than measuring what’s happened. Data collected through automated data collection and logistics cost monitoring adds value. And it mandates the use of machine learning as part of business intelligence. According to Supply Chain Game Changer: “A subset of machine learning where algorithms are created and function similar to those in machine learning. But there are numerous layers of these algorithms. And each provides a different interpretation of the data. Such a network of algorithms is called artificial neural networks.” Deep learning takes analytics tools and transforms them into more actionable resources. Since logistics costs vary, it is possible to reduce costs by embracing automation and data analytics.
1. See the Inefficiencies Through Dashboards
The best way to deal with the supply chain network problems is to identify and address them with agility. This process uses real time dashboards to monitor and streamline shipping optimization, which lowers costs and increases team efficiency by reducing time needed to designate to a project.
2. Track the Right Metrics Based on Unique Operations
Every supply network is different, even within the same industry niche. Therefore, it is crucial to align the chosen metrics and data points with your company’s unique needs. Focused efforts will reduce logistics costs. That’s possible through avoided fees and faster processing based on exceptions.
3. Normalize Data With Standard Data Processing Power
Another way to reduce logistics cost within the supply chain network is to create a standard for data analysis, also know as the single source of truth. Yes, that’s data normalization and processing across the entire chain. With everyone on the same page, operating with the same data, and focused on the same standards, everything can be more efficient.
4. Take Advantage of SaaS Cloud Computing Capacity
Software-as-a-service (SaaS) resource use is a powerful tool. It provides a streamlined approach that allows for fast and accurate computing along with any point. Also, SaaS-based resources are scalable and built with an open architecture in mind. In other words, they are easier to connect to existing, legacy technology and systems.
5. Streamline Reporting With Automated Reports’ Generation
Cost reduction & improved customer experiences is a dominating goal of every business. It is the main reason big data automation has grown so popular. Analyzing real-time data, managers gain insights into new ways to improve supply chain success. Centralized access to automated reporting via business intelligence dashboards makes it more effective. That helps to improve worker efficiency. After all, doing more with less is always going to win in freight.
6. Add New Network Sensors and Partners Via Connecting Technologies
Staying connected has always been key to managing a successful supply chain. But connectivity is more critical now than ever before. Much of the logistics costs seen today can be reduced or virtually eliminated by improving network connections with partners and third parties. Of course, such links rely on streamlined communications and integrated systems. As more devices connect to the Internet of Things (IoT), the opportunities to improve data access and application will grow as well. The takeaway is simple. More connections and shared data break down logistics siloes. That adds to increased end-to-end visibility, reducing inefficiencies along the way.
Put These Tips Into Action With the Right Freight Data Analytics Partner
Planning for the future is integral in logistics and freight management. Knowing how to capture and apply data is vital. It’s time to get on the right track and put these tips into action. Avoid waste throughout the chain by capturing and using meaningful, standardized data insights with the right partner. Visit Intelligent Audit to start taking advantage of robust analytics and data management for supply chain networks.