Tag: logistics industry

logistics analytics

Logistics Analytics: Transforming logistics operations Significantly

Today digitization is important for the success of every business strategy. The shift from retail to e-tail is the most significant change and opportunity the logistics industry has witnessed since the integration of the global supply chain. The rapidly increasing competition to deliver the ever-growing volume of products bought online is boosting the growth of the logistics industry. With the increase in the volume of supply chain and logistics data, new opportunities to boost efficiency and customer experiences has grown significantly. Therefore, it is high time that logistics companies should invest in logistics analytics to integrate and streamline their businesses and expand their market share.

“Logistics analytics helps companies in the logistics industry to detect patterns, anomalies, performance issues, and future failures.”

Logistics analytics can help companies to derive insight from vast volumes of streaming data for truly real-time on inventory optimization, route optimization, and transport analytics. By leveraging logistics analytics solutions, companies can gain deeper, faster, actionable insights into operations, customers, and markets gaining an edge over competitors successfully. In this article, our logistics industry experts have discussed a few ways in which logistics analytics can help companies to address the challenges presented by the growing unpredictability of data.

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BENEFITS OF LOGISTICS ANALYTICS

Benefits of Logistics Analytics

Improved fleet management

Transportation companies generate a plethora of data from several sensors and operational systems, but until recently, these data sources were not connected. The challenge for logistics companies today is to figure out how this data can be used effectively todevise route maps, manage transportation networks, improve operations, and reduce costs. By leveraging logistics analytics solutions, companies can act on real-time transport data and optimize freight movement and routing efficiently. Also, this can help in optimizing fleet operations, improving customer experience, reducing environmental impact and optimizing transit schedules by predicting the impact of congestion, maintenance, and accidents.

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Route planning and optimization

By using logistics analytics services, companies in the logistics industry can integrate data from vehicles, scanners, sensors, personnel, and live weather and traffic reports. This can help them to manage and deploy assets more effectively. Also, they can discover and act on insights to optimize delivery routes in real-time. Furthermore, such insights help in improving route planning, rerouting, and supply chain optimization and enhancing the customer experience.

Our analytics experts help leading enterprises use real-time insights to simultaneously ingest, enrich, explore, analyze, visualize, and act on data to make critical decisions. Get in touch for in-depth insights.

Inventory Optimization

Companies need real-time insights into their logistics and transportation systems to view and track deliveries for stores. Also, they need inventory systems that can react swiftly to a variety of data feeds to make up-to-the-minute routing and inventory decisions. With actionable insights powered by logistics analytics, enterprises can better manage the workforce, supply chain, inventory, overstocks and spoilage, and avoid stock-outs.

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3 Ways Advanced Data Analytics Can Drive the Next Wave of Growth for Transportation and Logistics Companies

Today, transportation and logistics (T&L) companies have embraced advanced data analytics in their operations since it allows them to run sophisticated networks globally. But unfortunately, the investments made in advanced data analytics is not satisfactory. Now, it is time for that to change if the companies in the T&L sector really want their sales performance to grow. The commercial analytics capabilities of this sector lag average performance, which is primarily because of the reason that sales forces in this sector rely heavily on outdated processes and lack proper insights into preferences of their customers and growth opportunities. Here rises the need for big data analytics for T&L companies. They already have enough data and can utilize big data analytics extensively to earn desired outcomes. With years of experience in offering data analytics solutions to businesses, we have noted that companies in this sector who embrace advanced data analytics can generate an additional 2-5% percent return on their investment. In this article, we have summed up three things that T&L companies need to do to realize the true potential of advanced data analytics:

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Cold Chain Logistics: Trends to Expect This Year

While globalization has made the relative distance between regions of the world much smaller, the physical separation of these regions is still a reality. The greater the physical separation, the more likely the chances of the freight being damaged while they are in-transit. The goods can either be damaged by shocks or from undue temperature variations. For a range of goods labeled as perishables, particularly food and pharma products, the quality degrades with time. This is where cold chain logistics comes to the rescue by helping in transporting temperature sensitive products, ensuring that they do not get perished or damaged, and stay fresh for longer periods of time.  However, with its strict temperature requirements, capital-intensive equipment, and higher energy dependence, cold chain logistics has always been a demanding segment in the logistics indRequest Solution Demoustry. Here are some of the trends to watch out for in the cold chain logistics industry this year:

Turning data into insights

The logistics industry has slowly started acknowledging the power of data and how it can turn around their business. Cold chain logistics is greatly benefiting from the power of data analytics, artificial intelligence and deep learning, which helps in quickly and accurately collecting data from multiple sources and then converting that information into actionable knowledge. Furthermore, IoT applications provide a comprehensive view of their operations and the extended logistics chain, enabling more precise control over the operations.

Evolving packaging

Packaging is a crucial factor in ensuring the efficiency of cold chain logistics. This is because the packaging decides the safety and freshness of the contents until it reaches the end-user. Food manufacturers are turning to newer disposable packaging designs to ensure the integrity of highly sensitive products. Green packaging and reusable containers are being increasingly adopted in both food and pharmaceutical logistics to reduce waste.

Rising regulations

In recent times, there has been an increase in the number of food safety and pharma counterfeit incidents. Such occurrences are prompting governments to establish stricter regulations on the production and supply chains. Establishing preventive measures and harmonizing regulations are major concerns for industries like pharma and food that deal in sensitive products. Getting ahead of such regulations is a common theme across the cold chain logistics industry. Manufacturers are incorporating more stringent practices into to meet the changing requirements.

