Retail enterprise suppliers’ best practices to use global trade data

Jason VanoverFreight Market Blog

Global trade data and shipping demand management are not just things that high-tech companies and international investors need to worry about. It has been and remains a key part of the transportation and logistics puzzle for enterprise shippers today. The world is more connected than ever before, especially in terms of shipment and logistics management. Global markets are at the heart of industries large and small and have become a key player in the transportation industry. This focus makes proper use of global trade data and analytics so vital for continued recovery and growth throughout the supply chain network. And it’s important to know why the flow of goods from ocean shipments, including the Weekly US Customs Import activity ticker and its past seasonality.

The issue of poor or limited global trade data application in the supply chain

A lack of reliable, up-to-date and accurate data is one of the greatest weak points within the modern supply chain network. Without quality data to review, analyze and apply, the network will struggle to keep up with important trends within the global market. Capacity will shrink; profits will fall; expenses will rise; disruptions will increase; and opportunities will be missed. Enterprise shippers and logistics managers need to embrace global trade data and analytics to apply this valuable insight throughout the supply chain. It’s rather simple but holds major implications for what the data quality itself is and how it can be used to interpret truckload impact from markets around the globe and more. That has a profound impact on data analytics, including the ability to backtest their insights and identify how well analytics perform on an ongoing basis.

How enterprise shippers can use market insights to stay strategic and adaptable

Making smart use of up-to-date global trade data is so critical for growth and expansion within the network that it’s almost an archetype. To ignore it is to ignore the key to continued growth and recovery.  According to Supply Chain Digital, “A company that utilizes a global trade management system can expect to cut costs, risks and delays associated with manual compliance and tracking efforts.” Enterprise shippers can use this insight to maintain a strategic and adaptable plan that helps them achieve the following:

  • Find available freight market capacity quickly and easily.
  • Avoid inventory problems and deviations during shipment.
  • Streamline data collection and analysis.
  • Improve lines of communication in and out of the network.
  • Offer better consumer service options and opportunities.
  • Respond faster to disruptions and difficulties in the supply chain.
  • Grant easy global trade data access and distribution to all authorized team members.
  • Improve, on average, profits while also reducing overall costs.

It all tracks back to the need to stay strategic and understand the generalized stability within each market. But market granularities can only go so far, and as part of SONAR SCI Lane Acuity, users can now view the insights into market stability on a 3-Digit Zip scale. That’s more granular, reflecting 900+ unique areas where market stability can be measured and compared. As such, it amounts to know how easily coverage can be attained and whether those areas are near ports will play a big role in assessing that stability, moving assets and pursuing mini-bids to stay strategic.

Embracing global trade data and how it improves supply chain logistics from start to finish

The importance of reliable access to real-time global trade data within the supply chain network has never been more critical. Embracing technology and data has pushed the supply chain network to new heights and that focus is only growing stronger. This is why logistics manners and enterprise shippers need to pay attention to global data trends. They stand to benefit greatly from integrating this data and global outlook into supply chain operations.

Take advantage of improved market insights by measuring lane stability with Lane Score

The world today has become more connected and more interdependent than ever before. These trends of globalization can be seen clearly with shipment and logistics management. Global markets are a key player for enterprise shippers and are a vital part of the transportation industry. Ensuring proper use of accurate and up-to-date global trade data insights that play directly into ocean management, drayage and lane management will help promote further growth and development in the supply chain network. Take advantage of innovative data and analytics, including Lane Acuity Plus as part of SONAR SCI by requesting a FreightWaves SONAR demo via the button below.