KNNX Named to FreightWaves' FreightTech 100 List
KNNX has been selected for the 2024 FreightTech 100 list by FreightWaves
Toronto, Ontario, October 2nd — KNNX Corp, a global leader in technology solutions for supply chain and logistics, has been selected for the 2024 FreightTech 100 list by FreightWaves. This annual recognition highlights the most innovative companies in freight transportation, celebrating those at the forefront of technological advancement in the industry. It is an honor to be acknowledged alongside industry leaders who are redefining the future of logistics and supply chain management.
At KNNX, innovation drives everything we do. Our team is dedicated to creating solutions that bring efficiency, enhance visibility, and add value to every aspect of the freight and logistics ecosystem. This accolade reflects our commitment to pushing boundaries and delivering impactful tools that address the complex challenges facing the global supply chain today.
As we look to the future, KNNX remains steadfast in its mission to empower the freight community with technology that supports sustainable growth, operational resilience, and strategic transformation. We are excited to continue developing groundbreaking solutions that advance the industry and support our partners’ success in an ever-evolving landscape.
Thank you to FreightWaves for this recognition, and to our clients and partners for their continued trust and collaboration. Together, we look forward to shaping a more innovative and connected future for freight and logistics.
In today’s fast-paced supply chain management world, every second counts, and every link in your supply chain is crucial, making real-time visibility a critical factor supporting success. Companies seek and implement real-time visibility solutions to enhance efficiency, reduce costs, and mitigate risks. Most organizations struggle to get complete visibility data for their supply chain and it’s important to implement solutions that can effectively pull, present and process this data from multiple data sources and parties whether large or small.
In this blog, we would like to share ten ways real-time visibility is revolutionizing supply chain management:
1. Enhanced Decision-Making
One of the most significant advantages of real-time visibility in supply chain management is the ability to make informed decisions instantly. With access to live data from every point in the supply chain, decision-makers can respond quickly to changes, disruptions, or unexpected events. Whether it’s rerouting shipments due to poor weather or reallocating resources to meet a sudden spike in demand, real-time data enables supply chain professionals to make proactive decisions that keep the operation running smoothly. Additionally, the use of KNNX smart contracts can even automate these decisions in many cases
2. Improved Inventory Management
Inventory is one of the most significant costs in supply chain management, and managing it efficiently is crucial. Real-time visibility allows companies to track inventory levels across multiple locations, ensuring they maintain optimal stock levels. This visibility helps prevent overstocking, which unnecessarily ties up capital, and understocking, which can lead to missed sales opportunities and customer dissatisfaction. By always having a clear view of inventory, businesses can optimize their supply chain, reducing costs and increasing customer satisfaction.
3. Increased Efficiency in Transportation Management
Transportation is the backbone of any supply chain, and inefficiencies in this area can lead to significant delays and increased costs. Real-time visibility provides supply chain managers with detailed information on the status of shipments, including location, condition, such as temperature and estimated arrival times. This data enables better coordination between carriers, warehouses, and customers, reducing delays, optimizing routes, and ensuring timely deliveries. The result is a more efficient transportation network that can adapt to changing conditions on the go.
4. Enhanced Collaboration Across the Supply Chain
Supply chain management involves multiple stakeholders, including suppliers, manufacturers, carriers, and customers. Real-time visibility fosters better communication and collaboration among these parties by providing a shared view of the supply chain. With access to the same real-time data, all stakeholders can work together more effectively to resolve issues, streamline processes, and ensure that everyone is on the same page. Not only improving the efficiency but trust between the parties.
5. Greater Risk Management and Mitigation
Supply chains are vulnerable to various risks, including natural disasters, geopolitical events, and supply shortages. Real-time visibility allows companies to identify potential risks before they escalate into major disruptions. By monitoring key metrics and alerts in real-time, supply chain managers can take preventive measures to mitigate risks, such as sourcing from alternative suppliers or rerouting shipments. This proactive approach helps protect the supply chain from unforeseen events that could otherwise cause significant harm.
6. Improved Customer Satisfaction
One of the key metrics of a company’s success nowadays is customer satisfaction. Real-time visibility allows companies to provide customers with accurate, up-to-date information on their orders, including tracking numbers, delivery times, and any potential delays. This transparency builds customer trust and confidence, leading to higher satisfaction and loyalty. Additionally, quickly resolving issues, such as missed deliveries or damaged goods, further enhances the customer experience. Not only that but as we mentioned before, having the items in stock when the client needs them allows companies to maintain a higher satisfaction rate.
