LogYcode Success Story
Logistics and supply chain management are the most important attributes for manufacturing and servicing industries. For any business in the ecosystem, an optimized logistical chain is a must. With the vision to create a platform or a marketplace and a central grid which will facilitate the trade stakeholders' single window digital solutions expediting seamless supply chain movement, Dr. Ambrish Kumar launched LogYcode in 2018.
LogYcode aims to digitize and automate the logistics and supply chain industry.
LogYcode Company -Highlights
- Startup Name-LogYcode
- Headquarter-Delhi NCR
- Sector-Logistics and Supply Chain
- Founders-Dr Ambrish Kumar
- Founded-2018
- Parent Organization-LogYcode Tech Solutions Pvt Ltd
LogYcode - About and How it works
The web and mobile application ‘LogYcode’ is an e-cloud based platform that can be accessed from anywhere, anytime and using any device that is connected to the internet. The portal facilitates and encompasses almost all prerequisites and mandates of the freight forwarding cycle. It provides the most cost-effective match between freight forwarders, exporters, importers on one hand and air freight carriers on the other. It enables precisely instant and spot price comparison between the preferred carriers for any origin-destination pair based on the customers’ query input and consequently places booking with the opted carrier.
LogYcode provides an outright digital and integrated experience of the whole freight forwarding process as an alternative to the scattered transaction gateways that a freight forwarder usually goes through. The wide experience states that cost efficiency is directly proportional to the digital integration of processes, which leads to lesser head costs, visibility of the most competitive pricing options, disentangled paperless documentation, archiving of data in e-clouds, reduction in turnaround time, and so on. By syncing all real-time air cargo data into one cloud platform, the customers ought to get what they want: speedy and reliable deliveries, exceptional transparency, and an overall hassle-free logistics experience.
Furthermore, LogYcode is an online software with multiple user access and does not require any installation or troubleshoot hassles. The customers are given the convenience of both web and Mobile App versions which are synced and equipped with all features. LogYcode offers the only Mobile App service in India offering unique features like real-time Air Freight live rate comparisons, booking of cargo through App, preparation and management of Airway Bills which is a one of a kind experience that freight forwarding professional could not have imagined even till a few months back.
The customer is given the convenience of preparing Master and House Airway Bills, Manifests within the portal. E-transmission of FWB and FHL data is capacitated which permits end to end real-time tracking of shipments. Finally, the invoices can be retrieved from the portal after the execution of the shipment. The customer can refer to air freight published tariffs and surcharges of all carriers from pan-India locations. With the use of Machine Learning, Artificial Intelligence, Internet of Things and the latest technologies, bring about utmost transparency and visibility to the customer and the parties involved in the supply chain thereby embracing blockchain technology.
LogYcode’s business model can be stated as an amalgamation of technology with logistics, using state-of-the-art technology to develop a logistics e-marketplace wherein a freight forwarder, shipper, exporter, importer can shop and ship their cargo and avail supply chain services like transportation, warehousing, customs brokerage and so on, experiencing seamless transactions with utmost transparency and visibility. In a nutshell, LogYcode provides cost-effective, efficient and quick means to improve the quality of work.
LogYcode - Target Market Size
The Logistics industry is dynamically evolving as the fastest growing industry globally. The Indian logistics sector is currently at a worth of $160 billion which is expected to reach $250 billion in the next 5 years at a CAGR of 10.5%. The global market size of the logistics industry is $ 4730 billion.
The coming decade is ought to be a revolution for logistics and supply chain in terms of technological advancement. Technological innovations like Robotics augmented reality, vision picking has already been implemented in warehousing, RFID (Radio Frequency Identification) and shipment tracking systems help in virtually trailing the shipments,
Machine Learning and Artificial Intelligence leading to predictive and prescriptive analysis beneficial for identifying and targeting prospective and highly profitable business opportunities, production optimization and improving operational coherence. As customers are now addicted and obsessive about pocket services, mobile apps and single dashboards are making way to replace elongated manual procedures. This is the era when consumers cannot wait and so trade cannot wait, so we also witness drones, airships, and hyperloop coming into existence.
LogYcode - Founders and Team
Dr. Ambrish Kumar is the founder and CEO of LogYcode Tech Solutions Pvt Ltd. He holds the acumen of 12 years of experience in stalwart diverse combinations in the domains of Logistics, Freight Forwarding, CFS, Operation, Supply Chain Management, Warehousing & Evaluating New Project Movements. He has held senior management pedestals of different reputed organizations like APM Terminals India Pvt. Ltd., Eastern Cargo Carriers India Pvt. Ltd and his penultimate tenure were with S.A. Consultants and Forwarders Pvt Ltd, one of the largest logistics company of North India, in the capacity of COO before venturing into establishing LogYcode.
He has an affluent academic background, having obtained PHD. in Economics, with his thesis on ‘Industrial Policy and Industrial Growth’. Also, his qualifications include M. A. in Economics and an MBA in International Trade. Furthermore, he is a motivational speaker, trainer and an active orator in various educational institutions.
Mr. Vikas Kharbanda, the co-founder of the company has also been highly instrumental in taking the concept and implementation promptly. He is a professional with over 19 years of experience in various functional areas including Sales, Customer Support, Operations, Marketing and Business Unit leadership roles in various organizations like APM Terminals, Hind Terminals, INTTRA and Kuehne Nagel.
Mr. Ashish Asaf, the founding member of LogYcode, has remained the Vice-Chairman of S. A. Consultants and Forwarders Pvt Ltd which is one of the largest neutral wholesale freight forwarding companies of India. The logistics fraternity harbors an inevitable relationship with him and sees him as a youth icon because of his supreme success. Ashish Asaf also holds the fame of the ‘Face of the Future’ title and award honored by India Cargo Awards, the most esteemed and renowned award in the Indian Freight Forwarding camaraderie. He is also consulted by various Government trade bodies for advice on the contemporary logistics ecosystem.
