Accelerating the adoption of digital technologies in logistics
“The trillion-dollar freight industry demands smart and evolving technologies with an increased focus on procurement and overall supply chain transformation to meet the needs of the changing customer requirements.” C.M Mathew, Founder & CEO, LogisEye Solutions
The COVID-19 pandemic has accelerated the adoption of digital technologies by several years globally. This crisis brought major changes in the mindset of management on the role of technology in business and has spread the awareness among people on the need for embracing digital solutions. The pandemic was the tipping point in world history that brought a new way of life – “the New Normal”— and many of these major changes will remain for years to come.
The mantra is “Go Digital to Grow Business”. Early adopters are reaping the benefits of digital transformation as it helped them to minimize the impact of current crisis on their business.
Digital transformation in different logistics functions is at its nascent stage. The COVID-19 pandemic has disrupted supply chain and logistics globally. There are several early-stage startups where each one is focusing on certain selected functions, regions, or modes of transport.
LogisEye Solutions’ ecosystem is unique as its different digital solutions will meet most of the logistics procurement and payment requirements of international traders and logistics service providers across all market segments. Its cloud-based applications can be accessed from anywhere in the world.
The benefits to all the users in the value chain are enormous in terms of cost savings, highest level of real-time visibility, improved efficiency and time savings, enhanced transparency, electronic document management (EDM), exceptional collaboration and customer experience, and simplified IT integration.
With limited manpower resources, remote working and time being of essence as economies reel from the impact of the pandemic, LogisEye digital solutions for procurement of freight and marine insurance can make a big difference to every importer/exporter.
LogisEye launched a marketplace (LogiQuote) that offers instant rates and an eBidding solution (LogieBid) for real-time freight rates from multiple suppliers worldwide to accelerate and simplify the complexities of today’s supply chain.
C.M. Mathew, Founder and CEO of LogisEye, explained that the industry is currently characterized with manual processes and inefficiencies to manage procurement of logistics services and face significant challenges leading to increased time & cost of doing business. This is what LogisEye’s platform and solutions seek to address.
“The trillion-dollar freight industry demands smart and evolving technologies with an increased focus on procurement and overall supply chain transformation to meet the needs of the changing customer requirements,” said Mathew.
“The company differs from other online freight ebooking platforms as it aims to provide a broad range of custom-tailored integrated procurement and payment solutions with the best cost-effective rates for both importers and exporters, in real-time.”
“The market and customer requirements are changing very often. This will make the supply chain requirements even more challenging. Smart and evolving technologies must be introduced with an increased focus on procurement and an overall supply chain transformation. This will unlock value and empower customers achieve their goals. This is where LogisEye fits in perfectly.”
The chartered accountant turned techpreneur had an opportunity to speak on the subject “The Maturity Level of Digital Transformation in Supply Chain” and a day of immersion on Artificial Intelligence conference triggered his interest on technology.
The traditional manual processes followed in procuring freight rates require days due to poor response time. Most of the rates from various suppliers are not comparable. Importers/exporters depend on handful of regular suppliers for their freight procurement. Apart from that, the manual processes result in billing errors, duplicate billing and double payments that increases logistics and administrative costs.
LogisEye platform offers a relief from these tedious processes, saving all stakeholders time and money.
Along with shipping costs, LogisEye platform also offers users the right cargo insurance for the protection of their goods, offering convenience and cost-effective solution in today’s fast-paced world.
Launched in 2019, LogisEye is a Tech start-up specializing in innovative digital solutions for Procurement of Logistics Services. The solution is hosted on the cloud, offering a broad range of custom-tailored integrated logistics procurement solutions that services over 40+ countries and territories worldwide, with the aim of transforming, accelerating & simplifying end-to-end logistics procurement. The platform architecture and interoperability features simplify and standardize the procurement processes
“Our ecosystem connects Importers & Exporters with Logistics Service Providers and Cargo Insurance Companies, empowering all stakeholders in the value chain to interact and operate in real-time. The platform delivers customer-centric experience with advanced customer relationship management solution, powered by Artificial Intelligence & Machine Learning technologies,” said Mathew.
The solutions are designed to cater to customers with volume of any size, designed to provide access to Instant Quotes and Spot bids. Users can search for instant freight and insurance rates and/or launch an eBid, select suppliers, pay for and route shipments and track to get full visibility & analytics.
LogisEye recently launched its flagship solutions for procurement of freight:
LogieBid is an e-Bidding or reverse auction solution. Importers and exporters can now launch eBids to obtain quotes within a specific defined timeline. Users can select from LogisEye registered suppliers and/or even invite additional Logistics Service Providers of their choice. Suppliers can get visibility of their ranking while submitting rates and modify their submission any number of times before the bid is closed to increase their conversion. Users can currently launch reverse auction for their airfreight and sea freight shipments across the world and will integrate road freight shipments soon.
“It is very simple to launch freight Bids, easy to compare and analyze rates online, get visibility of logistics costs as percentage of merchandise value, select and award the Bids with total transparency,” said Mathew. Users can also get all business intelligence reports from our interactive Dashboard.