7. Optimized Production Scheduling
Manufacturers rely on precise scheduling to ensure that production runs smoothly and meets demand. Real-time visibility into the supply chain gives manufacturers the information they need to adjust production schedules based on current conditions. Just-in-time manufacturing would not be possible if the supply chains weren’t running smoothly with several risk mitigation options.
8. Cost Reduction and Savings
Most companies are trying to cut costs while keeping increasing sales. Real-time visibility helps identify inefficiencies and areas where costs can be reduced without harming the revenue streams. By providing a clear view of the entire supply chain, companies can pinpoint where resources are wasted, whether in transportation, inventory management, or production. This information allows for targeted cost-saving initiatives, ultimately improving the bottom line.
9. Better Compliance and Reporting
Compliance with regulations and industry standards is becoming increasingly important each year. Real-time visibility solutions often include features that track compliance metrics, such as temperature control for perishable goods or adherence to delivery schedules. This ensures that companies can meet regulatory requirements, avoid costly fines and have fresh products on the shelves. Additionally, real-time data simplifies the reporting process, providing accurate and up-to-date information that can be easily compiled into reports for audits and assessments.
10. Scalability and Flexibility
As businesses grow and expand into new markets, their supply chains must be able to scale and adapt. Real-time visibility provides the flexibility needed to manage complex, global supply chains. With the ability to monitor and adjust operations in real-time, companies can scale their supply chains up or down as needed, whether they’re entering a new market, launching a new product, or responding to seasonal demand. This scalability ensures that the supply chain remains agile and responsive, regardless of the challenges that arise.
Real-time visibility is no longer a want in supply chain management; it’s a need. In an environment where disruptions are common and customer expectations are high, seeing and responding to events as they happen is invaluable. By enhancing decision-making, improving efficiency, and enabling better collaboration, real-time visibility is transforming supply chain management in once unimaginable ways. As technology continues to evolve, companies implementing real-time visibility today will be better positioned to navigate the complexities of modern supply chains and stay ahead of the competition
If you are ready to transform your supply chain with real-time visibility, start by assessing your current capabilities and identifying key areas for improvement. Just having the data from IoT devices will not help you achieve the full potential of real-time visibility. If you wish to discover how to gain more visibility in your current data and how it can be used to enhance your supply chain, feel free to reach out to us via the form.
Now, three charges on a single invoice might not be a big issue. You need a single person from each company to cross-check these charges, confirm the rates, and approve the invoice. However, most companies have at least tens of invoices, with some going into hundreds and thousands. In this scenario, the rate of error increases exponentially. The current industry solution is thresholds. If the accessorial charges are within a threshold, they are automatically approved and paid. These thresholds increase the freight spend significantly each year.
Moreover, incidental fees like detention, layover, wait time, off-route miles, and special handling charges can lead to misunderstandings and disputes. The industry’s lack of standardization or definition for these extra expenses often results in disparities and misunderstandings about billing. Furthermore, companies lack a method of validating these charges. Because of this lack of transparency, some could inflate these costs or bill for services that were never provided, and get them approved because of the thresholds.
As a result, everyone loses money. Accessorial charges are one of the main reasons for payables delays in the industry impacting the carriers’ cash flow. They damage mutual trust and may result in increased shipping costs on subsequent invoices. Not to mention that exchanging emails to settle disputes over a single invoice costs both parties a lot of time.
Proposed Solutions
So, what can be done? Looking into most of the articles online, you will find several “solutions.” In fact, none of the options are solutions. They only tell you how to better prepare for the accessorial charges by providing detailed information on your BOL, knowing the National Motor Freight Classification (NMFC) number, and expecting the unexpected. For our clients, these so-called solutions can sound strange. With over 1,000 accessorial charges per month for LT and LTL shipments alone for a mid-sized retailer (eComm deliveries can push this number to 10 times that amount), how many would they have needed to add manually and expect the unexpected?
More importantly, these articles don’t look into the complete picture of the accessorial charges, which is the relationship between the parties. In our day-to-day lives, we have multiple browser extensions that tell you if the source is trustworthy and safe. Services online analyze product reviews, checking if they are real, but you must still be vigilant. In logistics, you always have to look out for overcharges, unproved detention charges, high fuel surcharges, and other charges that need to be double-checked or even triple-checked if you don’t want to lose money.
