A Study on Risk Management of Global Transportation service for Shipment with Refernce to right Logistics International Pvt Ltd
R. Arivumalar1, S. Mohan2
1Assistant Professor (MBA), Department of Management Studies, Sri Sairam Engineering College - Chennai.
2Professor and HOD, Department of Management Studies, Dr. N.G.P Arts and Science College, Coimbatore.
ABSTRACT:
This study investigates the risk management practices employed by Right Logistics. A global transportation services provider, in handling shipments. With the increasing complexity and globalization of supply chains, transportation service providers face numerous risks that can significantly impact their operations and customer satisfaction. This research aims to identify the various risks involved in global transportation services and analyse the risk management strategies implemented by Right Logistics International to mitigate these risks. The study adopts a qualitative research approach, utilizing interviews and surveys to gather data from key personnel within the organization, including management, operations, and logistics staff. The research focuses on key areas of risk in global transportation, such as delays, damages, theft, regulatory compliance, and geopolitical factors. The findings highlight the risk management framework employed by Right Logistics International, which includes proactive measures, such as thorough supplier vetting, risk assessment, and contingency planning. The study also explores the role of technology in risk management, including the use of tracking systems, Furthermore; the research examines the challenges faced by Right Logistics International in managing risks and provides recommendations for enhancing their risk management practices. These recommendations include establishing collaborative partnerships with stakeholders, adopting emerging technologies, enhancing employee training programs, and regularly reviewing and updating risk management strategies. The study contributes to the existing body of knowledge by providing insights into risk management practices in the global transportation industry, specifically within Right Logistics International. The research findings can assist transportation service providers in understanding the importance of robust risk management strategies and provide guidance for improving their own risk management practices.
KEYWORDS: Risk management, transportation services, Logistics, shipments.
INTRODUCTION:
In freight transportation right time to delivery nd risk to move of transport. Transport means to make goods available to consumers. Where the objective was to gain hands on experience in the freight forwarding industry. The concept of providing our customers with a comprehensive partnership, to enhance every aspect of their Forwarding requirement. This has been achieved through our sustained practice of adapting our services to meet the requirements of our clients and continuing to conform to their individual needs.
There main sources of assessment in the Freight transportation of companies are planning processes, product acceptance processes and supplier discipline, storage and cargo processing processes, transportation management. Logistics assessment are transportation, warehousing, shipping, and inventory as well as management assessment at all levels, including management assessment associated with logistics functions and supply chain operations. The consequences of risk events can be divided into two groups depending on the moment of risk event fixation, which can be divided into explicit and hidden ones. Explicit risk events are detected immediately after the occurrence. For example, if the delivery delay is identified at the time of breakage or unplanned vehicle delay during delivery, then measures taken to offset the effects of such a risky event may prevent most negative effects.
Risk management is an essential aspect of freight transportation as it helps to identify and mitigate potential assessment that can arise during the transportation process. This assessment can include damage or loss of goods, delays in delivery, theft, accidents, and other unforeseen events that can impact the safety and efficiency of the transportation process. Effective risk management involves identifying potential assessment and implementing measures to minimize their impact.
This can include measures such as proper packaging of goods, choosing safe and reliable transportation methods, having adequate insurance coverage, and maintaining open communication. Freight transportation companies can ensure the safe and efficient delivery of goods, reduce the potential for financial losses, and build trust and confidence with their customers. Assessment in the context of global transportation service involves evaluating various aspects of the shipment process, including logistics, reliability, timeliness, customer satisfaction, and compliance with regulatory requirements. Assessments help transportation companies identify areas of improvement, optimize their operations, and ensure the delivery of goods in a timely and secure manner.
The assessment methods employed in the global transportation service industry can vary depending on several factors such as the mode of transportation (air, sea, road, or rail), the nature of the goods being shipped and the geographical scope of the services provided. Common assessment approaches include performance metrics, customer feedback surveys, compliance audits, and technological tracking systems.
Performance metrics provide quantitative indicators to evaluate the efficiency and effectiveness of transportation services. These metrics may include on-time delivery rates, transit time, cargo handling efficiency, and cost-effectiveness. By analyzing these metro transportation companies can identify bottlenecks and areas for improvement in their operations.
Technological tracking systems, such as GPS and RFID (Radio-Frequency Identification), enable real-time monitoring and tracking of shipments. These systems provide accurate information on the location, condition, and movement of goods throughout the transportation process. The data collected from these systems can be used to assess the reliability of transportation services, identify potential delays or deviations, and optimize route planning.
