Automated management and evolving logistics continue to gain traction within the modern supply chain. As more shippers and logistics managers begin to focus on freight analytics, the need for a concise and reliable way to deal with everything involved becomes painfully clear. Supply chains produce and utilize a great deal of data for analysis and statistical tracking. Supply chain insights and freight audit data and analytics make it much easier to process, analyze and apply all that data practically and effectively.
Uncovering patterns and generating insights by applying technology and software is just one of the goals of practical freight analysis. According to IBM, "Supply chain analytics is also the foundation for applying cognitive technologies, such as artificial intelligence (AI), to the supply chain process. Cognitive technologies understand, reason, learn and interact like a human, but at enormous capacity and speed." Freight data analytics relies on bringing together different processes, integrating them effectively, and then applying the data to improve automated management processes further. Still, it all starts with the data analysis triad and supply chain management.
No matter what current market trends are in effect or the state of the supply chain, there is one constant — things constantly change. Disruptions are the norm for supply chain managers, but knowing what disruptions are more common and picking up on cycles and trends sooner rather than later is a significant part of freight analysis. Supply chain analytics can help freight transportation and shipping companies make more intelligent, quicker, and more efficient data-backed strategies and decisions.
Well executed shipping analytics bring with them not only data and insights but several benefits, including the ability to:
Advanced freight data analytics can effectively provide an organization with a distinct competitive edge when properly analyzed and applied to real-world situations. Freight network optimization is a critical part of automating processes throughout the network. Accessing data and using it sooner than others provides vital insights into the market and can help management stay ahead of the competition. Automated processes, secure freight analytics, and real-time application allow shipping companies of all sizes to experience better growth and higher levels of success.
Managing freight analysis and industry insights are vital to maintaining forward momentum and continued growth, especially during recovery and instability. The supply chain represents the first and most memorable aspect of the shipping and transportation that customers and consumers engage.
The better a company manages its supply chain and freight analytics, the better its overall reputation among customers. As highlighted by ScienceDirect, "Shipping is a heavily regulated industry and responsible for around 3% of global carbon emissions. Global trade is highly dependent on shipping which covers around 90% of commercial demand. The industry is expected to navigate through many twists and turns of different situations like upcoming regulations, climate change, energy shortages, and technological revolutions." Freight data analytics directly impacts supply chain logistics and shipping services.
However, far too many people, even those who work with freight contracts themselves, do not have a clear understanding of the freight analysis triad, which includes these three data types:
Freight analysis and supply chain optimization work together to improve automated management and internal processes in the following key areas:
Freight analytics and automation within the supply chain industry allow for faster and easier integration of cognitive technologies, such as artificial intelligence, machine learning, and automated processes. This advanced form of supply chain analytics speeds up recovery and scalability during current market disruptions and helps prepare shippers and freight companies for the future.
With proper implementation of freight analytics data, supply chain management and transportation consultant team members can enjoy many benefits. Partnering with industry experts like Intelligent Audit enables customers to take full advantage of shipping data analytics and the services that make continued growth and success possible. Industry experts can help shippers and freight companies improve overall business intelligence and help them:
On their own, freight data analytics and supply chain technology advancements can only do so much for a shipping or transportation company. Data can only do so much without knowing how to apply analytics in the shipping industry networks and how to take advantage of automated management options. Providing a framework for interpreting and using supply chain data and freight analytics remains a critical piece of the transportation puzzle. To get the most out of current freight analysis and collection opportunities and see what improved management can do for your company, a partnership with leaders in the industry is necessary. Contact Intelligent Audit today to learn more about making shipping data analytics a priority for your company.
Set up a call with one of our experts to discuss how Intelligent Audit can help your business uncover opportunities for cost reduction and supply chain improvements through automated freight audit and recovery, business intelligence and analytics, contract optimization, and more.
As the gig economy grows more embedded in the supply chain, its use in parcel delivery will rise in tandem.
The best shipping analytics tools must add value and enable improvements through the full transportation life cycle. Learn more now.