The cloud-based global ocean and air rate network CargoSphere on Tuesday released a new application designed to allow external rate data from any carrier contract format to be uploaded into a rate system database.
The application, called SUDS (Smart Upload and Diagnostics Solution), automates the managing and processing of carrier contracts and numerous contract amendments. When a contract is uploaded, the system extracts and organizes rates from large volumes of rate agreement contract data.
The diagnostic feature determines which rates are new and should be added, versus rates that are currently in effect and simply need to be updated with revised rate levels. Once added, rates are returned back to the user through an audit feature for verification purposes.
“SUDS learns contract details and validations as the contract is being processed,” CargoSphere said. “Contracts only need to be mapped once and then that information is automatically applied to any subsequent amendments and updates.
“Dense carrier contracts with pages and pages of pricing and countless amendments have burdened the global shipping industry for decades. Contracts may have upwards of 100-plus amendments in one year and current industry template-based solutions simply aren’t meeting the needs of the industry.”
The company said entire contracts, containing thousands of rates across multiple trade lanes, can be loaded in minutes.
“SUDS’ ability to read the myriad carrier contracts and simplify them for entry is saving me hours of time per contract,” said Troy Nary, pricing analyst at Jacobson Global Logistics. “Recently I was able to enter an ocean contract with more than 22,000 rates in just a couple of hours, which previously took up to 20 hours.”
“We have set out to create a forward-looking, sophisticated solution that quickly delivers clean rate data and eliminates inefficiencies that have plagued global shipping for years,” said CargoSphere President Neil Barni. “SUDS disrupts the status quo and provides a new avenue for time and cost savings in this critically important pricing function.” - Eric Johnson