REVIEW OF LITERATURE:
SN Chakrabarty et al (2013). Container traffic has significantly increase in both local and international trade as a port to door to door. A container can travel whether it is full or empty as part of an export, import, or repositioning flow, involve a lot of agencies.
Jayakumar et al (2014). To clarify whether India’s exports and imports are related to foreign direct investment (FDI). The significance of additional factors in determining the success of exports and imports was also revealed by this study. The effect of foreign direct investment inflows on India’s export and import performance. Increase FDI into India was a natural result of nalyzingion programme.
Razon Chandra Saha et al (2015). The world’s most important globalised trade is shipping. The seaport plays a key part in the maritime nation’s ability to dominate international trade. Bangladesh is one of the world’s least developed nation’s (LDCs), and it naturally process the ocean. Additional, the possibility to conduct marine trade with nearby nations like China, India, Nepal, Bhutan, and Myanmar was facilitated.
Sarem Deilami Moezi et al (2015). A long-distance transportation issue that involves integrating full container load (FCL) shipments on one side and less than container load (LCL) or air freight shipments on the other side in order to transfer a group of products from a producer to a client. Utilising a vendor-managed inventory (VMI) strategy, a decision maker must identify a periodic shipment schedule that reduces the total cost of inventory and transportation, both at the procedure and the consumer.
Vikas Kumar et al (2016). In the both management of supply chain and international trade, road transport has grown in importance. However, this method on product logistics has always been viewed as ineffective. Mathematical nalyzin, operation research-based approaches, and simulation have traditionally been used to solve the practical inefficiencies of the road transport sector.
Mohita Gangwar Sharma, et al (2016). Railway transport is a service that is offered in both the spatial and temporal dimensions. Higher inputs are needed to delivery better service, so judging performance without taking these factors into account would produce skewed result. The goal of this study is to evaluate the effectiveness if the rail.
Aisling J Reynolds et al (2017). In order to help with the movement, storage, and tracking of consignments, new technology is used more and more frequently in the physical distribution of goods, which has evolved into a highly sophisticated operation. In this network of logistics, transportation is but one link. The structure, administration and function of the air freight industry in relation to shipper’s supply chain are all discussed in this chapter.
Som Sekhar Bhattacharyya, et al (2017). The volume of international trade in the age of nation states is a good measure of how far along a nation’s economy is. The country of foreign commerce in emerging nations are particularly dynamic and expanding. To understand the effects of the Indian economy on the global economy and vice versa, the authors conducted trend analysis on data spanning the previous 19 years
YH Venus Lun, et al (2017). The growth of economic activity depends on the shipping industry since international trade requires ships to move cargoes from points of production to points of consumption. Several fundamental issues in the shipping industry. Liquid bulk and dry bulk are two categories for bulk shipments. The tanker shipping industry primarily fills the need for the transportation of liquid bulk by sea.
S Subhashini, et al (2018). These days, shippers contract out their shipping needs to goods forwarders. The operations and tasks required for the orderly movement of commodities from the point of origin to the point of destination are carried out by goods forwarders. A goods forwarder is a third-party logistics (3PL) service provider that connects buyers and sellers by effectively delivering the goods to the client.
Anchal Gupta, et al (2018). Organization is placing more emphasis on supply chain integration as a result of technological development and globalization. They also use logistics services providers (LPs) for support and implement a number of sustainability-related projects. To understand and assess efficient and long-lasting service quality management, it is possible to leverage the resource, procedures, and performance capabilities of LPs.
Devendra Kumar Pathak, et al (2019). Transportating goods around a supply chain sustainably requires striking a balance between economic, environmental, and social concerns. The performance assessment of sustainable goods transportation (SFT) systems is crucial because it enables ongoing, objective monitoring of progress made towards sustainability goals.
Krishna Kumar Dadsena, et al (2019). Due to an increase in freight movement, nalyzingion, and operational flexibility, road freight transportation sustainability is becoming increasingly important. It is becoming increasingly challenging for transport manager around the world to control the rising risks in their operations and put risks reduction plans into nalyzin while still maintaining economic viability.
Deepankar Sinha, et al (2019). Business, particular those engaged in international trade, have noticed the movement of goods and products via various modes of transportation interacting at various nodes (or terminal). However, the air or sees portion of transportation has received most of the attention. Although multimodal transportation has other aspects besides cost and time reduction, there are effort undertaken in this area.
