Singapore's GoComet logistics platform recognized as top transport management solution
By Celine Chen
SINGAPORE, NNA - GoComet, a logistics tech startup headquartered in Singapore, has been recognized as the 'top transport management solution (TMS) provider in the Asia Pacific region for 2021, by the Logistics Tech Outlook, an industry technology publication.
The international publication, which covers innovative solutions in freight management, audit, fleet management, and logistics, sees GoComet's simplified end-to-end freight management software as a major breakthrough that has helped organizations worldwide to build supply chain resilience during the pandemic.
Using deep learning algorithms powered by artificial intelligence (AI) and machine learning, the company's TMS SaaS platform is designed to slash freight costs, optimize operations, increase deal transparency and efficiencies for freight procurement processes.
GoComet's platform is used by global companies to automate shipping container tracking, procurement visibility, invoice reconciliation, and benchmarking freight bidding.
It enables clients to obtain automated real-time updates on port congestion across the world.
Stuti Bhageria, special project manager of Filatex India Ltd, said, "GoComet has helped our export and import teams gather quotations, negotiate with forwarders, and track shipments in a quick and efficient manner. It has removed our dependency on multiple email threads and ensured that all communication is centralised in one place which helps locate information faster and make more informed decisions."
Another satisfied client, Nilesh Gandhi, vice president of procurement at Sun Pharma, said, "GoComet has contributed well in the way we manage our cargo. It has automated most processes, reduced manual intervention and improved overall efficiency in the workflow while bringing in great transparency in the system."
Founded in 2016, GoComet today serves more than 100 companies from 35 countries, helping shippers move cargo worth millions of dollars and save significant freight spend every month.
In a press release on September 3, Chitransh Sahai, chief business officer of GoComet, said, "Technological advances in AI and machine learning have the potential to make waves across multiple sectors touched by the logistics industry, from commodities to pharmaceuticals and more. GoComet already has a proven track record of facilitating significant cost savings in supply chain management for some of the largest global corporations."
The platform also turns data into valuable business intelligence to help brands make informed decisions.
"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 converts this huge volume of data into insights," said Chitransh.
Expanding to new markets and sectors rapidly, the company has been growing exponentially in recent years.
Since its inception, the company has moved more than $20 billion worth of cargo, processed freight worth $508 million and created savings of $34 million for clients, according to the latest data on its website.
GoComet is backed by investors like Leo Capital, India Quotient, SGInnovate, and August One.
The global digital logistics market size is expected to grow from $17.4 billion in 2020 to $46.5 billion by 2025, at a compound annual growth rate (CAGR) of 21.7 percent, according to Markets and Markets.
The research company said, "The digital logistics market is growing rapidly as a result of the increasing requirement for cost-effective logistics and supply chain solutions across various industry verticals. The increasing customer expectation, along with the measures to control the logistics cost, plays a vital role in shaping the future of the digital logistics market."
The outbreak of the COVID-19 pandemic has hurt the consumer sector which contributes the most to economic growth. The retail, catering, and travel services are facing tremendous cash flow problems due to declining sales and high fixed costs, said Markets and Markets.
The logistics and supply chain companies have also come under pressure from world governments which want to ensure the continued supply of essential commodities and healthcare products to their countries.
"Thus, the logistics chains are witnessing unusual and massive losses from the disruption caused by the COVID-19 pandemic. The shutdown of factories and scarcity of workforce to de-stuff cargo as well as drivers to operate trucks for cargo clearing has derailed the trade and smooth functioning of the logistics industry," said Markets and Markets.
Digitization of core business activities such as fleet monitoring, documentation, seamless networks of communication, the management of revenue, and building digital foundations by modernizing systems in COVID times has helped logistics companies to achieve shorter innovation cycles, agility and quick solutions, said the research company.