LogiQuote – A Market Place for Freight, launched during 2021, the state-of-the-art digital platform enables users to search & obtain quotes instantly from multiple Logistics Service Providers. Users can compare rates instantly, pay, route and get real-time visibility for their shipments under one platform, irrespective of using multiple service providers.
LogisEye marketplace currently provides airfreight rates for shipments connecting UAE with +40 countries and +1200 trade lanes for imports and exports. LogisEye aims to increase their geographical reach to +100 countries and integrate rates for other modes of transport including Sea (FCL/LCL), Road (FTL/LTL) and even Courier.
“People usually use Skyscanner or Cleartrip for their travel requirements. LogiQuote is a similar solution for instant freight rates, where our rate engine provides rates in less than 6 seconds once they update their shipment details. Users can even opt to get marine insurance rate instantly. Display of the rates can be sorted in different orders like Costs – Low to High, Transit Time – Low to High, Supplier Performance Rating, IATA Ranking etc. In addition, users can filter from multiple rates based on preferred service levels, suppliers and carriers, rates on different dates, costs within their target price etc.,” Mathew explained.
Since the soft launch of its flagship solutions, LogisEye has successfully attracted +350 customers and +35 logistics companies registered to its platform. As part of the pilot solution launch, the company currently offers free access to its registered customers for first three months.
Born and raised in the state of Kerala in India, Mathew, a Chartered Accountant and Company Secretary by profession, nurtured a successful career in finance and accounting.
After gaining 8 years of experience in Mumbai, Mathew moved to Dubai nearly three decades ago. He started his career in Dubai with Danzas AEI Emirates, a joint venture between Al Tayer Group and DHL Global Forwarding, the world leader in integrated logistics, where he stayed for 26 years and served in various key management roles, including as its Chief Financial Officer.
“During the +26 years working in the logistics industry, I have encountered all major challenges that customers and suppliers face in terms of manual and archaic business processes and documentation, inefficiencies in operations and pricing, lack of transparency and visibility, etc. This led me to establish LogisEye with the purpose of developing digital solutions to deal with all these challenges and inefficiencies,” said Mathew
With years of experience in logistics industry, professional educational background, track record, entrepreneurial spirit and with the significant relationship built over the years, Mathew, being convinced that technology is the next lucrative business frontier to be explored, launched LogisEye with a seed capital of USD $4 million.
“Funding is a big challenge and Covid 19 pandemic made it even more difficult. We have invested almost US$ 4 million on this start-up so far. In addition to an investment of US $ 2 million from founders, we managed to raise US $2 million in seed funding so far. Our investors were convinced on the market requirements and market size, uniqueness of our digital solutions, limited competition, experience of the founding team and lucrative growth potential of their investment.”
“With our plans to invest into R&D, develop additional digital solutions and to meet our global marketing expenses, LogisEye is seeking additional funding,” shared Mathew.
Headquartered in Dubai, LogisEye currently has 28 employees in Dubai and 26 in Cochin, India. LogisEye has a mix of young and experienced IT engineers, customer service executives, logistics professionals and other specialists from different functions, who collectively create innovative ideas and solutions to meet the fast changing and challenging market requirements.
Advise to aspiring entrepreneurs
“Start-ups are quite alluring to most people. One must know that setting up a start-up is a very challenging task requiring your full focus and dedication. You should be prepared to face failures and use them as a tool for future success. Listen to the stories on the start-up failures and learn from the mistakes of other entrepreneurs. Keep an eye on changing customer requirements and market scenarios. Ensure timely changes to your business strategies that will make you a successful leader in the market. Covid 19 pandemic has already sent a strong global awareness on the immediate requirement for digital solutions. Be an optimist, seek creative opportunities, embrace the latest technologies and develop innovative solutions to support the world,” said Mathew.
“Going forward, we are planning to integrate Blockchain technology that will enable managing and storage of records, instant verification and validation of transactions, managing contracts and payments, optimizing common financial & operational goals on the platform and thereby create and build trust among the stakeholders,” he added.
According to the World Economic Forum, TradeTech or technologies for trade leverages the internet of things (IoT), AI, 5G, cloud-based platforms and other Fourth Industrial Revolution technologies to unlock new possibilities and enable transparency and traceability in digital trade and global value chains. As the world slowly threads on economic recovery, more and more digital disruptions will emerge.
LogisEye invites Logistic Service Providers
LogisEye invites Logistic Service Providers (LSP) to join its dynamic digital logistics procurement platform to get quality leads and generate new business. You can submit valid freight rates to our marketplace (LogiQuote) and participate in online eBidding/reverse auction (LogieBid) across different trade lanes for different modes of transport.
Users can update/bid rates online, receive digital routing notifications, provide real-time visibility through data integration, eliminate manual interaction and reduce the cost of doing business.
Additionally, Logistics Service Providers can register as a customer on our platform to obtain instant freight rates for international trade lanes and launch eBids to procure competitive freight rates from sub-contractors and carriers.
For more info, visit www.logiseye.com.