Chandra Prakash Garg, et al (2019). In the global maritime supply chains regions governments, financial institutions, and regulatory bodies from all over the world have taken an interest in the sustainable development and expansion of the containerized freight (cargo packed in shipping containers) transport system and container port/terminal business.
Mohit Goswami, et al (2020). The associations between metrics of sustainable freight transport performance (in the context of mid-sized third party auto component logistics players) and the associated externalities and firms intrinsic characteristics when information exchange takes place between logistics companies and the auto manufacturer .By using a survey-based research approach, pertinent information was gathered for number of third party logistics players, resulting in a total 708 replies from the operational managers of these companies.
Dhirendra Prajapati, et al (2020). One of the key factors that can both directly and indirectly influence a nation’s economy and GDP is shipping logistics. Logistics for shipping are influenced by a number of variables, many of which have been discussed by different writers in earlier research. The majority of the studies in this body of research are devoted to identifying the characteristics that have the greatest overall influence.
D Paul Dhinakaran, et al (2020). India’s export and import at a glance industrial sector trends and India’s industry and infrastructure at a glance have all been studies by the writers. Current economic inflation, foreign trade, and national income forecast for inflation, union budget for 2020 21, debate over COID-19 circumstances, India’s logistics performance during COVI-19, and stagnant exports and imports.
Manoharan Veerappan, et al (2020). The expansion of trade and economic development of any nation depend heavily on-air freight transportation. According to recent statistics, emerging nations like India are demonstrating a constant growth tendency in the air freight sector. However, nalyzin efforts for the air freight are few in comparison to other freight modes.
Suzanne Stannard, et al (2020). 90% of global trade is transported by the maritime sector (1). The maritime sector has worked to preserve supply chains and the delivery of crucial cargoes, including as food and medical supplies, throughout the current epidemic while also assuring the continued health and welfare of the 1.6 million seafarers working on board ships.
Nina Sirina, et al (2021). A transport and logistics system are created by the procedures for managing transport services. The distribution of resources and the forecasting and planning of cargo flows have a big impact on how effectively these processes are managed. The transport and logistics system are impacted by many of its subjects and objects, the ambiguity of the demand for transport services, the lack of accountability of the external space factors, and the subjective perception of the internal environment under market conditions for transport services.
Adrianna, et al (2022). The goods forwarding industry has evolved as a result of the rising demand for transportation services. The goods forwards are no longer a one-service provider, rather, they are now a part of a full supply chain, and the business is already experiencing dynamic changes in how it connects customers and suppliers.
Bandhan Bandhu Majumdar, et al (2022). In order to deliver goods ‘just-in-time’ to merchants, warehouse, and end user in cities and metropolitan areas throughout the world, goods transit is a crucial component of the supply chain. In addition to serving a region commercial need to unanticipated negative effects on the environment, society, and the economy.
Jasashwi Mandal, et al (2022). Digitalization is continually changing business paradigms and opening up new opportunities for international supply chains. The role of maritime transportation in the global supply chain is becoming more and more crucial. A unified platform for inter-organizational communication and information sharing is necessary since maritime transportation services must interchange a significant amount of paperwork and files across various firms.
Rajoo Balaji, et al (2022). Countries invested more and more in seaports, airports, procedure storage and large ocean-going ship as industrialization and global trade grew. On specially designed vessels, solid, liquid, and liquefied gases are transported, and trade volumes have greatly increase in response to global consumption. Globalization, improved marine engineering technologies and containerization all helped to lower trade barriers.
Dipti Gupta, et al (2022). Due to an increase in domestic consumption and economic activity, India has experienced an exponential growth in the need for goods transit, a crucial component of the logistics ecosystem. One of the India main economic sectors is government spending on goods transport infrastructure, which accounts for 1.7% of the country’s GDP.
Rui song, et al (2023). Road, rail, and maritime dispatching for conventional multimodal transportation has been studies for a long time. This study looks at the distribution of bulk cargo in a network of multimodal transportation, taking into account both containerization and inland waterways as means of transportation. The model and experiments are expanded to take into account, respectively, time saving and pollutant emission reductions.
P Vikkraman, et al (2023). In the logistics sector, freight forwarders are crucial. On behalf of an exporter, importer, or other individual or entity, a goods forwarder arranges for the secure and timely delivery of commodities. Their area of work includes dispatching and shipping goods using vehicles including ships, air, truck and rail, road as well as occasionally even.
