Gautam Prem Jain, Co-founder and CEO; Chitransh Sahai, Co-founder and Director; Mehul Katiyar, Co-founder and Chief Product Officer; Ayush Lodhi, Co-founder and Chief Technology Officer
The present-day supply chains are becoming increasingly global, complex, and prone to uncertainties. Further, the COVID-19 pandemic has put immense pressure on global supply chains and highlighted the value of data and logistics technology more than ever before. The industries that have survived the sales slump are now keenly focused on automation to future-proof their supply chains against pandemics and other uncontrollable factors. By integrating technologies such as Artificial Intelligence (AI) and Machine Learning (ML) with the supply chain, organizations are looking to recover the losses caused by the pandemic and boost their ROI.
At the forefront of this transformation is Singapore-based GoComet. An inherent supply chain automation platform, GoComet enables organizations to adopt an AI-led data-driven approach to supply chain management and stay relevant amid fast-moving times. The company enables brands to pivot rapidly in response to several challenges, including those posed by the pandemic. An AI-powered Transportation Management System (TMS), GoComet automates end-to-end logistics management, making way for unprecedented transparency, access to data proficiency, and significant cost savings. "From the point goods are manufactured to the point they are delivered to the consignee, supply chains generate massive amounts of data. GoComet's AI-powered TMS not only automates the end-to-end operations but also processes huge volumes of data," notes Chitransh Sahai, Co-founder and Director at GoComet. The company's AI platform turns data sets into valuable business intelligence and helps brands make informed decisions.
Supply Chain Technology for Resilient Freight Operations
Before establishing GoComet, co-founders Chitransh Sahai, Gautam Jain, Mehul Katiyar, and Ayush Lodhi faced several problems while running an import-export business where they procured goods from the Chinese e-commerce brand Alibaba and sold them on Amazon in the U.S. Freight forwarders were operating via emails and calls, and their pricing mechanism lacked transparency. At the same time, managing logistics was tedious, time-consuming, and prevented companies from ensuring cost and process efficiency. Two key learnings from this experience were; international trade is a trillion-dollar space, and there was no technology disruption in this space on any level. The manufacturing end of the supply chain, which heavily deals with export imports, was untouched by technology, and there was ample scope to build a sustainable business in that space. These findings prompted them to form GoComet.
Built to transform the way global manufacturing companies manage their supply chains, the AI-powered TMS platform leverages the combined power of data science and machine intelligence to simplify end-to-end logistics and ensure transparency in business. The platform facilitates sharp reverse auctions, bringing out the best possible freight rates, enables shippers to gain real-time shipment visibility, and provides error-free invoicing through process automation. "With GoComet, businesses can drive significant cost savings, reduce the time involved in various procurement processes, and ensure deal transparency, operational efficiency, and access to huge AI-powered data insights," Sahai comments.
Transforming Global Supply Chain Management
Data analytics is the backbone of the modern supply chain, and companies are leveraging the power of data to improve decision-making across their supply chain. GoComet's platform equips organizations with millions of data points it captures in real-time. The company's predictive and prescriptive data analytics assists clients with route and carrier optimization, easy assessment of vendor performance, and accurate planning and scheduling.
GoComet's AI-powered TMS not only automates the end-to-end operations but also processes huge volumes of data
Leveraging the power of AI and ML, GoComet's TMS enables organizations to automate RFQ management, shipment tracking, and invoicing to ensure process efficiency and comprehensive visibility into all aspects of their supply chain. In addition, the platform delivers powerful optimization capabilities from cost savings via risk mitigation, reduced operational redundancies, and improved deal transparency to enhanced supply chain forecasting.
Increased Efficiency through Modern Solutions
To increase efficiency in logistics and supply chain management, GoComet offers its clients a range of solutions. With its proprietary algorithmic reverse auction methodology, GoComet's GoProcure RFQ Management module allows vendors to compete with each other. It nudges them to reduce their rates and increase their chance of winning business. GoComet's GoTrack Real-Time Shipment Visibility module overcomes the challenges of traditional manual shipment tracking. Through single-window multi-modal visibility, the platform displays all carriers and shipments on a single dashboard, allows for seamless API integration with all major carriers and the shipper’s internal systems, and auto-captures every moment of shipment. The platform also provides exception reports and predictive alerts, advanced data analytics, and enhances customer relationships. GoComet's GoInvoice Automated Invoice Reconciliation module helps resolve the problem of time-consuming and error-prone manual invoice processing methods by reducing workload by up to 80 percent and driving significant cost savings.
Powering Through the Pandemic
When traditional methods proved inefficient during the pandemic, GoComet’s solutions helped manage the issues arising from chronic container shortages and port delays. The company’s real-time shipment visibility module sends automated updates to customers on the movement of all their international shipments. "With 360-degree visibility on the movement of their goods and carriers' service levels, they can make informed, data-driven decisions and mitigate the impact of the shortage," says Sahai.
In addition, port congestion, blank sailing, and chronic container shortage have made it difficult for carriers and vendors to meet the existing contracts. For companies with hundreds of shipments per month, the traditional practice of manually contacting each vendor and comparing every quote is impossible. With GoComet's compounded negotiation system, brands can ensure that they secure the best possible freight rates. The platform allows its customers to create and share queries with an unlimited number of vendors simultaneously. Further, the system conducts a series of automated negotiations within the set time frame, ensuring that the vendors compete to offer the best rates.
Crisis Management at its Best
When the Evergreen became diagonally wedged at Egypt's Suez Canal entrance, trade was disrupted at a massive scale. However, GoComet displayed its proficiency in handling challenging situations by coming to the rescue for one of its clients, a Mumbai-based leading tire manufacturer. As the brand’s eastbound and westbound shipments came to a screeching halt, the delivery of finished goods was delayed, impacting eight of their customers across Europe and the U.S. At the same time, the supply of raw materials to production facilities in India was severely affected, resulting in significant disruptions in the production cycle. This is where GoComet's GoTrack Automated Shipment Tracking system proved beneficial. "With real-time data-driven insights, GoComet helped the brand make strategic decisions to weather the crisis. The brand could reallocate their resources and better manage production cycles. This resulted in savings of $800K. With access to auto-generated reports, they could share live tracking updates with their customers for their specific orders, paving the way for enhanced customer experience," notes Sahai.
Proudly serving customers across 35 countries, GoComet helps shippers worldwide move cargo worth billions of dollars and processes millions of dollars of freight spend every month. "When enterprises partner with GoComet, we transform their entire supply chain ecosystem from shipment planning to invoice reconciliation. Their supply chain processes work hand-in-hand with the GoComet platform, resulting in an in-depth and end-to-end optimization," says Sahai.