To take on more business, customs brokers follow methods that have worked well in the past without exploring opportunities that could transform their business. The processes set years ago are no longer flexible to adapt to today’s changing compliances, rapid digitalization, and dynamic customer demands.
As customs brokers, you aim to move the goods smoothly and with the best profit margin. Without a proper system, you may find it tough to achieve repeated success. Customs Key Performance Indicators (KPI) are a way of measuring operational performance and growing your company financially too. By tracking KPIs, you gain a better understanding of:
- whether you’re on track to meeting your targets
- your strengths and weaknesses
- how you can become more efficient
One employs the services of customs brokers to facilitate the safe and legitimate movement of goods at the best prices. With KPIs, you cannot just ensure an industry-standard service but also consistently achieve your company’s vision.
Using the KPI approach to avoid losing direction
Consider you want to achieve 2X revenue in the next financial year. You may set up marketing campaigns to promote your services. Not generating enough leads, you may label your effort as futile. But using KPIs and customs filing software, you can keep your targets in sight and systematically approach your campaigns to make them successful. Here are some of the KPIs for campaign analysis that will help achieve the expected revenue.
Average Cost Per Lead – Knowing how much your spending to acquire leads on an average will attach a value to your marketing effort.
Cost of Customer Acquisition – The summation of all sales and marketing efforts is to acquire business. This KPI gives you better insights on your next effort according to the revenue expected.
If your goods are frequently held up for incorrect classification or insufficient documentation, you know there is a hole in your process. But, a customs broker known for executing every job timely and accurately is sure to grow revenue. With the below KPI using a custom clearing software will help establish your company among the leaders in customs broking.
Job Turnaround Time – If you want to distinguish yourself in the industry, facilitating faster and smoother clearances is key. Reduced job turnaround time is the measure of how efficiently you apply your resources.
As customs agents, you handle various cargo and each comes with its procedure, costs and effort. But which job is the most profitable to your company? It helps to know what your customers are demanding the most and concentrate your efforts attracting new customers towards your niche.
Job profitability – This KPI narrows down the effort that you must repeat and further reduce the cost to squeeze out a bigger margin.
Achieving success in customs clearance
If you wish to take your business to greater heights, you must design your processes to keep you in control always. KPIs is the measure of your current performance against the past while keeping an eye at the industry standards. Customs clearance software presents KPIs and in-depth reports to help you get down to the nitty-gritty of improving your top line. Leaders in customs clearance use technology to elevate their service and operations. Implement technology today to transform your processes and constantly sail through to success.