Logistics service providers must direct their efforts, time, and resources to build asset efficiency and ensure real-time visibility of last-mile delivery. But how do you achieve operational efficiency and drive cost savings, you ask? Here’s how. To keep up with the pace of market disruption across industries, including the logistics industry, service providers must leverage big data and predictive analytics to achieve low operational costs and drive profitability. Predictive analytics and other advanced analytics solutions will enable the companies in the logistics industry to identify the potential risks, address the market challenges, and devise risk mitigation strategies.
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Analytics in the Logistics Industry
Analytics and Logistics – A New Combination
The distribution and logistics industry has access to large amounts of data that is procured from various sources such as internal and external stakeholders. Internally, the logistics service providers have access to sales, customer service, and operations data. By making use of predictive analytics tools, organizations can gain actionable insights that drive strategic decision making, enhance last-mile delivery, and improve asset management. Business intelligence solutions help service providers to accurately determine delivery time and schedule maintenance activities, which enhance overall efficiency. Externally, the logistics industry has access to data streams from sensors, radars, beacons, and other Internet of Things-enabled applications that help them to predict trends.
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Predictive analytics tools enable the companies in the logistics industry to identify patterns and variances in the data and offer actionable insights to answer the ‘Why’, ‘Where’, and ‘How’ of the logistics operations. Moreover, advanced analytics solutions improve customer satisfaction by predicting last mile shipment delays and ensuring timely delivery. Through predictive analytics solutions, key players in the logistics industry gain access to real-time information to track the status and movement of their container or shipment. Besides these, predictive analytics tools help in devising pricing strategies, optimize resources, and ensure maximum asset capacity utilization. Big data analytics is set to transform the logistics industry landscape by providing real-time information and insights to the service providers and enable them to gain a competitive advantage, facilitate new product development, and retain their existing market share.