LogYcode - How did it start?
Along with a perceptive inclination towards technology, artificial intelligence, and human development, the impetus to establish LogYcode is attributed to three major factors. Primarily, the increasing logistics and supply chain cost compels for integration and digitalization of the processes offering single-window solutions. Another major aspect is attributed to improving Government policies and initiatives to bolster the logistics industry and multiply global trade opportunities and investments. The e-commerce industry is overhauling the conventional logistics industry. It offers absolute customer experience like effortless booking of consignments, smooth transaction gateways, transparent tracking, accurate delivery predictions.
The enormous logistics industry is yet to adapt to the technological advancement and the need of the hour. The initial people are the veterans of the industry and the Vikas, perceived coining of the idea and its execution as a revolution in the logistics market and straightaway planned to join hands to make it a success. The development started for an ERP system for M/s S.A. Consultants and Forwarders Pvt Ltd which is one of the largest neutral freight forwarding companies of India.
Soon after, the development of a prototype model portal for the customers of SA Group was carried out which was highly innovative addressing the ground realities and pain points of the customers/ clients of the company digitally. The then MD of the SA Group also found the LogYcode portal working successfully for his customers and also increasing revenue for his company with phenomenal turnaround times.
LogYcode - Name, Tagline, and Logo
Tagline of LogYcode is - "Logically coding your future”
LogYcode, the first half of the name refers to Logistics and logic. The whole idea and the venture is to decode the entangled logistics processes into a simple 5 steps/ clicks process. The code also symbolizes digitization. Hence digitization of the logistics sector logically, thereby leading to a bright future for the customers and the industry.
LogYcode - Startup Launch
LogYcode is comparatively a very new startup in the Logistics arena. The idea of LogYcode was conceptualized in November 2017 and the company was incorporated in March 2018. The portal was started serving the B2B model for the freight forwarders of the air freight forwarding sector. The air freight forwarding sector is still working on an orthodox model with multiple windows, time-consuming workflows, scattered gateways, unorganized entities, and low-margin profitability due to sheer competition.
LogYcode’s initial target consumers happened to be the direct customers of its client M/s SA Group whom the portal was provided without charging any premium. The clients found the portal easy to use, with a seamless user interface and a one-stop solution for most of their work process. The clients started accepting the portal as it was complimentary and served a great deal of their routine work thereby saving time, increasing work efficiency and highly cost-effective. Since then, the journey has been a very enthralling affair. Within just a short span of 8 months, LogYcode recorded approximately 964 users across India.
LogYcode - Business Model and Revenue Model
LogYcode has planned customized models based on customer requirements. LogYcode has both customer and vendor portals. There are multiple subscription options and pricing structures based on criteria like Volume of business, Per transaction, per user, and so on. Also, LogYcode software works in the SaaS model as well as per the working requirements of the client.
LogYcode - Startup Challenges
The Logistics industry still inadequately strives on an orthodox approach of working, whereas the closest counterparts, the passenger air travel industry, is now majorly based on e-booking platforms and smooth paperless transactions. The customers are accustomed to using emails and phone calls for inquiries and paper-based transactions that spur an initial reluctance to a technological transformation or any kind of change.
LogYcode - Advisors and Mentors
The founder Dr. Ambrish Kumar is a mentor and leader of LogYcode and a great visionary who has a clear vision of the future of not just the industry and its stakeholders but how to integrate the various stakeholders of other industries as well.
LogYcode - Growth
The recognition and acceptance of LogYcode as a unique revolutionary innovation by the customers just within a span of 8-10 months itself is the biggest achievement. As per March 2020, it has close to 1600 users/ consumers on-board across India and globally. While its control tower happens to be in Delhi NCR, though it has other counterparts across India. As the LogYcode platform creates an e-marketplace where the logistics service seeker from any part of the world can access it anytime from any device connected to the internet.
LogYcode has received overwhelming penetration and recognition amongst the customers after the implementation endeavors. It has largely carried out training and demonstrations to its customers on a pan-India basis. The customers understand the dire need for automation of processes, accuracy, transparency, visibility thereby reducing turnaround time and following best practices. The sheer conception of saving time, cost and manpower and rather using these elements for more productive endeavors is accepted by the customers phenomenally.
LogYcode - Awards and Recognition
In July 2019, LogYcode became a certified member of IAMAI (Internet and Mobile Association of India).
Again in July 2019, LogYcode Tech Solutions Pvt Ltd was recognized as a startup by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry, Government of India, aligning with the #startupindia initiative.
In August 2019, LogYcode was recognized and awarded as the “E-Commerce Startup of the Year 2019” at the 10th All India Maritime and Logistics Awards 2019 (MALA 2019).
In Nov 2019, LogYcode became a certified member of NASSCOM and NAP (neutral AIR PARTNER) Association.
LogYcode was awarded Certificate of excellence in the category “Vibrant Startup of the Year 2019” by Startup City Magazine
The startup also happened to be recommended among the contenders in the pipeline for the digital logistics services for Indian Ports Association (IPA).
LogYcode - Future Plans
LogYcode plans to expand outside India on a large scale in a coming couple of years as the team understands that there is a sheer requirement of digitization of the logistics sector globally which is still not at par with the other industries. Hence they plan to create a huge network in the supply chain integrating all stakeholders for smooth movement of trade.
Also, the team is working to use advanced technologies like Machine learning, AI, IoT to ensure stark visibility and transparency in the movement of goods much needed for achieving high standards of service levels with minimal risk involved.
