How to Leverage Business Intelligence in Shipping
By Maciej Ciupa, Sept. 6, 2023
Business Intelligence has emerged as a powerful tool for gaining valuable insights that enhance decision-making and operations. In the fast-paced world of shipping and logistics, understanding and embracing these benefits can help you meet your customers’ delivery expectations.
What is Business Intelligence in Shipping?
Business Intelligence, or BI, is advanced technology that utilizes data analysis tools to process and scrutinize vast volumes of information including customer data, shipping routes, transportation costs and more. By transforming this raw data into actionable insights, BI empowers organizations to make more informed business decisions. In shipping, BI can play a critical role by streamlining delivery processes. When companies have access to BI, typically by choosing a carrier with this capability, they can enhance delivery speed and find hidden operational efficiencies. The surge in BI adoption — the global rate is 26% according to this survey — is due to the copious availability of information and improved analytics capabilities that foster innovation and efficiency within the dynamic shipping sector.
Drive Efficiency with Shipping Carrier Analytics
Carrier analytics are a vital tool for companies seeking to optimize their supply chain performance. By analyzing key performance indicators (KPIs) like on-time delivery rates, transit times and customer satisfaction scores, businesses can identify areas for improvement and make data-driven decisions. This comprehensive understanding helps companies maximize efficiency and customer satisfaction and enhance their brand reputation.
Streamline Supply Chain Strategy
A company’s success relies heavily on its competitiveness, operational efficiency, and overall ability to optimize the supply chain. With detailed and actionable information gained from business intelligence tools, companies can strategically improve their transportation and logistics operations. Looking at package weight and dimensions and analyzing time in transit, zone distribution, customer locations and rates and surcharges, enables businesses to measure their performance against goals and discover areas for process improvements.
Use Predictive Shipping Data Analytics to Mitigate Risks
The predictive analytics that drive business intelligence have revolutionized the shipping industry by optimizing the supply chain through historical data, real-time information and advanced machine learning. This empowers businesses to anticipate demand changes, optimize routes and allocate resources efficiently, minimizing delays and ensuring seamless delivery. Embracing this data-driven approach is a strategic advantage and necessity in a fast-paced, competitive shipping landscape.
Essential Business Intelligence Tools
BI tools and solutions can enable shippers and carriers to identify potential delay-causing variables, support proactive solutions, optimize operations and ensure smoother deliveries.
- Business Intelligence Software
Provides valuable business performance metrics through reports and visualizations, making it possible for businesses to identify factors that could lead to delays while offering a variety of options tailored to specific business goals.
- Transportation Management System
Tracks every shipping event from the warehouse to its destination, seamlessly partners with Warehouse Management Systems and offers integration options with existing platforms as both out-of-the-box systems and custom-tailored solutions.
- Exception Management Systems
Keeps all parties (shipper, carrier, customer, etc.) informed of tracking shipment details to help prevent delivery issues or concerns, facilitate communication and provide valuable data for evaluating and enhancing processes.
In the shipping industry, embracing a Business Intelligence strategy is essential to stay ahead of competitors. BI can empower your business to leverage abundant data, improve delivery outcomes, gain a competitive edge and even revolutionize your shipping business.
Discover how you can optimize your operations with BI. Contact us today!
About the Author
Senior Director of Business Intelligence, Maciej Ciupa, joined OSM Worldwide in 2019. He has been instrumental in creating programs to gather and analyze data to improve operations within OSM and for customers.