In shipping, visibility and access to data are critical for monitoring shipments and evaluating your shipping operations. The data captured by those companies utilizing a digital solution when they rate and schedule their freight gives them a heightened view into their shipping so they can analyze processes, shipping costs and overall freight management.
Enhancing Visibility with Data
Business intelligence combines analytics, data mining, data visualization, data tools and infrastructure, and best practices to help Shippers and 3PLs make better business decisions. Below we have listed the top three things you can do to benefit from powerful business intelligence in shipping:
Learn to Leverage Data:
Leveraging data from every aspect of the shipping process, all in one place, increases your knowledge to make better freight management decisions in the future. Real-time visibility enables you to evaluate carrier or lane performance, validate freight rates, delivery status and more. Having access to this data can help you improve shipping processes and gives you a significant advantage for future negotiations with carriers, as well as improved partner and customer relationships.
Analyzing your shipping data can also help you forecast the likelihood of capacity constraints and interruptions in your business. Supply chain visibility goes beyond just having access to the information. As the industry continues to evolve, it becomes apparent that real-time business intelligence is necessary for remaining competitive and technology is the key to unlocking that advantage.
Find the Right Technology:
Technology solutions are the key to business intelligence in freight management because they can integrate shipping, rating, and tracking functionality directly into a companies’ existing platform to share and transfer data. The right technology solution can also dramatically improve capabilities by creating a single source of truth of data while minimizing human errors and delays in the manual transfer of data to supply chain partners, ultimately helping businesses save time and money.
The automation of manual processes frees up valuable labor resources that are better focused elsewhere. You can stop spending hours combing through spreadsheets, invoices, and shipping confirmations to make key business decisions that impact the bottom-line profitability of your company. Instead, turn to valuable, vetted resources that will help you identify your most successful and most profitable areas for effectively managing your businesses’ shipping needs. By automating administrative and tedious tasks, such as requesting quotes, submitting yearly RFPs, manual tracking and document retrieval, technology creates valuable operational efficiencies throughout the organization.
Looking ahead to the future, we can expect the logistics sector to continuously demand increased accountability, speed, and accuracy. The ability to adapt and leverage technology to scale your business will prove essential to your continued success and growth.
Look for Low-Cost Solutions Offering Actionable Insight:
Utilizing a technology solution needs to make sense both financially and operationally. Access to powerful business intelligence and reporting doesn’t have to break the bank. While some technology solutions can get pricey, there are effective, automated platforms that can be integrated easily at an affordable price.
Switching to a technology solution that serves your business intelligence needs doesn’t have to be complicated. Most successful solutions integrate seamlessly into your existing systems giving you improved visibility and savings that will far outweigh the cost of upgrading your system and can scale to your business’ growth strategy.
With an affordable solution, you can regain control of your freight through real-time information that helps you respond to variations and changes in the evolving supply chain. A flexible technology solution also gives you the ability to adjust to your evolving shipping needs, keeping you agile as your business needs change in response to the evolving market.
Did You Know?
Banyan’s Business Intelligence Tools and comprehensive Visibility Suite uses the carrier and freight bill data captured in LIVE Connect™ to help you identify and respond to carrier performance and cost issues. This suite of dashboards gives you the enhanced visibility into your shipments and eliminates hours spent weekly pulling reports and running complex spreadsheet formulas.
It also helps you identify carrier performance issues that you can take to the negotiating table, allow you to compare carrier performance with carrier costs to evaluate carriers and adjust future spend, and export your findings to PDF or PowerPoint to present to stakeholders and carriers.
Contact Banyan Technology today to learn how you can gain powerful business intelligence from the leading modern technology solution for managing freight.