Analysis of the Freight Forwarding Industry: Opportunities and Challenges through Internship Experience at Bengal Airlift Limited

Abstract

Internship report introduces Bengal Airlift Limited in detail with targeting the freight forwarding division, where the internship activities took place. A standardized sequence is used to ascertain several factors to both Bengal Airlift Limited and the Bangladeshi freight forwarding industry. Freight forwarding is a such important part in the global trade industry as a whole because they ensure that goods get moving from one border to another efficiently. Such trade comes easier and cheaper for logistics, customs clearance and transportation. As the industry has grown over the last couple of years, globalization, technology advancement, as well as the increasing demand for efficient supply chain management have contributed to the growth of the industry. Freight forwarding industry has been supporting the import and export activities of the country in Bangladesh. Economic growth, improvement in infrastructures and changing trade policy have also influenced the industry’s development and have made this industry to be an indispensable part of international commerce. Although Bangladesh is a developing country, the freight forwarding industry is one of the country’s key trade and logistics industries as it takes care of the movement of goods in and out of the country’s boundary. This industry has grown heavily because of pressure imposed by the trade in imports and exports, improvement of infrastructure, and various government incentives aimed at enhancing trade. The factors influencing this sector include the state of the economy, technological changes and regulations among others. Demand fluctuates seasonally and major trade seasons and global market trends particularly peak during season of demand. However, the industry has its own problems, including high competition, regulatory factors, dependence on the global trade policies. Nevertheless, they have opportunities in digital transformation, developing more efficient logistics network, and increasing international trade partnerships. Barriers to entry to the market include capital expenditure and regulatory approval; pricing and service quality are influenced by supplier and buyer power. Firms, however, have to retain market position and hence need to take strategic steps to survive in the intense competitive landscape. However, the challenges have not stifled the growth and innovation potential in the freight forwarding business in Bangladesh. Bengal Airlift Limited is one of the pioneer and fronting logistics & freight forwarding company in Bangladesh, fulfils regular air and sea shipment services and provide regular customs brokerage, supply chain solutions from Bangladesh. The company’s goods are moving through various business divisions, especially through its sister concern, Air Alliance UPS Freight Forwarding. Bengal Airlift has a strong market presence and has established a reputation as an efficient, reliable and customer centric company. In addition to providing a variety of different product and service offerings which meet the needs of global traders, the company also gives flexibility in pricing structure for companies. Compared to others, streamlined logistics processes, advanced tracking system, and dedicated workforce ensures to maintain operational efficiency. However, the company’s competition in the market, its compliance with the regulatory requirements, as well as changes in customer needs are causing some challenges. Bengal Airlift Limited, continuing to invest into technology, staff training, and service expansion, is a company that it must remain competitive. Strengths of the company are firm’s positioning in market and the industry experience; and weaknesses are the dependence on external regulatory framework. For opportunities, we have expansion in the trade network and digital revolution; and for threats it is the global economic fluctuations and the intense rivalry within an industry. The operational excellence and service innovation initiatives play an important role in overcoming challenges and seizing opportunities for the company. When it comes to practical experience in the logistics and freight forwarding industry, internship in Bengal Airlift Limited Specially Air Alliance UPS Freight Forwarding SBUs was of much use. Throughout the internship, various responsibilities were undertaken, included dealing with documentation, coordinating shipments, and even assisting with customs clearance processes. Work on these tasks increased understanding of international trade operations and improved professional skills, for instance, time management skills, problem solving skills and teamwork skills. In order to improve departmental operations, one can increase the number of employees. At present, a single executive controls the workload, causing it either to be late, or for the work to generate more pressure. With one or two more employees, things would become more efficient and there would be no problem in the flow of work if a person is absent. The other area of improvement is the software system, as there are occasions when we have server issues which disrupt operations. The software infrastructure which is important is needed for productivity and to reduce downtime. This internship gave me some insights in terms of best practices in the industry, operational process and the importance of accuracy and efficiency in the freight forwarding. The overall internship was an excellent learning experience that helped professionally and personally and prepared the me for the future career opportunities in this Freight forwarding sector.