A Single Source of Truth
Imagine if carriers and shippers had a single source of truth, where detention is calculated via IoT and GPS trackers, notifying parties when the truck breaches the geofence, or guard-house timestamps and even in-yard movement provided by more sophisticated IoT enable cameras. Fuel prices are embedded into the system via API, and all accessorial charges are automatically cross-referenced with the pre-approved list and validated with data received from these IoT devices. This minimizes the possibility of human error and malpractice and nearly eliminates disputes between shipper and carrier. This creates a scenario where all parties are transparent, with their teams doing more important things than cross-checking the numbers between stacks of papers.
One way to solve some of the issues with accessorial charges is to request access to the IoT data from the carrier. Although this is possible, it provides data only for one type of accessorial charge, and there are more than 30 different charges that rely on data from multiple sources. Once you start looking for answers on how to unify all of that data in a single place, you come to different TMS solutions. However, a new issue arises: TMS is on one end, but logistics are multiparty. Furthermore, TMS does help with order management, procurement, asset management, and some other aspects of the freight process, but they lack sophistication in their invoicing and payments using TMS.
At KNNX, we created a single source of truth for every party involved in the logistics process. KNNX Freight connects all existing systems and IoT integrations to gather the shipping data and provides as overwatch to your logistics. In-transit data is added directly to our platform, eliminating the uncertainty of the charges in the final invoice. This data is then used to generate a live invoice available to both shipper and carrier, eliminating the manual effort of cross-referencing the charges and streamlining the payment process.
If you are looking for a solution that can enhance your existing TMS system and provide transparency to all of your clients and partners, or if you don’t have a TMS solution and want to learn how KNNX can help you, schedule a demo with one of our team members or learn more over at solutions page.
]]>Sustainability:
With the spectre of climate change looming larger than ever, the freight and logistics sectors are making strides toward greener practices. Regulations like the IMO 2020 rule and initiatives from industry leaders signal a shift towards cleaner fuels and reduced emissions. However, water shortages and port disruptions underscore the urgency for further action in creating sustainable supply chains. Moreover, electric vehicles are gaining significant traction in the logistics industry. Numerous companies are already deploying electric trucks for last-mile delivery, and we anticipate this trend to escalate throughout the year. These sustainability changes are further supported by advancements in carbon measurement systems and tools for analyzing and storing this information, exemplified by technologies like KNNX Freight.
Autonomous Logistics:
The advent of autonomous driving technology promises to revolutionize logistics by increasing efficiency and reducing reliance on human labour. With the potential to mitigate driver shortages and enhance safety, autonomous vehicles are reshaping the future of freight transportation, paving the way for more sustainable and secure logistics operations.
Cybersecurity:
As digitalization accelerates across the industry, cybersecurity emerges as a critical concern. With sensitive data moving into the cloud and the threat landscape evolving, investments in cybersecurity are paramount to safeguarding operations and protecting against cyberattacks and cargo theft. Multifactor authentication and robust security measures are becoming standard practices to ensure the integrity of supply chain networks.
Supply Chain Resilience:
The COVID-19 pandemic exposed vulnerabilities in global supply chains, emphasizing the critical importance of resilience. In response, companies are reassessing their strategies, broadening their supplier base, and harnessing data-driven insights to address risks proactively. Understanding and leveraging data will be pivotal in constructing agile and robust supply chain networks capable of navigating unforeseen challenges.
For instance, during the 2021 Texas snowstorm, which severed connectivity, and the flooding in British Columbia, our KNNX Freight solution demonstrated unwavering reliability. Achieving 100% uptime enabled our clients to maintain seamless operations without interruptions, showcasing our system’s resilience and effectiveness in the face of adversity.
Data Integration & Data-Driven Decision Making:
Big data analytics transforms logistics by providing unprecedented insights into supply chain dynamics. By harnessing advanced analytics and collaborating with partners, businesses can anticipate disruptions and optimize operations to ensure operational resilience. Real-time data and visibility are essential for meeting customer expectations and driving efficiency throughout the supply chain.
Digitization:
Technological innovations like blockchain, AI, and IoT are reshaping logistics by increasing visibility and operational efficiency. By embracing digitalization, logistics becomes a dynamic and responsive system capable of meeting the demands of today’s market. Solutions like KNNX Freight Invoicing Solution streamline invoicing processes, enhance transparency, and drive cost savings, paving the way for a more efficient and agile supply chain ecosystem.
In 2024, the freight and logistics industry is poised for continued transformation, driven by a relentless pursuit of sustainability, innovation, and resilience. As we navigate the challenges and opportunities ahead, embracing these trends will be essential in shaping the future of global supply chains.
