efficient, reliable, sustainable, and secure. Let's digitise and transform international trade for a sustainable future! Read about the eBL declaration here: https://go.dbs.com/3LbUnfz Daniel Lit #DBS #TradeDigitalisation #eBLDeclaration #ElectronicBillofLading #LeadingwithDBS #DifferentKindofBank
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