Actionable analytics and insights are meaningful findings resulting from data collection, interpretation, and logistics intelligence. They clarify what actions shippers need to take or how they should think about an issue. Organizations use actionable insights to make data-informed decisions. As highlighted by Transport Topics in a January 2022 article discussing freight shipping analytics, “Data shows total truckload rates year-over-year are holding around 12% higher. They are forecast to grow 2.5% to 3% throughout the year. (That compares with a 29% rate increase in the spot market and a 14% rate increase for contracts in 2021.) But year-over-year results could start stabilizing later in the year.” With constant fluctuations in the market customer demands, and global supply chain trends, it is impossible to overstate the need for accurate and reliable actionable, real-time analytics as freight has fallen over 20% in the last month.
Why Supply Chain Optimization Matters in the Current Market and Economy
Understanding how actionable analytics and shipping analytics makes logistics and management better can best be seen by focusing on current optimization and automation opportunities. Poor end-to-end visibility compounded by not understanding supply chain technology causes issues that can impact every aspect of business operations and services. Understanding how to use the right freight analytics helps avoid and mitigate everything from delays, higher financial risks, shipping disruptions, missed capacity, delivery disruptions, and increased costs.
But gaining visibility isn’t always easy. Collecting data is not enough if it cannot be processed and applied to supply chain analytics. Shippers need more than just a simple visualization platform, they need proper data collection with insights that potentially lead to game-changing innovations and actionable analytics and applications. These steps to optimization also mean following a few core steps.
1. Leverage Advanced Demand Forecasting Across the Network
One of the essential features of freight analytics is how it impacts forecasting services. From supply and demand forecasting to strong financial and expense planning, advanced data processing gives shippers insight into trends and cycles within the supply chain. Predictive planning and forecasting are easier with advanced analytics and strong data visualization.
2. Aggregate Data to Create a Single Source of Truth for Shipping Insight
Access to a single source of actionable analytics and an exact apples-to-apples type of data comparison helps shippers stay focused. It becomes that much easier to make informed decisions when using normalized data to scorecard your carriers to select the best one by lane, region, or service. From accepting or rejecting loads to changing services and improving freight network optimization, reliable shipping analytics ensures shippers always make informed decisions.
3. Increase DC or Warehouse Pickup and Delivery Efficiency
The operations at warehouses and distribution centers will improve with the support of freight analytics and freight audit data. Enhanced automation and shipping analytic insights boost pick-up and delivery options by analyzing ship to points to select the optimal service based on customer needs. In turn, this contributes to better execution and faster transport that can lead to improved customer experiences.
4. Enable Real-Time Transportation Tracking
Actionable analytics rely heavily on visibility into real-time shipping processes. Implementing real-time tracking, automated status notifications, and monitoring updates allows transporters and customers alike to see when and where shipments are at any given time. Real-time data also allows for faster exception handling allowing shippers to correct the issue themselves or contact the customer for additional information, thus cutting down on delivery delays. Additionally, it helps shippers know current performance across all possible granularities.
5. Know Your Costs by Different Granularities, Mode, Carrier, Etc.
Optimization of the modern supply chain network relies on customized, actionable analytics based on critical metrics and insights. Granular data points, complete shipment lifecycle-based KPIs, multi-carrier shipping strategies using different modes, and making more comparisons across all possible scenarios affect costs. Data and statistical insights across such costs yield success by making managing and controlling profits and losses easier.
Partner With the Right Company to Improve Shipping Cost Efficiency and Optimization With Freight Analytics
Shipping companies need dependable data sources that provide an apples-to-apples source of comparison and anomaly detections. With automated freight analytics, shippers can take advantage of innovative processes and approaches to transportation logistics. Implementing improved data points and shipping analytics can make shipping services more efficient and affordable. It is possible to optimize your transportation strategy with the right insights and guidance. The ability to identify anomalies, respond effectively, implement solutions automatically, access enhanced shipping options, and work efficiently with third-party parents makes it easier to maximize efficiency throughout the network. Discover the full benefits of freight data analysis and actionable analytics today by contacting Intelligent Audit for more information.