As more and more companies incorporate themselves into the digital economy, proper analysis of data is critical for business growth and scaling.
While some traditional businesses are still around, we are seeing more and more startups launching with venture capital-backed bank accounts. Regardless, maintaining trust and proving success to your investors can make or break the future of your company.
A lot of investors look to the supply chain for ways to optimize business with efficient solutions. Shipwell recognizes that and provides robust analytics for shippers and 3PLs to utilize in their business growth.
Offering regular reports
We believe there is no such thing as too much communication, and Iâ€™m sure shareholders gladly agree.
Offer investors regular reports on business operations to promote transparency and honesty. Doing things this way helps when there might be no growth or even bad news in the company.
Shipwellâ€™s robust analytics offers businesses the chance to provide in-depth and specialized metrics to show what is working and what can be improved upon.
Use data to competitively position your company
The most significant benefit of real-time data is that companies can use it to position themselves to be more competitive in the market.
As disruptions in the market come, companies which have processed good, clean data can forecast and prepare for inventory and capacity shifts. The foresight granted by the data lets the company mitigate the disruptionâ€™s effects.
Why not make freight shipping your competitive advantage? While some companies cut corners in their logistics department, making quality decisions based on quantifiable data can make your supply chain ironclad.
Identify new opportunities based on trends
One of the things Shipwell tracks is carrier performance on your freight. Working with carriers over time help tell the story of how efficient they are moving your products.
Working with a few different carriers can be helpful and show you how they compare to one another. Moving forward with financial decisions for the company, decision-makers can look at the data and select the best carriers at the best rates.
Using Shipwellâ€™s analytics, marketing teams can show how your company fares against competitors, once again positioning you as a leader in your space.
Most notably, analyzing data provides visibility into spending and where companies can invest more in higher quality service.
Using Shipwell can inform businesses about these areas of overspending and help drive down costs and improve on the bottom line.
If you donâ€™t, your competitors will
It is proven that better analytics leads to high growth in companies. Forbes states that 85% of companies pursuing quality data see their revenue grow 7% or more.
That means if your company isnâ€™t pursuing data insights to grow your business, then your competitors will. Staying on top of your market voice can be a considerable factor for shareholders of your company.
Want to be on top of your market? Connect with Shipwell today to optimize your supply chain and use data that will impress investors quarter after quarter.