If you want to benefit from these trends and further optimize your supply chain process, contact us via [email protected] or visit solutions to learn more.
]]>KNNX Freight Certified as Coupa Business Spend Management Platform Ready
KNNX Freight is now available in the Coupa App Marketplace, extending Coupa’s platform and increasing comprehensive view on invoices and supplier data.
Toronto, Ontario, May 22nd — KNNX Corp, a global leader in technology solutions for supply chain and logistics today announced it will offer KNNX Freight in the Coupa App Marketplace, connecting businesses with certified, pre-built solutions. Coupa certified KNNX Freight for use within Coupa’s total spend management platform. Coupa helps teams collaborate to build more agile and sustainable operations, delivering intelligent and responsible spend strategies to meet their companies’ purpose.
KNNX Freight integrates with the Coupa platform to extend spend visibility, while improving efficiency and trust between shippers and carriers. This integration makes it possible to process invoices automatically and without errors, leading to substantial freight cost savings and significantly improved relationships between shippers and carriers. Additionally, it allows invoices to be viewed directly within Coupa, streamlining the payment procedure through complete integration.
“With an overwhelming number of invoice disputes in freight the need for a single source of truth that can be shared with all partners is imperative,” said Nigel Pegg, SVP of Platform at Coupa. “We’re proud to have KNNX Corp on the Coupa App Marketplace to give our customers even greater automation of freight invoicing to help customers to reduce disputes, payment errors, and external auditing.
As a certified Coupa App Marketplace solution, KNNX Freight Invoice Automation meets the requirements established by Coupa through its App Marketplace Partner Program. The App Marketplace Partner Program enables software partners to build complementary solutions that easily connect into the Coupa platform. Customers benefit by discovering and connecting solutions to optimize their business spend and mitigate business risk while reducing the cost of third-party software integration.
“Connecting KNNX Freight into the Coupa platform gives our customers a streamlined freight invoicing experience and provides a single source of truth for all of the information,” said Francis Lalonde, CCO. “We are proud to be part of the Coupa App Marketplace and a trusted Coupa technology partner. We look forward to our relationship with Coupa to further help customers transform their freight and logistics invoicing process.”
For more information on KNNX Freight and how it can streamline your freight invoicing process, visit the Coupa App Marketplace at marketplace.coupa.com.
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Coupa, Coupa Business Spend Management (BSM), CoupaLink, and all Coupa logos are trademarks or registered trademarks of Coupa Software, Inc. All rights reserved.
Updated March 2023
About KNNX Corp:
KNNX proudly offers the first real-time invoicing solution, streamlining the logistics process by enabling immediate creation, completion, and approval of invoices upon delivery. This innovation is key in quickly resolving any potential disputes, ensuring that all necessary data is easily accessible to both Shippers and Carriers.
KNNX Launches Executive Advisory Board
We are delighted to announce the launch of the KNNX Executive Advisory Board! This significant milestone underscores our unwavering commitment to driving innovation and excellence within the supply chain and logistics sectors. The formation of this board reflects our strategic focus on leveraging the expertise of industry leaders to navigate the complexities and opportunities that lie ahead. Our aim is to foster a collaborative environment where thought leaders can share insights, strategize, and contribute to the advancement of supply chain and logistics solutions that meet the evolving needs of our clients and partners.
Over the next few weeks, we will introduce our exceptional board members, each a distinguished expert and leader in their respective domains. These individuals bring a wealth of experience and a forward-thinking approach that aligns perfectly with our mission to redefine the future of our industry. We invite you to stay tuned for our updates and join us in welcoming these visionaries. Together, we will work towards shaping a more innovative, efficient, and resilient supply chain landscape, setting new standards of excellence and creating lasting value for all stakeholders involved.
About KNNX Corp:
KNNX proudly offers the first real-time invoicing solution, streamlining the logistics process by enabling immediate creation, completion, and approval of invoices upon delivery. This innovation is key in quickly resolving any potential disputes, ensuring that all necessary data is easily accessible to both Shippers and Carriers.
KNNX and Greensee Partner to Enhance Global GHG Emissions Compliance
Toronto, Canada / Paris, France – January 23, 2024
KNNX, a global leader in enterprise collaboration networks, is partnering with Greensee.ai, a pioneer in sustainable shipping solutions, to revolutionize the way companies manage and comply with Scope 1, 2, and 3 greenhouse gas (GHG) emissions globally.
