n the face of unprecedented disruptions, transportation and logistics managers face challenges unlike anything seen before. It is clear supply chain business intelligence is essential for success with freight load management. According to a recent Gartner report, “logistics leaders should understand the full scope of the disruption: The geographic reach of the affected areas, the trade lanes and modes involved, and the type of freight at high risk. Be sure to consider the interdependencies of the global supply chain.” And the risk of future disruption is now a certainty and a matter of time. From the pandemic through the severe winter weather of 2021, troubles like these are why supply chain business intelligence is critical during this time of recovery. Many benefits come with the renewed focus on network intelligence. Let’s take a closer look at them and how they maximize supply chain efficiency and profitability.
Resource savings and better usage of available assets
Improved focus and better platforms help reduce overall costs. Freight managers can make better use of resources day in and day out. Assets are maximized and used more efficiently. The purview of FreightWaves SONAR includes core metrics with SONAR SCI, including Lane Acuity, to understand the severity of disruptions and how those disruptions affect the overall network. In turn, freight managers can better allocate assets and understand where to prioritize moves.
Increased load execution, larger load capacity, and more significant savings
By implementing supply chain business intelligence, management can improve overall executions. More loads and larger capacities can be achieved and maintained by shippers. Additionally, carriers learn more about enhancing their profitability per load, using KPIs to track performance, and know when to accept or reject a tender.
Predictive rate analysis and implementation across the supply chain
Utilizing real-time data and automated analysis provides valuable information to the network. It allows for a more proactive rather than reactive approach. And predictive rates have a natural implication for improved trucking RFP processes, aligning freight rates with market conditions and more.
Carrier compliance can be drastically improved to boost success rates
Success depends on being efficient. Supply chains are most efficient when carriers do their job well. Modern supply chain business intelligence helps boost carrier compliance with shippers’ practical routing guides, replenishment strategies and other fulfillment options, such as drop shipping or cross-docking.
Streamlined reporting and data sharing among all parties
Access to data and easy options for sharing information is essential. Vital freight market data insights allow for easy sharing within the supply chain and help everyone stay informed and proactive. Supply chain business intelligence can impact the supply chain with improved tracking. KPIs and data points can help pinpoint potential imbalances in costs and profits.
Data-driven decision making that is based on accurate information
Knowledge is power, and the supply chain’s strength is in real-time data. Real-time data access will help drastically improve success rates, and the entire network benefits from data analysis.
Data can further increase shippers’ appeal to new carriers and fleet members within the industry too. Think about it. Having enough drivers for the fleet is a critical part of operations. Business intelligence in the chain helps attracts new talent and keeps the industry growing and moving forward.
Streamlined communications throughout the chain and with 3PLs
Improving communication among team members is a big part of supply chain business intelligence. It allows for the quick exchange of information for on-the-go decision-making. In turn, that amounts to faster and more affordable operations within the supply chain. Saving a few seconds, at every step, repeatedly can quickly add up. That is what an efficient supply chain offers. Things get done faster and with less overall expense.
Implementation of automated processes reduces idle time and delays
Carriers and transporters enjoy less idle time and fewer delays. Faster loading times, less dwell time, fewer reputing issues, and more are all possible with automated logistics.
All freight management segments should tap the potential of supply chain business intelligence through FreightWaves SONAR
Many benefits come with the renewed focus on network intelligence within the supply chain network. By embracing the power of improved supply chain business intelligence, freight managers can improve overall performance. The industry as a whole is still reeling from the global pandemic. But as efforts to recover continue, a strong focus on business intelligence can help ensure 2021 is a year of recovery and growth. Request a FreightWaves SONAR demo to see the fastest way to navigate the freight market by clicking the button below.