We live in a highly data-driven world.
As a result, businesses are generally overwhelmed by the prospect of untangling this mass web of data in order to optimize their operations and keep track of finances.
Shippers are no less affected by this than other businesses. And, more than most types of companies, shippers need a way to parse their vast amounts of data.
The solution for shippers is leveraging business analytics for logistics.
Here are 5 things shippers need to look for when choosing a business analytics for logistics provider:
1. Network Optimization
Optimizing your shipping network is one of the most useful and scalable ways to leverage data to mitigate rising costs and increase efficiency.
Business analytics enables shippers to identify their optimal shipping networks by calculating costs and transit times based on today’s rates.
2. Carrier Collaboration & Accountability
Carrier collaboration is key to a streamlined dispute resolution process. Carriers have access to a dedicated portal providing complete visibility to all open invoice statuses including disputed amounts and potential short payments prior to closing. IA reviews weekly SOAs and communicates with carriers directly to ensure all issues are resolved in a timely fashion.
3. Real-Time Cost Management
Shippers must be able to quickly adapt to unexpected changes. Visualize complex real-time transportation spend data. Achieve total visibility to all transportation activity in one single data repository. Leverage normalized data to track performance, identify areas for improvement, and prescribe the right solutions.
4. Carrier & Mode Selection Optimization
The selection of both mode and carrier is an incredibly important task for shippers.
With powerful analytics and business intelligence, shippers can analyze the various data points from both carriers and modes in order to identify which mix is the most cost effective and efficient for their operation.
5. Useful Data
In a fast-moving environment, real-time decisions must be made. And those decisions must be based on actionable data that is relevant and up-to-date. A powerful business analytics for logistics solution will provide shippers with the data they need to make important decisions in real-time.