This collaboration integrates KNNX’s innovative solution, which leverages shared ledger for secure data collaboration with Scope 1 and 2 emissions compliance and, Greensee’s cutting-edge AI and CO2 emissions analytics for Scope 3. This synergy will provide joint customers with a comprehensive solution for managing their entire GHG emissions portfolio under one unified offering.
“We are thrilled to announce our partnership with Greensee, which allows us to provide a comprehensive suite of solutions for scope 1, 2, and 3 compliance requirements. By combining Greensee’s advanced AI technology with our diverse range of products, we are fully equipped to assist businesses in achieving their sustainability objectives, closely monitoring their emissions, and gaining valuable insights into their logistics operations.” – KNNX CCO Francis Lalonde
Don Miller, Co-Founder of Greensee, expressed his enthusiasm about the partnership: “KNNX’s platform represent a pinnacle of innovation in this sector. Its simplicity, security, and collaborative features made it an obvious choice for us in tackling Scope 1 and 2 emissions. The ability to now extend this offering to cover a complete GHG emissions scope globally is an exciting advancement for both our companies and our customers.”
KNNX and Greensee have already commenced collaborations with various organizations, addressing a significant market demand for a comprehensive, integrated solution for enterprise sustainability goals. This partnership is poised to set a new standard in environmental responsibility and corporate sustainability practices.
Learn more KNNX – Sustainability and ESG Solutions
About KNNX Corp:
KNNX proudly offers the first real-time invoicing solution, streamlining the logistics process by enabling immediate creation, completion, and approval of invoices upon delivery. This innovation is key in quickly resolving any potential disputes, ensuring that all necessary data is easily accessible to both Shippers and Carriers.
Media Contact:
Ilya Banchukov
Marketing | KNNX Corp
[email protected]
About Greensee
Greensee is committed to sustainable innovation in the intermodal transportation industry. Specializing in precise shipment emissions calculations and energy reduction strategies, Greensee is empowering businesses to proactively reduce their environmental footprint.
Discover more at www.greensee.ai
KNNX Named as 2023 Top Tech Startup by Food Logistics, Supply & Demand Chain Executive!
We are excited to announce that KNNX has been named as a 2023 Top Tech Startup by Food Logistics and Supply & Demand Chain Executive! This prestigious recognition is a testament to our innovative approach and relentless commitment to revolutionizing the logistics and supply chain industry. Our team’s hard work and dedication have propelled us to the forefront of technological advancements in this sector, ensuring that we consistently deliver cutting-edge solutions that meet the dynamic needs of our clients and partners.
A huge thank you to Food Logistics and Supply & Demand Chain Executive for this honor, and a massive thanks to our incredible team, partners, and customers who have been pivotal in our journey. Their unwavering support and collaboration have been instrumental in our success, driving us to continuously push the boundaries of what is possible in the logistics and supply chain arena. We look forward to building on this momentum and continuing to set new standards of excellence in the industry.
About KNNX Corp:
KNNX proudly offers the first real-time invoicing solution, streamlining the logistics process by enabling immediate creation, completion, and approval of invoices upon delivery. This innovation is key in quickly resolving any potential disputes, ensuring that all necessary data is easily accessible to both Shippers and Carriers.
“For thousands of years, trade was conducted in-person before a patchwork of technologies fractured longstanding bonds between trading partners, said Loudon Owen, CEO at KNNX. “At KNNX, our shared ledgers act as Digital Superglue
that instantly reestablishes those deep connections through trust and transparency, enabling unprecedented collaboration and cost savings. We’ve demonstrated that challenging logistics patchworks can quickly transform into trusted, collaborative networks. The name KNNX captures our spirit and mission – and hey, vowels are overrated anyway!”
KNNX’s powerful collaboration platform and flexible products provide a single source of truth for all transaction data for current customers in the retail, food & beverage, healthcare, mining and agriculture industries.
KNNX’s award-winning product suite enables logistics collaboration and has already delivered enormous efficiencies and substantial operating savings spanning freight, including E-commerce, Last Mile Delivery (LMD), audit and payment, Direct Store Delivery (DSD) and Driver Pay. Working with Mastercard and Transcard, KNNX launched FreightX providing automated end-to-end freight processing on a shared ledger to resolve invoice disputes, solve cash flow challenges and deliver complete visibility. In addition, KNNX’s products have fully integrated carbon emissions tracking where sustainability also leads to increased profitability.
KNNX will continue to pioneer new applications for its shared ledgers, offering game-changing solutions that have been proven to dramatically transform supply chains and business partnerships without disrupting existing operations and systems.
Visit knnx.com for more information.
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