Revenue Leakage In Shipping

The good news is that companies don t need to accept this lost revenue.

Revenue leakage in shipping. Transporters 1 1 per cent and clearing agents 1 2 per cent in the report titled public private partnership ppp as an anchor for diversifying the nigeria economy. Detention and demurrage is another area where tremendous revenue leakage is occurring especially for ocean carriers. Lagos container terminals concession as a case study the organisation bemoaned the. In the case of big retailers we focus on the many relatively small transactions with very diverse suppliers typical for this sector.

By using technology to identify and alter inefficient internal and external behaviors you can create major efficiencies in your supply chain. Like a drop of water in a small space that freezes and expands to further widen that crack even a small revenue leak can grow and undermine the fiscal strength of any business. Revenue leakage can happen at virtually any stage of the o2c cycle which makes it imperative for companies to identify and manage control gaps. Ey tax partner abhishek jain said the requirement to provide gstin in bill of entry shipping bill will help plug gst revenue leakage and ensure that imports export data is reconciled with gst data.

The study said shipping companies were responsible for 13 8 per cent of the cost. A strong detention and demurrage maintenance system with. Shipping process can be another cause of lost revenue. A truck transporting a shipping container drives through the jawaharlal nehru port operated by jawaharlal nehru port trust in navi mumbai maharashtra india.

In an age when data breaches and cyber theft are prolific. For example an organization making 50m in revenue can experience leakage of up to five percent or. Revenue leakage a big disappointment says kerala finance minister thomas isaac. Legacy systems and manual processes are the most common causes of control gaps leading to unnecessary delays and creating more problems than they solve.

Revenue leakage in saas software as a service and other subscription based businesses can sneak in with little notice. Bq desk bloombergquint. Failure to capture details on freight damage at origin can result in claims at destination creating additional costs. Terminal operators 1 8 per cent.

Lost revenue is not something that small businesses or any business can afford to ignore. Eliminating overly cautious risk management allows e commerce retailers to staunch revenue leakage. They end up never shipping because by the time the orders are approved the items are out of stock.