Making sense of your data is both beneficial and necessary. Data gives you clues—clues from past transactions; clues on what’s currently happening in your company; and even what to do when your plans don’t work as expected.
If your company has not yet been able to make data work for you, don’t fret. A recent survey shows only less than 20% of companies have fully utilized data analytics at scale.
Freight forwarding is naturally a data-rich industry. For starters, every customer’s shipment booking, frequency, and shipment value can tell you a lot about the customer’s behavior.
On the flip side, not all forwarders realize the gold mine of data they possess. With freight software, your company can generate insights that translate into actions.
There are multiple ways you can leverage data to your company’s advantage. We’ll discuss them in the following space.
Data insights must answer your questions
The approach to using data to your benefit is being able to resolve some of your hindrances and queries. Say, you want to understand your company’s revenue fluctuations. Data can capture your profits across a said period and present clear reports. By understanding the highs and lows of your profit movements, you can know the underlying triggers. To the question, “When are my revenues dwindling?”, data responds with not just the trend but can also point you to the reasons causing them.
Monitoring performance with KPIs
Your company’s progress is best measured with key performance indicators (KPIs). Was there an increase in this month’s shipments from last month? Which routes are most profitable? How many leads were generated?
KPIs give you benchmarks to aim for steady progress with visibility. KPIs can be utilized to align your strategy and company goals. In-depth performance reports and KPIs can help stabilize even your rocking ship.
See better, do better
Your customers depend on you for the best pricing for their shipments. How do you ensure you deliver this? With visibility.
Having real-time information on the whereabouts of your shipments reduces the chances of delay. Freight management software works to map information with deadlines to prevent delays and fines. Surprise charges and fines may affect the ties you have with your vendors. For instance, you can avoid running into detention and demurrage fees by auto-notifying all stakeholders in real-time via the centralized and up-to-date database.
Predict more accurately to take calculated risks
Data brings confidence. With hard facts, you’re in a better position to make critical decisions. View your customer’s historic data and predict their future requirements. Data-driven organizations can predict the demand and meet it by making necessary preparations. Data allows companies to become more accurate, quicker, and eventually more profitable.
Putting freight data to use
Data unearths opportunities that may not be visible at first glance. Data-driven companies are more likely to acquire and retain customers and be more profitable. Use smart tools for freight data management to leverage complete data capabilities. Achieve measurable outcomes using KPIs and turn data insights into quick actions. With data, you can start delivering to your customers with absolute confidence.