NEED FOR THE STUDY:
The study on Assessment towards Global transportation involves the movement of goods from one location to another, and it can involve various modes of transportation, such as road, rail, air, and sea. Due to the nature of the industry, there are inherent assessment involved in freight transportation, including accidents, theft, and damage to goods. It provides insights into the company’s competitive position by benchmarking its performance against other providers in Chennai. By identifying strengths and weaknesses, Right logistics Pvt ltd can strategically position itself to better compare to other pricing demand and preferences. The study helps in building and strengthening customer loyalty. Satisfied customers are more likely to remain loyal to a company, and by understanding the factors influencing customer loyalty, Risk management is an essential aspect of freight transportation, as it involves identifying, assessing, and mitigating assessment to minimize their impact on the business. Effective risk management can help prevent financial losses, damage to goods, and harm to employees and other stake holders. Improved safety: Studying risk management in freight transportation can help identify and mitigate potential safety hazards, reducing the likelihood of accidents and injuries. Increased efficiency: Effective risk management can help minimize disruptions and delays, improving the overall efficiency of freight transportation operations. Cost savings. Managing assessment effectively can help reduce financial losses due to damage or theft of goods, minimizing the impact on the bottom line. Compliance The freight transportation industry is subject to various regulations and standards, and studying risk management can help ensure compliance and avoid penalties.
OBJECTIVES OF THE STUDY:
To study the various risk involved in global freight transportation services for shipment.
· To identify the risks factors than can impact the transportation process.
· To assess the risks and assess their likely hood and potential impact.
· To develop risk mitigation strategies and develop strategies to mitigate the risks.
· To implement the plan and developed your risk management plan, it’s important to implement it effectively.
· To monitor and evaluate: Regularly monitor and evaluate the effectiveness of your risk management plan.
Scope of the study:
The present research analysis is a wide scope. In freight transportation and risk assessment would involve examining the various modes of freight transportation, including land, sea, and air. It would also involve an analysis of the risks associated with each mode of transportation, such as theft, damage, and delays. In addition, the scope of study would include the different stakeholders involved in freight transportation, including shippers, carriers, freight forwarders, and third-party logistics providers. The study would also examine the various regulations and laws that govern freight transportation and the role of insurance in mitigating risk. Other areas that may fall within the scope of study for freight transportation and risk management include supply chain management, logistics, and inventory management. It may also involve the use of technology and data analysis to identify and manage risks associated with freight transportation. This study helps Right logistics identify competitive price demand may be lacking and implement strategies to retain existing customers, which is crucial for long-term success. Overall, the scope of study for freight transportation and risk management would be broad and would encompass various aspects of the transportation industry and the management of risk.
The study serves as a performance indicator for Right logistics Pvt Ltd.
RESEARCH METHODOLOGY:
When a research study’s conclusion is correct or true, it is said to be valid, and the research design is a key factor in ensuring the reliability of the results. The conceptual framework or blueprint within which the investigation is carried out is referred to as the research design. A scholar often creates an activity plan as they get ready for their study. The actions and nalyzing for data collection, measurement, and analysis are described in this plan. The researcher uses it as a road map to direct them while they do their study. The action plan makes sure that the study is carried out methodically and that the data is collected and examined in an nalyzing and strict way.
The descriptive type of research is used in this study. Surveys and various fact-findings inquiries were included in this kind of research. This significant reason for illustrative exploration is portrayal of the situation as it exists as present. The fact that the researcher is only able to report on what has taken place or is taking place is the primary feature of this method. The researcher has no control over the variables.
Researchers might use a variety of data sources for their study. The research topic, study’s goals, and nature all influence the choice of data source. Here are some typical data sources:
This speaks of information that the researcher has personally gathered for the study. Through techniques like surveys, interviews, observations, experiments, or focus groups, primary data may be gathered. To collect the necessary data, researchers work closely with participants or subjects.
Data that has been gathered by someone else for a different reason but may be used by researchers for their own studies is referred to as secondary data. Publicly available research papers, publications, government databases, official statistics, old records, or preexisting datasets are examples of secondary data sources. To address their study issues, researchers evaluate and analyse this already-existing data.
Sample design:
Population:
In this project the population size is infinite.
Sampling technique:
The two methods for this study is non-tribalistic sampling, specifically convenience sampling. Convenience sampling enables the researcher to collect samples based on their convenience, this method is commonly employed when the population is unknown or when the study encompasses a broad area.
Sample size:
The sample size is selected from an LSP, s to make the study. Sample size of 203 was considered for this study.
