Cogoport: Revolutionizing Global Trade Through Innovation and Empowerment

CXOToday has engaged in an exclusive interview with Mr. Hrishikesh Kulkarni, Chief Operating Officer at Cogoport

1. Can you provide an overview of Cogoport’s business model and how it differentiates itself in the global trade industry?

Cogoport, a pioneer in international trade, has introduced a global trade platform for companies, spanning SMEs, MNCs, and trade solution providers. This platform seamlessly integrates advisory, end-to-end forwarding solutions, and trade finance, enabling companies to actively engage in global trade while concentrating on their core strengths.

Cogoport, an online marketplace, streamlines international trade services such as freight forwarding, export factoring, and other SaaS products. Shippers engaged in importing/exporting can find and book tailored freight and trade services on the platform. Addressing the unregulated nature of the global trade industry, Cogoport has implemented measures for enhanced transparency and technological integration.

2. How has Cogoport utilized technology to address challenges in the logistics and shipping sector, and what innovations have been implemented within its platform?

We’re a digital-first marketplace leveraging technology to enhance accessibility and transparency in logistics. Transitioning from traditional paper-based methods, we facilitate seamless information exchange, reducing manual errors and enhancing overall efficiency in the international supply chain.

We utilize data and predictive analytics to extract valuable insights from large datasets, predicting potential delays, optimizing routes, and improving decision-making for shippers. These tools enhance efficiency and cost-effectiveness. Additionally, our real-time tracking features offer users continuous monitoring of shipment status and location, providing enhanced visibility for informed decision-making, anticipating delays, and optimizing supply chain operations.

We’ve integrated AI and ML to automate and optimize logistics management, covering demand forecasting, route optimization, and predictive maintenance for transportation assets. Machine learning continuously enhances decision-making by learning from past data. Our AI and ML algorithms ensure transparent pricing for freight services. Additionally, our streamlined document management process assists users in generating and managing essential customs clearance documentation, reducing the risks of manual errors and delays.

3. How is it standing at the forefront when it comes to Digital India?

As a comprehensive digital solution provider for international trade, Cogoport aligns with the vision of Digital India. By spearheading online freight booking, simplifying processes, and ensuring transparent pricing, the company actively contributes to the government’s goal of a digitally empowered nation. Cogoport’s commitment to data security, regulatory compliance, and integration of advanced technologies such as AI and blockchain reflects its dedication to modernizing the logistics industry. The platform actively supports the creation of a more connected, efficient, and digitally advanced ecosystem, aligning seamlessly with the overarching goals of the Digital India initiative.

4. What specific features of Cogoport’s Global Trade Platform have resonated most with its user base, and how has customer feedback shaped the platform’s evolution?

The feature that has resonated most with our customers is that of price discovery and bookings for global shipment execution. We started with focus on Indian MSMEs, who are price sensitive, and pricing is the foremost factor for MSMEs competing globally. Cogoport provides other services to supplement this core service offering. Those services are advisory services, trade finance, tracking and visibility, and other trade management solutions.

5. In the rapidly evolving landscape of global trade, how does Cogoport stay ahead of the curve in terms of adapting to new industry trends and technologies?

We are pioneers in the global trade industry. We are part of a growing global trade space and first of its kind service provider to integrate services across global trade. We are making investments in tech to stay at the forefront, with a focus on what industry and trade practices will look like 20 years from now.

6. With the increasing emphasis on sustainability, how does Cogoport integrate environmentally friendly practices within its platform and contribute to the green initiatives in the global trade industry?

We are digital and utilize online documentation as much as possible. Going paperless has several environmental benefits such as contributing to sustainability and reducing environmental impact.

7. How does Cogoport address security and compliance concerns within its platform to ensure the confidentiality and integrity of sensitive trade-related information?

Cogoport places a strong emphasis on security and compliance to ensure the confidentiality and integrity of sensitive trade-related information within its platform. The company implements a range of measures to address security concerns and adhere to relevant compliance standards. Cogoport places paramount importance on ensuring the security and compliance of its platform. Employing industry-standard encryption protocols such as SSL and TLS, sensitive data during transmission is securely encrypted. Strict access controls, governed by role-based mechanisms, ensure that users only access information pertinent to their roles, mitigating the risk of unauthorized data access. The commitment to compliance with data protection regulations, including GDPR and regional privacy laws, underscores Cogoport’s dedication to transparent and lawful data processing. Regular security audits, both internal and third-party, are conducted to proactively identify and address vulnerabilities, maintaining a robust security posture. Secure data storage practices, adherence to industry standards, and the implementation of advanced monitoring and intrusion detection systems further contribute to the platform’s overall security. Strong user authentication, comprehensive incident response plans, employee training programs, and potential adherence to certifications like ISO 27001 collectively reinforce Cogoport’s commitment to instilling confidence in its users and partners, assuring them that the platform operates at the highest standards of security and compliance.

8. What role does data analytics play in Cogoport’s operations, and how does the platform utilize data-driven insights to optimize trade processes for its users?

We use analytics on invoices received from service providers, against data trail of shipment execution to help identify correct vs incorrect billing and to rectify wrong charges, using supporting audit trail. Cargo/vessel/vehicle location data from across sources for various modes of transport helps track shipments and initiate various activities as and when necessary, basis status and location of the shipment. Analytics on Global Pricing trends coupled with other components that add up to actual total landed cost, help importers, exporters, and traders optimize the incoterm they choose to trade on, with their suppliers and buyers. Data analysis on shipping schedules, vessel port calls, and port congestion helps plan routes and scheduling of shipments, to maximize OTIF delivery with optimal transit time and price, through route and shipment planning.

9. In what ways does Cogoport support small and medium-sized enterprises (SMEs) in navigating the complexities of global trade, and what tools or resources does the platform offer to facilitate their success?

Cogoport helps small and medium-sized businesses (SMEs) in dealing with the challenges of global trade. It makes things easier by providing tools and resources. The platform makes booking and managing freight simpler, saving time and effort for SMEs. Cogoport also shows clear prices, helping businesses make smart choices to save money on shipping. It gives useful information about trade trends and routes through market insights and analytics. Cogoport makes sure SMEs follow customs rules and lets them see the whole supply chain, making global transactions smoother. Besides, it offers educational help like guides and webinars to teach SMEs about international trade. This full support is meant to help SMEs compete better in the worldwide market.

10. How does Cogoport envision the future of global trade, and what innovations or expansions are on the horizon for the platform to stay at the forefront of industry advancements?

We are focused and will continue to focus on improving customer experience by deploying tech to improve operational efficiency in global trade. We envision global trade to be seamless and efficient with participation of all manufacturing companies, small or large, thereby reducing the global trade gap. Over the years multilateral agencies have consistently estimated that missed opportunities in international trade have cost the world nearly $1.5 trillion. More recent estimates indicate that this number has ballooned to $3.5 trillion.