The transport industry is rapidly evolving, and the Electronic Bill of Lading is leading the way in providing businesses with greater efficiency, accuracy, and improved communication throughout the process of moving goods worldwide. At this rate of evolution by 2030, all shipping documents should be successfully converted to a fully electronic version (eBL). Such an ongoing shift has presented small businesses, carriers, freight shippers, and other industry stakeholders with an exciting opportunity in which their operations processes can benefit from more reliable data management. For eBL’s, gaining further insight into current workflow background information is essential.
Bill of Lading (BoL) vs. Electronic Bill of Lading (eBL)
Bill of lading papers are used in every shipment. It helps track who sent the item, what it is, and where it needs to go. This document has long been the cornerstone of shipping documentation. However, with technological advances, there is an increasing shift towards adopting an electronic bill of lading (eBL). This innovation is proving to be more efficient and environmentally friendly when compared to traditional paper-based BOLs. It also contributes to improved sustainability and cost savings across the shipping process. Many organizations recognize the efficiency benefits of using e-BOLs. They aim to digitize their entire billing process by 2030, a feat that would usher in a new era of efficiency for this industry.
Advantages of Using eBL
eBL, or electronic Bill of Lading, is quickly becoming famous for those looking to save money and resources while streamlining their business processes. By leveraging the virtues of digital technology, it benefits companies in terms of sustainability, reducing cost, and increasing efficiency.
Using an Electronic Bill of Lading (eBL) offers companies a range of sustainability benefits. By digitizing shipping paperwork with eBLs, organizations can eliminate the need for printing paper documents and reduce their reliance on hard copy records. This also reduces waste associated with traditional shipping methods, leading to fewer carbon emissions.
Reducing the cost of shipping
Using an Electronic Bill of Lading (eBL) also helps reduce the cost associated with shipping. By digitizing records, companies can automate their processes and reduce the time spent on paperwork-related manual labor. This process can result in a lower cost of shipping, as well as improved efficiency.
Increase of Efficiency
By implementing electronic bill of lading (eBL), companies can experience higher efficiency in their shipping processes. eBL’s provide organizations with a digital record of their shipments, enabling them to track and monitor their goods throughout the process. This can improve accuracy and provide organizations with better insight into their operations.
How will eBL be implement in Your Shipping Process
Implementing an eBL (electronic Bill of Lading) into your shipping processes can be a considerable time and money saver. This technology enables shippers to use a real-time streamlined process to generate, confirm, collaborate and approve their documents from anywhere worldwide with no printing required. By automating the document creation process, shippers gain day-one visibility and improved digital collaboration that significantly decreases the amount of manual tracking for goods in transit. Additionally, shippers will receive faster shipment releases and freight claims, resulting in quicker invoice turnarounds and improved cash flow. Any business hoping to streamline its shipping processes should consider using eBL.
Challenges that May Be Faced When Switching to eBL's
Transitioning to an eBL or an electronic banking ledger can present many challenges. Technical bearers, such as incompatible systems, must be addressed at the front end, which can require software upgrades and new hardware. An additional challenge is a legislation: without supportive legislation in place for documenting digital financial transactions, some banks may be hesitant to make the switch. Finally, a lack of common standards for accounting and reporting within different banking systems makes overhauls to existing processes arduous and more costly than expected. Switching to an eBL does come with its fair share of obstacles. Still, if appropriately strategized and with the right resources, it can offer many benefits over its paper-based predecessor.
Let Us Help You With The Shift To Electronical Bills of Lading
All in all, the electronic bill of lading is an excellent tool for any business involved in shipping. It can help to streamline processes, improve efficiency, and save time. Although switching to eBL may feel overwhelming at times, especially if you have been using manual paperwork for years, making the change isn’t as daunting as it may seem. With some preparation and planning, plus an understanding of best practices and common challenges that businesses face when switching to an eBL system, you can make a successful transition quickly. As with any new project, having an experienced partner can be essential. FreightCenter is your perfect partner when moving away from paper-based bill-of-lading processes and towards greater automation with eBL’s. We can help guide you along your journey, so don’t wait — get started right now. Use FreightCenter for any of your shipping needs!