TOOLS FOR ANALYSIS:
Depending on the type of data, study goals, and particular research issues being addressed, there are several tools and approaches accessible for data analysis. A popular statistical software programme for managing and nalyzing data is called SPSS (Statistical Package for the Social Sciences).
LIMITATION OF THE STUDY:
The study on the risk of global transportation with shipment logistics, it is essential to be aware of certain limitations. Here are some potential limitations that researchers in this area might encounter:
· Data Availability: Access to comprehensive and reliable data on global transportation and shipment logistics can be a significant challenge.
· Industry-Specific Factors: The transportation and logistics industry are vast and diverse, encompassing various modes of transport (e.g., maritime, air, rail, road) and different sectors (e.g., retail, manufacturing, energy).
· Geographic Scope: Global transportation involves numerous countries, each with its regulatory frameworks, infrastructure, and geopolitical considerations. Conducting a study that covers all regions and countries may be impractical or resource-intensive.
· Complex Risk Factors: Transportation and shipment logistics involve multiple risk factors, including weather conditions, political instability, trade regulations, infrastructure vulnerabilities, and operational challenges.
· Changing Nature of Risk: The risk landscape in global transportation and shipment logistics is dynamic and constantly evolving. New technologies, regulations, geopolitical developments, and emerging risks can influence the industry rapidly. A study conducted at a particular time may not capture the full spectrum of risks that arise in the future.
· Stakeholder Perspectives: Various stakeholders, including shipping companies, logistics providers, government agencies, and industry associations, have different perspectives on risk and may hold proprietary information.
· External Factors: The global transportation industry is influenced by a wide range of external factors, such as economic conditions, technological advancements, and global events (e.g.,)
DATA ANALYSIS AND INTERPRETATION:
STATISTICS ANALYSIS
ANOVA
HO: There is no relationship between use of mode of transportation and level of freight transportation service offer accurate tracking.
H1: There is a relationship between use of mode of transportation and level of freight transportation service offer accurate tracking.
ANOVA:
Table 1 shows the relationship between of mode of transportation and level of freight transportation service
|
|
Sum of Squares |
df |
Mean Square |
F |
Sig. |
|
Between Groups |
18.864 |
4 |
4.716 |
11.094 |
.000 |
|
Within Groups |
84.171 |
198 |
.425 |
||
|
Total |
103.034 |
202 |
|
Hence, the calculated value is 0.000 which is lesser than the table value 0.05, so we accepting H0 and rejecting H1.
So, There is no relationship between use of mode of transportation and level of freight transportation service offer accurate tracking.
CHI SQAURE:
H0 There is no relationship between use of mode of transportation and frequently utilize freight transportation services for business needs.
H1 There is relationship between use of mode of transportation and frequently utilize freight transportation services for business needs.
Table 2 shows the Frequency use of transportation
|
|
Value |
df |
Asymp. Sig. (2-sided) |
|
Pearson Chi-Square |
68.493a |
12 |
0.000 |
|
Likelihood Ratio |
50.004 |
12 |
0.000 |
|
Linear-by-Linear Association |
5.631 |
1 |
0.018 |
|
N of Valid Cases |
203 |
|
|
Hence, the calculated value is (0.000) lesser than the table value is (0.05) so we rejecting H0. So, there is relationship between use of mode of transportation and frequently utilize freight transportation services for business needs.
H1: There is no relationship between level of importance on risk management in global transportation and frequently utilize transportation services for business needs.
H2: There is no relationship between level of importance on risk management in global transportation and frequently utilize transportation services for business needs.
CORRELATION
Table 3 shows the relationship between levels of importance on risk assessment in global transportation
|
|
Level of importance placed on risk assessment in global transportatio n |
How frequently utilize Freight transportatio n service |
|
|
Level of importance placed on risk assessment in global transportation |
Pearson Correlation Sig. (2-tailed) N |
1
203 |
0.378** 0.000
203 |
|
How frequently utilize Pearson Freight transportation Correlation Service Sig. (2-tailed |
0.378**
0.000 |
1 |
|
|
|
N |
203 |
203 |
Hence, the calculated value is (0.000) lesser than the table value is (0.05) so we accepting H0.So, there is relationship between level of importance on risk management in global transportation and frequently utilize transportation services for business needs.
· 64% of the respondents were in the age group of 20-25.
· 58.1% of respondents are male.
· 44.8% of respondents were undergraduates.
· 96.1% of respondents were from urban location.
· 45.8% of respondents were having monthly income of 20000-30000.