Quality and product sensitivity

There is an increased focus on quality, health, and integrity in industries like food and pharma, which heavily depend on cold chain logistics. To win the repeat business and meet the rising customer demands, manufacturers must ensure an optimal experience with the brand. For cold chain logistics companies that means avoiding the wastage of goods when a shipment strays outside the recommended temperatures and ensuring that they are delivered within a stipulated period of time.

Mode shifting

Due to fuel price fluctuations and globalization, operators in the cold chain logistics industry are forced to shift modes from truckload to intermodal, or from air to ocean. Furthermore, factors such as truck driver and capacity shortages, and sustainability initiatives are some of the other factors giving rise of the mode shift in cold chain logistics. Hence, now it is essential for manufacturers of chilled and frozen goods to balance the additional time these modes may take with speed-to-market requirements.


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What’s Shaping the Future of the Logistic Industry?

Recent technological advancements and innovations are transforming business operations in every industry, including the logistics industry. The service providers in the logistics industry have shifted their focus from building their infrastructural capabilities to adopting big data and analytics-driven economy. Being the backbone of business and trade across the globe, the logistics industry is set to witness trends thatFree demo can transform its future. With the rise in digital transformation, new entrants, changing customer preferences and expectation, and competitive business models are changing the logistics landscape. Apart from these, there are a few factors that are expected to drive growth opportunities in the logistics and transportation industry.

Technologically Competent Workforce

With the rising mobile and internet penetration in the market, the workforce is equipped with the necessary technical know-how and expect the same from their work environment. Technology has made life easy and streamlined business processes by allowing employees to multi-task, seek instant gratification, and confidently make strategic decisions. As a result, the service providers in the logistics industry will have to adapt its equipment and management techniques to suit the needs of the future workforce.

Evolving Consumer Behavior

The consumer buying patterns and shopping behavior has constantly evolved over the years as a result of wide availability of products, easy accessibility, high level of customer awareness, and the advent of e-commerce businesses. Of all the factors that are impacting consumer behavior, e-commerce has driven brought about major changes in the logistics industry and its operations, which has pushed the service providers to adjust their fulfillment practices, ensure cost-effective delivery options, and improve customer service. As a result, the logistics service providers are advised to leverage predictive analytics, business analytics, and other advanced data analytics solutions to gain actionable insights to improve decision-making.

Increasing Connectivity in the Logistics Industry

The passenger transportation industry has witnessed a sudden surge in revenue, competition, and market players, thanks to the uberization phenomenon that has changed the way people commute. It won’t be long till the commercial transportation or the logistics industry adopts the uber-like service models. As a result, companies will be able to book their shipments or vessels through an app, which will not only allow them to check for the nearest truck location but also book it in one go without any haggling.

Unstable Political Landscape Across the Globe

Recent upheavals in the political landscape across the globe have resulted in the fragmented market scenario and heightened the security concerns for the transportation industry. The developed markets are nearly saturated and are not as cost-effective as compared to the emerging markets, which is why businesses are turning to low-cost and flexible routes for their logistics needs. Additionally, the increased usage of cloud-based technology by logistics service providers and the recent cyber-security attacks has raised several eyebrows on security and monitoring capabilities of the players in the logistics industry.

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Transforming the Supply Chain: How Big Data Analytics Helped a Logistics Client Reduce Delivery Time

In recent years, the supply chain environment has transformed from being only an infrastructure-based platform to a more data-driven network economy. With the rise of new technologies, the logistics industry has witnessed an explosion of data and devices. Thus, to retain their market shares, organizations in the retail landscape have started utilizing big data analytics to reduce costs associated with their processes. Also, with the influx of better technologies, organizations are leveraging the use of big data analytics to better understand their business processes and make timely-informed business decisions. Moreover, organizations also resort to the use of big data analytics to tap hidden patterns, identify market trends, and customer preferences. Through robust big data analytics, businesses across the logistics industry can gauge revenue opportunities, improve operational efficiency, and gain better traction over rivals. Big data analytics also helps players in the logistics industry analyze the prevailing data sets and draw conclusions from the obtained data to make informed business decisions.

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The Business Challenge

Like all other logistics company, a leading logistics service provider was facing predicaments in reducing the delivery time and inventory levels. The client wanted to devise a customer-centric approach to minimize the time allocated for the transportation of goods. The primary objective of the client was to leverage the use of big data analytics to enhance supply chain processes. Moreover, the client wanted to create a robust interoperability model to enable collaboration between different sectors such as manufacturers, suppliers, distributors, and retailers.

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Benefits of Big Data Analytics in the Logistics Industry

After obtaining a detailed information into the logistic industry, the client was able to leverage the use of big data analytics to ensure better operational efficiency in terms of real-time route optimization. Also, the engagement helped the client enhance customer experience through robust customer loyalty management. The client was able to further devise new business models for small and medium-sized enterprises and gain relevant insights into the market trends, customer buying patterns, and maintenance cycles. Moreover, devising big data analytics helped the client understand the operations better and make timely informed business decisions.

Predictive Insights for the Logistics Industry:

  • Analyze data sets and draw conclusion about them to help organizations make informed business decisions
  • Leverage the use of data and devices such as GPS, RFID tags, sensors, and scanners
  • Deliver operational efficiency, safety and security, and customer experience
  • Increase transparency, optimize resource consumption, and improve process quality and performance
  • Effectively track and reduce emissions across all related services
  • Implement real-time route optimization and provide instant driving updates to drivers

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Predictive Analytics Set to Transform the Logistics Industry – Here’s How

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.

Analytics in Logistics Industry

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