Relying on outdated, more traditional supply chain management systems is becoming increasingly difficult in modernity. And that’s without considering the unprecedented demand of the 2020 peak season. A well-thought-out freight analytics plan can make all the difference in maximizing profits, reducing costs, and staying ahead of the competition. Several other factors can play into the growing shift toward data-driven freight management. According to Industry Week: “There are also recent economic impacts such as rising fuel costs, the global recession, supplier bases that have shrunk or moved off-shore, as well as increased competition from low-cost outsourcers. All these challenges potentially create waste in your supply chain. That’s where data analytics comes in.” For any company that deals with freight shipping and management, especially given the anticipation of peak season shipping, a robust freight analytics setup can make a world of difference. And these tips will help in choosing and implementing the right solution.
1. Establish Clear Business Goals
Freight analytics is all about knowing what the goals are and how close the company is to reaching them. It is also about learning what keeps the company from achieving those goals and determining what to do to correct those problems so that transportation management can be successful.
2. Vet and Select Analytics Vendors
It is essential to carefully review and select the history and experience the vendor has with freight data and analytics. Take care in choosing who the company will work with for data collection and analysis. That’s because everyone offers analytics in some form. But the right contractor and partner can make all the difference in the world both in the short term and long term.
3. Source Your Data Connections
Several data connections and data-flows companies can help source data connections, such as the Internet of Things (IoT), single pane of glass platforms, or communications systems. Freight analytics works best when the system is best suited for the unique business, industry, customers, and team.
4. Use APIs to Connect With Partners
Having end-to-end transparency and a clear view of all the steps involved and all the parties involved helps make management more effortless. When managers know how it all fits together, controlling the flow is much more comfortable.
5. Ensure Analytics Use Real-Time Data
When it comes to managing data and freight analytics, a lot of it relies on the ability to have access to real-time data. The more up to date the information, the better-prepared supply chain professionals are to make informed decisions and choices on the go.
6. Automate Data Entry and Response
Freight analytics works hand in hand with automation, and one helps make the other more efficient and applicable. Automation makes it easier to collect and share data, and having vital data records makes it easier to plan and automate for the future.
7. Train Throughout the Process to Improve Use of Analytics
Whether you have five employees or 500, logistics managers need to make sure they are all trained with the platform you are using. Freight analytics depends on open communication and up to date training and instruction.
Choose the Right Analytics Partner to Streamline Implementation Regardless of the Time Constraints for Peak Season
Freight analytics is a powerful tool that can help companies, big and small, maximize their profits and reduce costs. With a mix of global partners, various operating systems, pricing pressures, continually changing customer demands, inventory and shipping shortages, staffing issues, and financial burdens, it is more challenging than ever to stay ahead of the competition. But having accurate, up to date data and an analytical system designed for your unique needs can help you make peak season the best that it can be. Contact Intelligent Audit online today to get started.