When it comes at you from all angles and all hours, in countless formats and from numerous regions, the data influx from your logistics ecosystem can certainly seem monstrous. But before you pull the covers over your head, remember this: There’s serious value to be gained by facing your fears. In fact, used properly, your logistics data can help you save up to 10% on both discretionary charges and service-level shifts.
So what’s the right approach?
- Start with a data quality. Data from various sources must have a standardized structure and corrected errors to ensure accuracy. Then, the exports will have meaningful information that can be used for data-driven decision-making.
- Identify errors, inaccuracies or omissions. Once data has been cleansed and normalized, you might be surprised at what you uncover. Even simple or seemingly harmless mistakes–like a mistyped country abbreviation or an incomplete invoice–can have a tremendous impact on critical decisions about shipments, lanes, or carriers. These issues can only be recognized and corrected if data is properly structured and normalized.
- Leverage newfound visibility to make smarter decisions. Clean data empowers you to see clearly and correctly throughout the supply chain. This accurate insight positions you to make more cost-effective logistics decisions on everything from rate negotiations to payment terms. You’ll be able to properly allocate costs and identify how and where your money is spent. Even better, you can use data for both predictive and prescriptive analytics, so you can spot future savings potential and consistently take the right steps toward generating value.
Dealing with logistics data shouldn’t be a terrifying experience. Talk to the experts at Trax for help in getting started, and let us show you how much you can save.