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5 Ways Real-Time Freight Analytics Create Competitive Advantages

5 Ways Real-Time Freight Analytics Create Competitive Advantages

One of the most significant challenges the shipping industry faces is related to real-time freight analytics. With more competition and increasing customer demands, new and improved data analysis and response methods are needed. According to the MIT Sloan School of Management, “By harnessing a combination of technologies like AI, machine learning, and predictive analytics, companies can automate warehouse operations, improve delivery times, proactively manage inventory, optimize strategic sourcing relationships, and create new customer experiences that increase satisfaction and boost sales.” Using real-time freight analytics effectively can be a game-changer for companies. Analytics provides supply chain ecosystem clarity. And it can help them retain competitive advantage through collaborative logistics during all trying times in these five ways.

1. Real-Time Data Empowers Supply Chain Leaders With Responsive Processes

The demand and need for visibility along transportation lines continue to grow. It also is making shipping managers change the way they operate. Routine checks and balances are needed to keep the data streams flowing. That means real-time freight analytics must continue from start to finish. These status checks need to happen throughout the process to identify and correct inefficiencies. 

Simultaneously, the data systems need to provide more frequent and detailed updates, allowing for automatic updating and notifying all necessary parties. Keeping a responsive and automated process, working to its fullest through real-time freight analytics, effectively disruption-proofs the supply chain.

2. Freight Analytics Enable Continuous Improvement Through The Full Shipment Lifecycle

 By utilizing real-time freight analytics, transportation managers can better embrace automation processes. Automation of the full shipment lifecycle allows for access to higher degrees of operational data. This means that transportation companies become more reliable, efficient, and predictable. Likewise, it creates a better overall experience for customers. Clients will also be more satisfied with their experience. As the industry continues moving towards automation, innovative technologies will increase efficiencies while making freight analysis easier. It’s a win-win for everyone involved.

3. Analytics Predict And Prescribe The Best Actions To Maximize ROI

Transportation companies are always on the lookout for ways to reduce costs. There is also the need to remain relevant in the ever-changing landscape of the transportation markets.  All this occurs while striving to maintain a high level of customer satisfaction. In the digital market, transportation companies must continue to look ahead, and predictive and prescriptive analytics make that possible. 

Supply chain leaders must embrace these advances in technology, adapt as needed, and respond to customer demands. By incorporating real-time freight analytics, it is easier to maximize ROI. Performance measurement also reduces costs, minimizes wasted time and resources, and gives customers the best service possible. 

4. Real-Time Freight Analytics Make It Easier To Communicate And Address Issues Quickly

One of the most significant advantages of embracing automation is quickly responding to problems, delays, and complaints. That’s an inherent factor in managing freight by exception. 

As explained by Transport Topics, “To avoid wasting valuable time and money on costly disruptions, brokers and carriers should constantly monitor on-time delivery of goods. If they don’t, the process slows down significantly and can result in expensive consequences. Freight tracking technology provides real-time visibility and delivers updates on the constant movement of freight, minimizing surprises in the supply chain that can cause serious headaches for all involved.”  The faster issues can be addressed and resolved, the higher customer satisfaction will be. Similarly, lost revenue can be avoided and additional costs minimized. These are only some of the benefits that real-time freight analytics brings. Finally, analytics are critical to effectively leveraging technology to boost collaboration, communication, and exception management.

5. Today’s Changing Shipping Industry Requires Adaptability And Versatility

Unresolved issues and unreported delays can create a massive ripple effect on the productivity of a supply chain. Staffing changes, loadout adjustments, customer expectations, delivery and pick-up times, and more are susceptible. Every step in the process can be affected by a single missed deadline or late checkpoint. The sooner the entire chain sees the issue, the sooner corrective action can be taken. 

Unify Your Supply Chain Tech Stack to Reap the Greatest Rewards

In all these cases, the lack of information and disparate technologies are the greatest threat to bottom lines and customer service levels. This can all be addressed quickly and easily with real-time freight analytics, so check out Turvo online today to get started. 

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