What Can Data Do For Shippers?
Loadsmart is a technology company that uses artificial intelligence to analyze data, providing shippers with insights into their business operations. We help shippers reduce cost and operate more efficiently by seeing how their goods move across their network and then providing recommendations and guidance. The more you move with Loadsmart the deeper the data analytics.
If companies can take anything away from the volatile freight market conditions of the past year, it’s that nothing is a 100% guarantee. An efficient logistics operation has always required an ability to take in large amounts of information and quickly make smart decisions – but never with more complexity than today. When you’re working in a field that can change in an instant, it’s important to understand how to properly leverage the wealth of data that’s right at your fingertips.
Shippers that analyze their data and actually apply what they learn to their freight management processes ultimately gain the tools needed to better handle inconsistencies and more confidently make market-based decisions. With technology, the possibilities for maximizing efficiency and increasing margins are endless; however, many supply chain professionals are missing out on these opportunities because they aren’t using their data to its fullest potential.
Here are some of the top ways to ensure you’re getting the most value out of your shipping data:
Ensure competitive, up-to-date freight rates and shipment tracking information
While the current market chaos will eventually stabilize, it’s taken a toll on everyone’s confidence in terms of how market-appropriate their rates are and their ability to find reliable capacity. Expectations for faster delivery times and overall supply chain transparency are also higher than ever. The ‘fix’ for each requires having an accurate view of the market and capitalizing on real-time freight data. The good news is logistics is a very data-rich function, but the data it produces is useless without the tools to analyze and make sense of it all in ways that can benefit you.
Optimize routes and reduce freight costs on a granular level
Logistics and load planning are all about smart decision-making. But it can be nearly impossible to formulate the best route and mode a delivery needs because there are so many variables that must be accounted for. There are a lot of underappreciated decisions that go into every shipment, including; rates, transit-times, pick-up and delivery windows, and special handling requirements. Businesses can leverage their data to optimize routes and reduce freight costs on a granular level with technology that factors in all the overlooked details.
Accurately measure and improve supply chain performance
Key performance indicators play a crucial role in helping shippers and carriers hold their transportation partners as well as themselves accountable. A great starting point for using data is by tracking the metrics that have the greatest impact on the success of your logistics operation, such as wait times, tender rejections, on-time deliveries, freight bill accuracy, OS&D issues, etc. Once you’ve narrowed down the data that matters specifically to your organization, then you can use that information to accurately measure and improve supply chain performance overall.
These are just a few of the ways data allows companies to better adjust to the current trucking climate, but there are many others. Data alone won’t get you very far without the tools and experience to use it, however. Click here to learn more about how Loadsmart provides shippers with cutting-edge technology to help them make the most of their data.
We are industry veterans and data-scientists using innovative technology to fearlessly reinvent the future of freight. As the ‘nerds of logistics’, we seek intelligence in data to solve deep-rooted inefficiencies in the industry. We give shippers, brokers and carriers access to our data connections (linking supply and demand) and suite of award-winning solutions to strike the perfect balance of cost and service. We’re creating a more efficient and environmentally responsible way to move more with less. For more information, please visit: https://loadsmart.com.