In logistics, every freight movement involves a process of paperwork, which comes with its imperative reality of being the cause of long delivery durations, increased human error, possibly fraudulent behavior and disruptions leading to unexpected delays. Pandemic has evolved us in many ways. From a social being, we have evolved into a digital being. Before it, digital transformation was limited to customer experience. But now, it holds the essence of efficiency and innovation for the business and same goes for how we do international trade now. SmartLabs paves the way for you! While everyone knows now that this transformation is essential, but does not know How and Where to start, you have reached the right spot.
In logistics, time is money. So, by saving more of the former, you yield more of the latter. Let's find out how it's done.
International trade traditionally involves a lot of paperwork, which comes with its imperative reality of being the cause of long delivery durations, increased human error, possibly fraudulent behavior and disruptions leading to unexpected delays. Smartlabs aims to digitally transform international trade with the use of Smart contracts and Title transfers to enable secure digitisation of paperwork and significantly improve efficiency and transparency in the entire process.
Digitization is happening at unprecedented speed. With increasing interconnectedness and rising demands for on-time delivery, trade needs to be faster and more reliable. There are 3 S that come with this digitization that has changed our way of doing trading: scale, scope and speed. SmartLabs provides comprehensive trade digitization solutions that include eBL, document signing and verification and workflow, document and Logistics Management Systems for a more transparent, agile and resilient enterprise.
Bill of Lading (BoL), also called a TItle document, is the most crucial document in freight movement. In today’s time digitization has changed the face of the logistic world, one such is with Electronic BOLs. It is much more efficacious, convenient and faster than the traditional paperwork. Not just that, it streamlines workflows for drivers, back-office personnel, and fleet managers alike. Since BoL is very significant and it represents ownership of goods worth millions of dollars, an electronic BoL should be extremely secure and resistant to hacking. Adapting to need, SmartLabs has created an eBL solution that effectively mirrors the physical flow of documents as in the traditional process and is legally compliant with the UNCITRAL Model Law on Electronic Transferable Records (2017).
A letter of credit (LC) is a trade finance instrument which ensures that the payment of goods and services will be fulfilled between a buyer and a seller. Traditionally, payments against LCs are made based on the physical presentation of documents, leading to delays and loss of working capital. Eliminating the problems of paper-based processes across the transaction initiation, evidencing supplier performance and settlement stages, SmartLabs strives to digitize Letter of Credit-based trade flows.
Trading involves multiple documents checks such as bilateral contract, commercial invoice, charter party contract, certificate of origin, certificate of analysis, dangerous goods form, etc. Comprehensive digitization of the entire trade flow not only streamlines the process but makes it faster and more reliable. Just what SmartLabs promises to do. On an overview, it involves document issuance, document signing, upload and storage, title transfers, and surrendering of all the trade documents.
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