Companies with sophisticated supply chains can inbound a surprising amount of data. Pricing options, inventory, capacity costs and efficiency, and other factors go into determining best practices.
The thing is: most companies know how analyzing this data can optimize their supply chain, but only 17 percent implemented a way to utilize such data.
Being a company that makes data-driven decisions informs so much about your business operations from standard operating procedures to marketing and spending habits. Hereâ€™s what you can do to make sure your company is making an impact on the bottom line.
Stay competitive in your market
Take a look at your market landscape. What are your competitors doing? What results are they seeing?
Now, determine how you can position your company to either achieve the competitive standard or surpass their results. The best way to do this is by incorporating industry benchmarks.
Sometimes what it takes is to make your supply chain the competitive advantage against other businesses in the market. By using the right tools for your operations, you can not only surpass competitors in the space but save money on logistics operations internally as well.Â
A report in the MIT Sloan Management Review shows that major supply chain disruptions can highlight vulnerabilities for companies and entire industries.
To mitigate operational issues when these disruptions happen, logistics directors need to analyze the data regarding their inventory, sourcing capacity, and distribution warehousing. The obvious answers might not be what the data shows to be a cost-effective solution.
When choosing to use data to drive their bottom line, companies can often get clogged with large amounts of data that is not useful.Â
Using good, clean data and using a reliable analytics platform can dramatically change reports and provide actionable steps moving forward.
Shipwellâ€™s robust analytics feature allows for logistics professionals to look at shipment performance, carrier performance, and a wide range of other information designed to optimize how each company runs its freight operations.
Respond quickly to change
Having real-time visibility into your supply chain allows for quick responses to changes. When demand fluctuates, shippers do not want to be left with a shortage of product to keep the trucks filled.
Forecasting demand and market shifts can help companies prepare to offset potential dips in revenue.Â
Make your data work for you
Make data analysis a core part of the company.
Instill in each employee the importance of making decisions based on metrics that have proven results.
One way you can do that is by equipping your team with the best tools for the job.
Shipwell is a logistics department in a single pane of glass. Go from creating orders to sourcing capacity and tracking your shipments all the way to analyzing thousands of data points to improve on the next shipment.
Ready to be the company that uses data-driven decisions to grow the bottom line and surpass competitors? Get a demo of Shipwell today and see for yourself how you can optimize your supply chain.