Monday, September 20, 2021
HomeOpinionIT in LogisticsLet Data Be the Decision-Maker in Your Freight Business

Let Data Be the Decision-Maker in Your Freight Business

Better service, optimized processes, and a strong topline are what all businesses aim for continually. Investing in the right tools or logistics software makes the big goals possible. Data is the buzzword for businesses wanting to improve their basis for better decision-making.

 

Thankfully, logisticians and freight forwarders have plenty of useful data available. Data can be transformed into meaningful reports to show:

 

  • Your most profitable routes
  • The less efficient modes
  • Details of customers with outstanding payments

 

With the happy news about data being available in the logistics industry, the disappointing part is that many organizations still work with dated tools. As large volumes of shipping transactions are added daily, making sense of this huge data requires the judicious use of logistics ERP software.

 

Why Is Data so Important Today?

Whether it is responding to a quotation or preparing the checklist for Customs, data is at the forefront. The ways of keeping data have evolved over the years from paper-based to electronic. While keeping data records could be part of mandatory Customs requirements, it has greater purposes other than doing just the minimum.

 

In a dynamic logistics world, data becomes a vehicle for staying updated on the market demand and fluctuation. Negotiating best rates with carriers, transporters and other parties requires information exchange back and forth. Data helps management to predict and estimate the volume of the freight according to days, weeks, or months. Based on such insights, you can define and alter cost structures for future business operations.

 

Ways Data Can Be Your Guide

Freight forwarding software is ingrained with the functionality to extract meaning out of your data. This is more than just providing information required for mandatory purposes. With the constant movement of cargo across cities and countries, you could be overwhelmed with tracking the status of all shipments manually. This is where data electronically fed into logistics software solutions unleashes its power. Visibility is a talked-about goal in logistics and it has got everything to do with data.

 

Has the Bill of Lading been generated? Was the invoice cleared? Is the container booked?

 

Answers to all such queries can be done via freight software—in the form of easy-to-access reports and alerts that are auto-configured—based on the progress of each shipment.

 

You can even make strategic decisions with the help of data. No need to rely on guesswork or unconfirmed information for crucial judgments. For example, a job profitability report can pinpoint you to precisely work on the routes that aren’t generating revenue as expected.

 

Does This Mean Additional Expense for Me?

Many freight forwarders have been using individual solutions for their daily operations, such as accounting software for financial needs, Customs solutions to handle clearances, a separate solution for transport, warehousing, and so forth. While all the individual solutions may seem less expensive, in the cumulative—due to the additional time and effort spent managing the lack of communication between the solutions—it turns out to be a reasonably large ongoing expense.

 

In comparison, when you opt for freight forwarding software, you arm yourself with a data-intelligent solution that further helps you save costs in everyday operations. You can integrate all your branches’ operations, monitor shipments, track all finances and accounts, manage Customs clearances, and more with a single Logistics ERP Software.

 

Getting Data Smart

It may be a big decision to move from a known way of working to technology-guided holistic methods. Speak to a vendor of your choice and understand how your goals can be aligned with the implementation of the logistics and freight solution. Data is an enabler for you to make decisions smarter and faster for growth in the industry.

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