According to the Digital Container Shipping Association, achieving 50% adoption of electronic bill of lading could save the container shipping industry more than $4 billion per year. This rate of adoption is expected to be reached by 2030. Aside from the cost savings, imagine not having to sort through paperwork and filing cabinets.Recognizing the benefits of adopting electronic bill of lading, industry leaders are only more likely to push towards this digital transformation. If the paper bill of lading is more or less going to be replaced, it makes sense to take advantage of the new opportunities that come with using an electronic bill of lading.
What is an electronic bill of lading?An electronic bill of ladings has the same legality and functions as a paper bill of lading. You can learn more about what a bill of lading is here, but it rudimentarily performs three functions.
- Receipt confirmation for the shipments
- Evidence of carriage contract
- A document of title
What are the advantages of electronic bill of lading?There are several advantages to using an electronic bill of lading:
- Shorten the billing process: Because a paper bill of lading must be printed, packaged, shipped, and waited on for a response, it can add days or even weeks to the forwarding process. If the paper bill of lading is damaged during the process, the issuance of a replacement can result in significant delays and disruptions for businesses.
- Reduce the possibility of fraud: Electronic signatures and PIN numbers make forging an electronic bill of lading more difficult.
- Increase efficiency: Eliminate the manual process of creating a bill of lading. Fields will be auto-populated with pre-saved information, preventing human errors.
- Transparency: Parties have access to information immediately at their fingertips at any time.