· 70.9% members were frequently using sea transport to ship goods for transportation.
· 61.6% members were given 5 rate level of importance placed on risk in global transportation.
· 51.7% members were utilize freight transportation services for business needs occasionally.
· 48.3% members were agree for the transportation service provider delivers shipments on time.
· 50.2% members opinion are maybe for transportation services ensures the safety and security of shipped goods.
· 47.3% members are very effective towards current risk assessment methods in identifying potential risks in global transportation.
· 89.2% members reacted for perceive global transportation stakeholders are completely informed about potential risks.
· 46.3% members are strongly agree that the freight transportation services offer accurate tracking information.
· 49.3% members are given well for emerging risks for transportation .
· 50.7% members were agreed transportation services offer competitive pricing compared to other providers.
· 51.2% members are effectively learn from past incidents into risk management practices.
· 46.3% members are very well address the unique risk associated with different modes of transport.
· 89.7% members had very effectively interconnected risks with other industries.
· 88.7% members completely emerging technologies utilized to enhance risk assessment in global transportation.
· 49.8% members are agreed for transportation services provider handles shipments with care to avoid damage or loss
· 89.7% members are strongly agreed for provide timely updates regarding shipment status.
· 89.7% members are strongly agreed for ensuring document and customer clearence for shipment.
· 48.8% members are agreed for loading and unloading process and managed well.
· 79.3% members were strongly agreed for flexible pickup and delivery options.
· 74.9% members were strongly agrred for resolves issues and complaint promtly.
· 50.2% members were strongly agreed for communicate any delay in shipments.
· 56.7% members were strongly agree that the goods transportation service provider clear billing and invoice.
· 49.3% members were given yes for that the transportation service meet delivery deadline consistenly.
· 52.7% members were very effeectively towards risk assesment practices in global transportation.
SUGGESTIONS:
· To Embrace Technology: that freight forwarding companies should embrace technology to improve their operations. This can include the use of digital platforms for booking shipments, real-time tracking of cargo, and automation of routine tasks for risk management.
· To Enhance Communication: Effective communication is critical in the freight forwarding industry to reduce risks, and suggest that companies should invest in improving their communication systems. This can include the use of digital communication tools, such as chatbots and messaging platforms, to improve communication with customers and carriers.
· To Invest in Training and Development: suggest that freight forwarding companies should invest in training and development programs for their employees and complete awarness of over all risk involved in it . This can include training on new technologies and systems, as well as soft skills training, such as communication and problem-solving.
· To Optimize Transportation Operations: Efficient transportation operations are critical in the freight forwarding industry, and suggest that companies should optimize their transportation operations to reduce costs and improve delivery times. This can include the use of data analytics to identify inefficiencies and improve transportation planning.
· Overall, these suggestions are aimed at improving the efficiency, effectiveness, and control the risk management of freight forwarding companies. By implementing these suggestions, freight forwarding companies can remain competitive and provide better service to their customers and avoid risks.
CONCLUSION:
The analysis of the study highlight the complexity and diversity of risks involved in global transport services, including but not limited to geopolitical risks, regulatory compliance, natural disasters, infrastructure limitations, and security threats. Right Logistics International's commitment to managing these risks is evident through their comprehensive approach, incorporating risk assessment, mitigation, and contingency planning.The study emphasizes the importance of proactive risk identification and assessment to develop tailored risk mitigation strategies. Right Logistics International's thorough evaluation of potential risks allows them to implement appropriate measures such as route optimization, cargo tracking systems, and adherence to international safety and security standards. These practices contribute to minimizing potential disruptions and losses during the shipment process.Furthermore, the study recognizes the significance of partnerships and collaboration in risk management. Right Logistics International's engagement with various stakeholders, including suppliers, customs authorities, insurance providers, and clients, enables effective communication and coordination to address potential risks collectively. The establishment of strong relationships and information sharing networks enhances risk awareness and enables prompt response and resolution in case of unforeseen events.The study also highlights the role of technology in risk management for global transport services. Right Logistics International's investment in advanced tracking systems, data analytics, and real-time monitoring solutions enables them to identify potential risks, analyze patterns, and proactively take necessary actions. These technological advancements improve decision- making, enhance operational efficiency, and contribute to a safer and more secure transport environment.
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Received on 01.07.2023 Modified on 17.09.2023
Accepted on 05.11.2023 ©AandV Publications All right reserved
Res. J. Humanities and Social Sciences. 2023; 14(4):215-223.
DOI: 10.52711/2321-5828.2023.00043